FTX US Partners with Music Festival Coachella to Launch NFT Collection
Crypto exchange FTX’s US-offshoot, FTX US has partnered with popular music festival Coachella to drop an NFT collection, a recent tweet by the festival’s official Twitter account confirms.
FTX US to Launch NFTs for Coachella
Non-fungible tokens, or NFTs in short continue to witness exponential adoption on the back of their immense utilities that seek to digitize and personalize fan experiences the world over.
In the latest development that hints towards the encouraging future for NFTs, FTX US announced it had allied with the popular music festival Coachella to launch an NFT collection.
Notably, a certain number of the said NFTs will drop on the Solana blockchain this Friday, the announcement reads.
To be eligible for the NFTs, the user must have an FTX account. All the proceeds raised from the sale of NFTs will go to three charities such as GiveDirectly, Lideres Campesinos, and Find Food Bank. Further, the proceeds will also be for royalty that supports the creators involved.
The NFTs are dubbed Coachella Collectibles and will allow the consumers to unlock festival passes, art prints, photo books, digital collectibles, unique real-life experiences at the festival and physical merchandise.
One of the collections in the works, called The Coachella Keys Collection comprises 10 NFTs whose utility is “passes to one festival weekend every April and Coachella produced virtual experiences, forever.”
Commenting on the development, Sam Schoonover, Innovation Lead for Coachella, said:
“Only blockchain technology can give us the unique ability to offer tradeable lifetime passes to Coachella for the first time ever.”
The Rise and Rise of NFTs
In related news, crypto.news reported on February 1, that Animal Planet had allied with NFT marketplace Chronicle to drop the latest version of the Puppy Bowl NFT collection.
NFTs’ growing appeal can be determined from the rising number of companies the world over that are steadily warming up to the idea of digital collectibles and how they can help platform users feel closer and engaged with other content creators.
For instance, recently micro-blogging website Twitter enabled the NFT profile pictures feature that allows NFT owners to verify their NFTs on Twitter. That being said, the new feature drew flak from Elon Musk as he said the website should rather focus on more pressing issues such as bot spam.
Similarly, on January 26, crypto.news reported that the largest video sharing website, YouTube is mulling introducing support for NFTs seeing the user demand the same.
In her annual letter to content creators, YouTube CEO Susan Wojcicki noted:
“The past year in the world of crypto, non-fungible tokens (NFTs), and even decentralized autonomous organizations (DAOs) has highlighted a previously unimaginable opportunity to grow the connection between creators and their fans.”
Adding:
“We’re always focused on expanding the YouTube ecosystem to help creators capitalize on emerging technologies, including things like NFTs, while continuing to strengthen and enhance the experiences creators and fans have on YouTube.”
In the same vein, crypto.news reported that other social media behemoths such as Meta and Instagram are also considering adding support for NFTs.
