Coachella Integrates NFTs For Ticketing: A New Use Case For Digital Assets
The traditional ticketing industry has slowly embraced new technologies and digital assets. Digital tickets were first introduced in the early 1990s but were quickly phased out due to heavy reliance on paper. Online ticketing systems didn't gain much traction until the 2000s after the creation of centralized marketplaces for buying and selling tickets. But what if we flipped that concept on its head? What if these centralized marketplaces were the "spectator" and the fans were the investor? This is the idea behind NFTs, which are essentially Non-Fungible Tokens (NFTs).
NFTs have become something of a household name, with so many use cases popping off every time. In this case, however, NFTs are not just being used for arts or online gaming. They're also being integrated into real-life ticketing for the Coachella Valley Music and Arts Festival.
What are NFTs?
NFTs are unique digital tokens that may be purchased or sold. These one-of-a-kind tokens may represent almost anything and employ blockchain technology to establish ownership. They are sometimes connected with a digital picture, graphic, or music and may sometimes be redeemed for tangible items.
Coachella Employs NFTs
While NFTs have previously been used to register ownership of digital assets, Coachella links NFTs to concrete real-world ties such as lifelong permits to the festival and access to exclusive sections and attractions. The festival's organizers collaborated with FTX to create their ownNFT marketplace. With the promise of many more, Coachella released three token series for the 2022 festival.
Coachella Keys Collection
The Coachella Keys Collection was the most prominent of the festival's inaugural NFT releases. The one-of-a-kind NFTs features lifelong Coachella tickets for one weekend every April with different privileges such as premium tents, special meals, and VIP access to the myriad virtual events Coachella has planned. So it should come as no surprise that all 10 NFTs at Coachella were purchased for approximately $1.5 million.
Sights and Sounds collection
The Sights and Sounds collection is more in touch with traditional NFT offerings, with 10,000 famous festival photographs and never-before-heard festival soundscapes. In addition, each NFT is redeemable for an actual art print of the image.
Desert Reflections collection
The Desert Reflections Collection was limited to 1,000 pieces and included ten digital reproductions of Coachella posters by the artist Emek. You may also use these digital assets to purchase the artbook "Coachella | The Photographs: 1999-2019."
Coachella also offered NFTs known as Bloom NFT for all concert fans, which took the shape of a gigantic colorful flower seed that bloomed every Friday morning of the event. This provided various perks during the event, including a speedier entrance lane, access to limited-edition items, and food and beverage coupons. In addition, some Coachella NFTs bloomed into rare flowers, offering VIP upgrades and other bonuses, including weekend tickets to the 2023 event. Added perks enhanced the event's fun, making it a more memorable experience.
How NFTs Made Coachella 2022 More Memorable
Coachella 2022 was a huge success, with the addition of NFTs providing tangible, real-world benefits. Most people are happier when they buy an experience, such as a concert, travel, or delicious meal, rather than a tangible object. Coachella expertly transformed digital assets into real-world benefits, providing attendees with a delightful and memorable experience with their NFTs. Most fans value the practicality of acquiring a digital asset that includes VIP access to a music event encounter with their favorite singer or a concert poster they can display in their home.
What utility does Coachella Collectibles NFTs offer collectors?
Incorporating NFTs into Coachella Collectibles is another intriguing demonstration of how we can employ blockchain to add real-world benefits and improve collectors' lives.
Apart from the real-world utility, these NFTs also provide a social utility. Coachella Collectibles owners also get access to secret community channels on an official Discord that includes everyone who bought Coachella NFTs. These channels are among the first to get fresh project updates from Coachella.
The bottom line
It is impossible to deny that there is great excitement for NFTs among artists and content creators. Big brands such as Coca-Cola and Nike have all released some NFTs, as well as musicians like Snoop Dogg and Shawn Mendes.
We've seen how blockchain and digital assets can revolutionize the ticketing industry. But it's not just ticketing that has the potential for great improvements; NFTs have the potential for many real-world benefits. So is it any wonder why so many people are scrambling to get in on the blockchain craze?