Popular music festival Coachella has partnered with crypto exchange FTX US to launch an NFT collection, according to a tweet from the festival's official Twitter account.
The NFTs, a limited number of which will drop this Friday, will be on the Solana blockchain. To be eligible for the initial drop users must have an FTX account. Proceeds from items sold will go to three charities including GiveDirectly, Lideres Campesinos, and Find Food Bank, with a royalty supporting the creators involved.
The NFTs, called Coachella Collectibles, will give consumers the opportunity to unlock festival passes, art prints, photo books, digital collectibles, unique real-life experiences at the festival and physical merchandise, according to the website.
For example, one of the planned collections, called The Coachella Keys Collection, will consist of just 10 NFTs that serve as "passes to one festival weekend every April and Coachella produced virtual experiences...forever."
"Only blockchain technology can give us the unique ability to offer tradeable lifetime passes to Coachella for the first time ever," Sam Schoonover, Innovation Lead for Coachella, said in a statement.