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Two Coachella lifetime pass NFTs fetch $250k each

The 10 'Coachella Keys' packages grant admission to the Goldenvoice-promoted event every year and were sold for a combined $1.5 million

By James Hanley on 16 Feb 2022

Childish Gambino closes Coachella 2019

Childish Gambino closes Coachella 2019


image © Coachella/Goldenvoice

Ten Coachella lifetime passes auctioned off as part of a non-fungible token (NFT) series have sold for a combined $1.5 million (€1.3m).

The ‘Coachella Keys’ collection grants admission to the 125,000-cap festival in Indio, California every year, along with a unique experience, and fetched a total of $1,474,000.

Two of the packages were sold more than $250,000 each. The Infinity Key NFT, which guarantees front-of-house views for one act, culinary experiences and private transportation, went for $270,000 and the Key to the Safari, which includes a luxury air-conditioned tent, raised $256,000. Elsewhere, the Key to the Dinner in the Garden, which also offers a professionally cooked meal in the Rose Garden, was snapped up for $140,000.

The NFTs, which can be bought, sold and traded, were issued on Solana’s blockchain. Resale prices for individual packages on Coachella’s marketplace have now reached up to $500,000.

Two other NFT collections: Sights and Sounds, comprising 10 digital collectibles “made up of iconic festival photos and never heard before soundscapes from the Polo fields”, and Desert Reflections, offering one of 10 digital renditions of an iconic Coachella poster, were limited to 10,000 and 1,000, respectively. Both sold out within hours, reports The Press-Enterprise.

“One year ago, NFTs were just starting to take off. Can you imagine where we might find ourselves two years from now?”

“One year ago, NFTs were just starting to take off,” Sam Schoonover, innovation lead for Coachella, told the publication. “Can you imagine where we might find ourselves two years from now?”

Coachella, which partnered with the cryptocurrency exchange FTX on the venture, says a portion of the proceeds will be donated to Give Directly, Lideres Campesinas, & Find Food Bank, while a royalty will support the creators involved.

Harry Styles, Billie Eilish and Ye (aka Kanye West) are to headline the Goldenvoice-promoted festival’s first in-person event since 2019, which will run across two weekends (15–17 and 22–24 April) at the Empire Polo Club. General sale tickets cost $449-$549, with VIP passes priced between $929 and $1,119.

Goldenvoice has announced vaccine passes and facemasks will no longer be required for this year’s Coachella and Stagecoach festivals.

A tweet from Stagecoach’s Twitter account reads: “As we prepare to spend an incredible weekend in the desert together we are announcing that there will be no vaccination, testing or masking requirements at Stagecoach 2022, in accordance with local guidelines.”

 


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