Close Menu
TechBrunchTechBrunch
  • Home
  • AI
  • Apps
  • Crypto
  • Security
  • Startups
  • TechCrunch
  • Venture

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

What's Hot

Rosebud lands $6 million to scale interactive AI journaling apps

June 4, 2025

Winners of the Apple Names 2025 Design Awards

June 4, 2025

Now, deals accusing customers of “spoofing” spies

June 3, 2025
Facebook X (Twitter) Instagram
TechBrunchTechBrunch
  • Home
  • AI

    OpenAI seeks to extend human lifespans with the help of longevity startups

    January 17, 2025

    Farewell to the $200 million woolly mammoth and TikTok

    January 17, 2025

    Nord Security founder launches Nexos.ai to help enterprises move AI projects from pilot to production

    January 17, 2025

    Data proves it remains difficult for startups to raise capital, even though VCs invested $75 billion in the fourth quarter

    January 16, 2025

    Apple suspends AI notification summaries for news after generating false alerts

    January 16, 2025
  • Apps

    Rosebud lands $6 million to scale interactive AI journaling apps

    June 4, 2025

    Winners of the Apple Names 2025 Design Awards

    June 4, 2025

    Hinge CMO Jackie Juntos wants to help Zers Gen Zers become lonely

    June 3, 2025

    Reddit allows you to hide content such as posts and comments from your user profile

    June 3, 2025

    Tiktok deploys AI-powered smart keyword filters to limit content you don't want to see

    June 3, 2025
  • Crypto

    GameStop bought $500 million in Bitcoin

    May 28, 2025

    Vote for the session you want to watch in 2025

    May 26, 2025

    Save $900 + 90% from 2 tickets to destroy 2025 in the last 24 hours

    May 25, 2025

    Only 3 days left to save up to $900 to destroy the 2025 pass

    May 23, 2025

    Starting from up to $900 from Ticep, 90% off +1 in 2025

    May 22, 2025
  • Security

    Phone Chipmaker Qualcomm fixes 3 zero-days exploited by hackers

    June 3, 2025

    Indian grocery startup Kiranapro has been hacked and its server has been removed, CEO confirms

    June 3, 2025

    Health Giant Kettering is still facing chaos after a few weeks of ransomware attack

    June 3, 2025

    Vanta Bug has made its customer data public to other customers

    June 2, 2025

    NSO Group calls the judge for a new trial, calling $167 million in damages “outrageous”

    June 2, 2025
  • Startups

    7 days left: Founders and VCs save over $300 on all stage passes

    March 24, 2025

    AI chip startup Furiosaai reportedly rejecting $800 million acquisition offer from Meta

    March 24, 2025

    20 Hottest Open Source Startups of 2024

    March 22, 2025

    Andrill may build a weapons factory in the UK

    March 21, 2025

    Startup Weekly: Wiz bets paid off at M&A Rich Week

    March 21, 2025
  • TechCrunch

    OpenSea takes a long-term view with a focus on UX despite NFT sales remaining low

    February 8, 2024

    AI will save software companies' growth dreams

    February 8, 2024

    B2B and B2C are not about who buys, but how you sell

    February 5, 2024

    It's time for venture capital to break away from fast fashion

    February 3, 2024

    a16z's Chris Dixon believes it's time to focus on blockchain use cases rather than speculation

    February 2, 2024
  • Venture

    Now, deals accusing customers of “spoofing” spies

    June 3, 2025

    The week left to boost your brand with side events at TC on all stages

    June 3, 2025

    Learn how Toyota and NLX succeeded in the TC session: AI

    June 3, 2025

    TC Session: AI Trivia Countdown – 1 Ticket Score

    June 3, 2025

    2 days until the TC session: UC Berkeley's AI

    June 3, 2025
TechBrunchTechBrunch

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

TechBrunchBy TechBrunchMarch 5, 20245 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr WhatsApp Email
Share
Facebook Twitter LinkedIn Pinterest Telegram Email


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. ”



Source link

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

GameStop bought $500 million in Bitcoin

May 28, 2025

Vote for the session you want to watch in 2025

May 26, 2025

Save $900 + 90% from 2 tickets to destroy 2025 in the last 24 hours

May 25, 2025

Only 3 days left to save up to $900 to destroy the 2025 pass

May 23, 2025

Starting from up to $900 from Ticep, 90% off +1 in 2025

May 22, 2025

Early savings for 2025 will end on May 25th

May 21, 2025

Leave A Reply Cancel Reply

Top Reviews
Editors Picks

7 days left: Founders and VCs save over $300 on all stage passes

March 24, 2025

AI chip startup Furiosaai reportedly rejecting $800 million acquisition offer from Meta

March 24, 2025

20 Hottest Open Source Startups of 2024

March 22, 2025

Andrill may build a weapons factory in the UK

March 21, 2025
About Us
About Us

Welcome to Tech Brunch, your go-to destination for cutting-edge insights, news, and analysis in the fields of Artificial Intelligence (AI), Cryptocurrency, Technology, and Startups. At Tech Brunch, we are passionate about exploring the latest trends, innovations, and developments shaping the future of these dynamic industries.

Our Picks

Rosebud lands $6 million to scale interactive AI journaling apps

June 4, 2025

Winners of the Apple Names 2025 Design Awards

June 4, 2025

Now, deals accusing customers of “spoofing” spies

June 3, 2025

Subscribe to Updates

Subscribe to our newsletter and never miss our latest news

Subscribe my Newsletter for New Posts & tips Let's stay updated!

© 2025 TechBrunch. Designed by TechBrunch.
  • Home
  • About Tech Brunch
  • Advertise with Tech Brunch
  • Contact us
  • DMCA Notice
  • Privacy Policy
  • Terms of Use

Type above and press Enter to search. Press Esc to cancel.