On February 1st, Coachella announced it would offer an NFT auction. Last Friday, bidders from around the world had the chance to buy of one the many NFTs available. While some NFTs were simple photos and collectible posters, others were really unique and expensive. Let’s take a look at some of them.
The Coachella Key Collection was the one to keep an eye on. Each of the ten Coachella Keys included lifetime passes to Coachella for one weekend in April each year. However, each key included access to different amenities.
The Infinite key was the highest bid of the night. The NFT sold for a staggering $270,000. The collector received benefits of lifetime 2 guest festival passes, front house views, $500 in food and beverage vouchers, private transportation, a meal at the Rose Garden cooked by a professional chef, free access to any virtual Coachella event, invites to private events and two free merchandise items per year.
Collectively, the auction brought $1,474,000 in sales to Coachella. The other two collections, Desert Reflections and Sights and Sounds were also popular. Desert Reflections sold out in 3 minutes; the initial price was $180, yet it is currently sitting at a floor price of $386 and a volume of $391,285. As for the Sights and Sounds collection, it is made of 10,000 NFTs of 10 digital collectibles. In those, you will find iconic festival photos and never before heard soundscapes from the Polo Fields.
Coachella has always been an innovator and continues to do so. It is the first festival to implement such a unique use for NFTs. Honestly, this is the type of NFTs that people would want to keep, so the idea is great.
Stay tuned for some more news !