OpenSea and Coachella have partnered to introduce three NFT collections that offer exposure and exclusive products in the real and virtual worlds. Coachella is, for the uninitiated, a major participant in the realm of music and art festivals.
The initial three collections comprise the VIP pass and Oasis Lounge Keepsake, which were distributed on Tuesday for a total of $1,499 each, with a $1,000 NFT limit.
The remaining two collections are anticipated to be delivered between the last two weeks of March and the middle of April.
The layer-1 blockchain Avalanche, which is the eighth-largest blockchain in terms of NFT sales volume over the previous 30 days, will run the NFT collections. Coachella has been associated with Avalanche as they are in tandem with the product the festival requires to create, but no other information has been divulged.
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The OpenSea website boasts that the marketplace offers 80 million NFTs and that there are over 2 million collections available.
It is anticipated that the NFT market will grow because, in the past, it was considered an overpriced digital profile picture (PFP), but it now offers additional advantages offline and online.
Devin Finzer, CEO and Co-Founder of OpenSea believes that mainline adoption of cryptocurrencies could be achieved through the use of ticketed collections and NFT-oriented music. He is convinced that Coachella is capable of revolutionizing the NFT.
Global sales volume for NFTs increased to $23.7 billion on January 1, 2022. As of February 2024, the amount stood at $2.21 billion.
OpenSea has handled transactions worth more than $20 billion in volume. The product is positioned at the fourth rank and holds a 10% market share. Blur is positioned first, followed by OKX and Magic Eden.
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This initiative also simplifies the process of purchasing NFTs by employing a simple email sign-up rather than needing newcomers to create a crypto wallet, buy crypto, and so on.
