As the number of requests for non-fungible tokens (NFTs) grows, the Tribeca Film Festival is profiting on the trend by offering VIP passes as digital collectibles.
As the number of requests for non-fungible tokens (NFTs) grows, the Tribeca Film Festival is profiting on the trend by offering VIP passes as digital collectibles.
The VIP passes are the first step in the annual film festival’s expansion into NFTs, and they were created in collaboration with the cryptocurrency exchange OKX. These tokens will be issued using Ethereum and will include exclusive entrance to film screenings and invitations to special events with festival co-founders Jane Rosenthal and Robert De Niro.
The NFTs will cost $899 and may be purchased with a credit card on the Tribeca website. More seasoned NFT collectors can also acquire passes using ETH via the OKX NFT marketplace. Lower Manhattan, where the festival will be held this year from June 7 to 18, impacted the design of the NFT artwork.
According to Nate Zou, OKX’s head of Web3 products, the Seychelles-based exchange is excited to use blockchain technologies to attract new audiences and incorporate the event into Web3.
“[The Tribeca audience] is perfectly spread across all different demographics – from elder people to younger generations, across all kinds of work,” Zou said. “I think they’re a perfect sample for us to educate the general public about this technology.”
The VIP permits are part of a wider deal with OKX, which was named the festival’s primary sponsor last year.
It’s not the first time a major cultural event has partnered with a cryptocurrency company; in 2017, the Grammys were sponsored by crypto exchange Binance and music NFT marketplace OneOf.
Zou believes that future events will incorporate NFTs into their ticketing strategy.
“I think [this event] can be a great sample for us to try out with our partners in the future,” said Zou. “Whoever is interested can bring the new technology to their existing customer base and see what kind of spark it has.”
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