The coveted NFTs provide the lucky owner with annual entry to Coachella festival, for life.
Back in early February, Coachella announced it would be auctioning off ten lifetime passes to the festival in the form of NFTs – a collection they named the Coachella Keys.
The passes were auctioned off during a week-long sale, with the festival telling fans the collectables were “a first of its kind opportunity” and urged potential customers to “embrace new technology to connect & discover”.
Fast forward a month and at least two sets of the lifetime passes sold for more than a quarter of a million dollars in the auction.
The bidding began on Friday, February 4, and closed a week later on Friday, February 11 at 5pm PT. For every bid after 5pm, the auction was extended by a further 10 minutes.
According to the FTX.US website, the Key to the Dinner in the Garden was the last one sold at 6:05pm, and the entire collection sold for a mouthwatering $1,474,000.
Press Enterprise report that the Infinity Key, which features lifetime Coachella guest passes, all-inclusive culinary experiences and private transportation, sold for $270,000. The Key to the Safari sold for $256,000 and comes with a luxurious air-conditioned tent for accommodations.
Nine out of the ten keys include a minimum of two guest passes for the festival for one weekend every year for the rest of the pass holder’s life. Each key also includes access to exclusive events as well as two free merchandise items, and holders are able to purchase two additional guest level passes each year.
Some of the other keys to be sold include the Key to the Sahara which went for $115,000 and provides the opportunity for two people to go on stage in the Sahara tent during one performance at the 2022 iteration of the festival.
Meanwhile, the Key to the Producer Tour sold for $121,000 and unlocks a one-hour tour of the festival site with a Coachella producer for two people at this year’s festival.
The cheapest Coachella Key was the Key to the VIP Compound which went for $105,000 and provides eight additional guest festival passes and a fully stocked trailer in the VIP compound for ten people during weekend 2 of the 2022 festival.
Sam Schoonover, Innovation Lead for Coachella, said in a statement: “We’ve all seen how NFTs enable true ownership of art and media on the internet. We wanted to take it one step further and use NFTs to enable ownership of experiences in the real world, too.”
“Only blockchain technology can give us the unique ability to offer tradable lifetime passes to Coachella for the first time ever,” he continued. “We’re excited about building new utility and community for our fans with NFTs, and in FTX we found the partner that we trust to provide us with infrastructure and support to help us usher in this new frontier.”
Billie Eilish, Ye and Harry Styles are set to headline Coachella 2022, with the full line-up available via this link.