With the first weekend of Coachella less than a month away, tickets for the three-day music festival in the California desert are once again a hot commodity—except for those attached to NFTs.
Teaming up with NFT marketplace OpenSea, Coachella launched an initial collection of 1,024 non-fungible tokens that also serve as VIP passes with special perks. Only 34 of the NFTs created have been minted, according to OpenSea data. "The collection offers a VIP access ticket and access to a special lounge with unique amenities, and additional events on top of that. We’re excited about the value of the collection," Coachella's innovation lead Sam Schoonover said in an emailed statement to The Block a few days after the launch.
OpenSea data show fewer than three dozen NFTs have been minted, with just seven unique owners. The NFTs that have been minted also don't appear to belong to average consumers, according to an OpenSea spokesperson.
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