Coachella, Crypto Exchange FTX Team to Offer NFT Passes

The music festival Coachella has teamed with crypto exchange FTX to offer ten lifetime festival passes in the form of non-fungible tokens (NFTs), Yahoo reported Tuesday (Feb. 1).

This is yet another example of how the music industry has been using digital collectibles to boost the concert-going experience, and it could also show how live events will play out as the digital world develops.

The NFT passes, which go on sale Feb. 4, will offer entry to the festival every year alongside unlimited access to Coachella-produced virtual experiences.

The festival, which hosts several huge musical acts every April in Palm Springs, will also be rolling out two limited-edition NFT collections for fans. Those will pair photos from the festival with physical items, such as posters or photobooks.

The NFTs will be minted on the Solana blockchain, which has lower energy consumption in the industry, along with cheaper transaction fees.

In addition, the release says FTX is looking to take ownership of its part of the environmental costs of mining. It’s bought 100,000 tons of carbon offsets through two providers for over $1 million.

Coachella also plans to get into the metaverse sometime soon, according to Coachella Innovation Lead Sam Schoonover.

“We’re always working on ways to engage our international and at-home audiences to make them feel like they’re a part of Coachella, even if they’re not at the Festival,” Schoonover told Yahoo. “As the metaverse continues to develop, we will create more opportunities for fans to have fun and interact with each other and their favorite artists both online and offline.”

FTX is also reportedly rolling out a new Visa debit card to allow users to spend their digital currency balances. Customers can join a waiting list — though the offer for the card doesn’t apply to the U.S.

See also: FTX Launching Visa Debit Card for Crypto Balances

Crypto balances in this situation will be automatically exchanged at the point of sale, allowing users to spend their digital currencies anywhere Visa is accepted.