Solana NFTs To Be Utilized in Coachella And Potential Launch In OpenSea Marketplace

By Kevin • February 1, 2022 6:21 pm • Comments

The Coachella Valley Music & Arts Festival which has been on hiatus for two years due to the pandemic has recently announced the launch of Solana NFTs for the upcoming launch in April.

The NFT collection that is being launched is all built on the Solana blockchain which is an environmentally friendly network that competes directly against Ethereum.

The purpose of the NFTs is to allow festival attendees to provide special festival access, VIP items, and other unique collectibles related to Coachella.

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CoinDesk reports:

Coachella is launching three collections at different price points, all of which are built on Solana, a relatively eco-friendly blockchain with lower fees than Ethereum.

FTX introduced a Solana-based NFT marketplace last October.

The first set, called the Coachella Keys Collection, consists of just 10 tokens, each offering lifetime festival access and other VIP goodies (among them, a “celebrity chef dinner”).

There’s also the Desert Reflections Collection – 1,000 tokens priced at $180 each, which buyers can redeem for a physical copy of a Coachella photo book – and the Sights and Sounds Collection, which mostly just gets you the token and audiovisual accompaniment.

The Sights and Sounds NFTs are priced at $60 each, and will launch in an edition of 10,000.

“Only blockchain technology can give us the unique ability to offer tradeable lifetime passes to Coachella for the first time ever,” Coachella Innovation Lead Sam Schoonover said in a statement.

As NFTs continue to take over and transform many industries, it seems like this use case in particular helps promote the Solana blockchain as the go to place for all NFT artists and creators.

As the exposure of the blockchain continues to grow, it seems large marketplaces such as OpenSea are also looking to get involved.

Recent screenshots of OpenSea’s website show a possible integration between the largest NFT marketplace and the Solana blockchain which would put the network among the ranks of Ethereum, Polygon, and Klatyn.

As OpenSea currently supports around 60% of the NFT sales in the market, this new integration would bring a massive amount of exposure to the blockchain and its potential in the space.

With that being said, there has not been an official confirmation from OpenSea yet.

CryptoSlate reports:

The platform has distanced itself from the screenshot, claiming it is old speculation.

An OpenSea spokesperson stated that they would comment when there’s something to say.

While the platform has chosen to remain tightlipped on the matter, providing support for Solana is a logical move for OpenSea.

With the “Ethereum-killer” gaining a significant market share, it would be logical for the leading marketplace to spread its tentacles to retain its lead in the space.

However, if the story is officially confirmed, it’ll further prove how much ground Ethereum is losing to its rivals.

The blockchain, which has been the prime network for decentralized applications, faces serious issues ranging from scalability to high gas fees, and network congestion.

As Ethereum’s dominance in the NFT space is starting to come under attack by new emerging blockchains, investors are looking to find the next big potential winner and looks like Solana has certainly got a chance.

 

 

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