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OpenSea's partnership with Coachella is a sign that NFTs can play a role more than profile pictures

TechBrunchBy TechBrunchMarch 5, 20245 Mins Read
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The NFT sector has yet to return to its heyday glory in 2022, but that doesn't stop the technology from evolving.

For example, OpenSea partnered with music and arts festival conglomerate Coachella to release three NFT collections that offer both virtual and tangible reality VIP experiences and merchandise.

The partnership will ultimately create three collections offering different perks and different tiers of exclusivity (and cost). The first one was called “VIP Pass + Oasis Lounge Souvenir” and was released on Tuesday for $1,499 each, with a cap of 1,000 NFTs. This tier includes a 2024 VIP festival pass and access to a new lounge with “exclusive bar benefits” including “exclusive” free drinks.

The next two collections will be released in late March and mid-April, with cost and utility details to be shared at a later date, the companies said.

NFT collections are powered by the layer 1 blockchain Avalanche. According to CryptoSlam data, this is his 8th largest blockchain by NFT sales volume in the past 30 days. Coachella's partnership with Avalanche is about a “product” the festival wants to build, but additional details will be withheld until later this month, Sam Schoonover, Coachella's innovation lead, told TechCrunch.

Since the term became popular, many NFT collections have been announced. According to the website, OpenSea alone has over 2 million collections and 80 million NFTs in its marketplace.

Therefore, it is safe to say that this is not the first music-related project to provide a real-world use case. But this is a notable example of how utility-driven NFTs are changing the way outsiders view the Web3 sector. The term NFT was once associated with expensive digital profile pictures (PFPs). Nowadays, it has started to refer to digital photos that can be used both online and offline. And this is one of the most promising signs that NFT marketplaces will find new users and increase sales, as believers say.

OpenSea CEO and co-founder Devin Finzer said NFT-based music and ticketed collections are one of the “best ways” for the crypto subsector to gain mainstream adoption. Ta. He believes that tickets hold special memories for fans and have the potential not only to serve as souvenirs and collectibles, but also to serve a practical purpose. “So it's the perfect hybrid for NFTs.”

OpenSea has done “small-scale music-related NFT projects” in the past, but this time it's focusing on ticket sales and VIP access, which Finzer and others have focused on for years.

“Coachella has the audience and distribution power to take it to a whole other level,” Finzer added. “The drive to make this a useful, valuable NFT that people would be excited about meant that compared to previous NFT projects that were half-baked, this is a sophisticated and exciting NFT with real-world value.” It's something.''

The partnership could be seen as another push for OpenSea to regain dominance in a saturated market. On January 1, 2022, global NFT sales peaked at $23.7 billion. Last month, NFT marketplace trading volume reached his $2.21 billion, according to Tiexo analysis.

That being said, since 2017, OpenSea's trading volume has exceeded $20 billion. But even with this total volume, OpenSea is not the largest NFT market today. According to Tiexo data, last month OpenSea captured 10% of the market share, or $222.65 million, and ranked fourth in sales, behind Blur, Magic Eden and OKX.

This project makes it easy for beginners to purchase NFTs without the need to obtain a cryptocurrency wallet or purchase cryptocurrencies, using a simple email signup. Email sign-ups and credit card ubiquity are growing trends in areas that are normally inaccessible.

“For a long time, web3 has had usability issues,” Finser said. However, over the past three to four years, there have been a number of developments to make it smoother for those who are not yet familiar with the ins and outs of cryptocurrencies. “We're making it part of the Coachella experience so they can easily sign up and easily get their NFTs.”

Schoonover believes many other companies will begin to realize that NFTs can be more than just collectible photos. Thinking of them like unique, collectible digital tickets, he hopes, will inspire others to “try out the access, benefits, and experiences of NFTs and the real world.”

Finzer agrees with that opinion. In general, the theme of NFTs in recent years has expanded beyond collectibles and PFPs to “actual utility.” He added that only some people want to stay in the PFP world, but there are many people who see value in the technology, even if their sentiment towards cryptocurrencies is not that interesting. Ta.

“I don’t think viewers care about technology, whether it’s NFTs or virtual reality,” Schoonover added. “They just want a fun and enjoyable experience…[and] NFT technology is a unique way to achieve this. ”



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