How much money did Coachella make from its NFT collection?
Over a week ago Coachella announced its entry into the web3 space by releasing 3 different NFT collections on Feb 11, partnered with cryptocurrency exchange FTX US. The auction ended on Friday night, for their most anticipated Coachella Keys Collection.
The highest bid was $270,000 for the Infinite key, and 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. This infinite key is one of 10, however, it is the key that is most benefiting for collectors. Altogether the Coachella Keys Collection was sold for$1,473,000 and that is only the first collection, with two more still to follow it.
— Coachella (@coachella) February 11, 2022
The second NFT collection was called Desert Reflections. Collectors would mint the NFT and receive 1 of 10 digital renditions of an iconic Coachella poster from Emek. The collection was sold out within 3 minutes, and the initial price was $180, yet it is currently sitting at a floor price of $386 and a volume of $391,285. The final third collection Sights and Sounds involves 10,000 NFTs of 10 digital collectibles, made up of iconic festival photos and never before heard soundscapes from the Polo Fields. All 1,000 NFTs have been minted, and the volume until now is $671,167.
There are still ongoing auctions on some NFTs from the 2 collections. Coachella is the first festival to implement such a unique use for NFTs. Visit their page here.
Image Credit: official Coachella NFT website