FTX partners with Tomorrowland in New Web3 partnership

FTX partners with Tomorrowland in New Web3 partnership

Tomorrowland, one of the world's major music festivals, has partnered with cryptocurrency exchange FTX in order to assist the event in making the transition to Web3 and NFTs.

By partnering with Tomorrowland (a famous electronic dance music festival held every year since 2005 in Flanders, Belgium), FTX's new European affiliate, FTX Europe, will assist the festival in making the transition to web3 and NFTs to create experiences that benefit the participants, also known as People of Tomorrow. 

Started by two brothers and now in its 16th year, Tomorrowland is a popular electronic dance music festival that began with 10,000 participants in 2005 in Flanders, Belgium. It now attracts over 400,000 participants in a single year.

Among the uses of Web3 and blockchain technology that will be addressed are (NFTs) for art, music, tickets, events in the virtual world (metaverse), and cryptocurrency payments.

"It's exciting to see the continued blending of crypto, music, and events," said Sam Bankman-Fried, CEO & Founder of FTX. "We're proud to partner with Tomorrowland to bring their truly unique and magical events to the digital space by supporting their Web3, NFT, and crypto related initiatives," he continued.

FTX and Tomorrowland Winter Festival will launch their relationship with an exclusive engagement called, The Quest by FTX, which will enable festival guests to acquire the first 1500 of a planned collection of 6,500 NFTs and get a unique experience as a result of participating.

Tickets to these special performances, which will take place at a secret location over three nights, will provide access to the 1,500 attendees.

In particular, ownership of the NFTs will provide access to one of five places concealed among the mountains of Alpe d'Huez, France, where the festival will be hosted at the end of March, with exclusive performances that attendees will have to locate and scan their wristband to get admittance.

FTX expanding into the European economy

The partnership with Tomorrowland is one of the first steps in FTX's foray into the European market.

According to its CEO, those in the European Economic area can gain access to all of FTX's innovative products through FTX Europe, the company's European affiliate. These products include industry-leading derivatives, options and volatility products, tokenized stocks, and other services and products, among other things.

The cryptocurrency trading company has made considerable inroads into the world of sports in recent months. Last year, it was awarded the naming rights to the Miami Heat's home stadium, which was formerly known as American Airlines Arena.

Last year, FTX.US, the company's American subsidiary, also signed a global sponsorship deal with the NBA's Golden State Warriors.

Kayode Adeoti

Kayode Adeoti

Kay Adeoti is a writer at Wealthier Today. He has a strong interest in the finance sector and provides readers with informative and educative articles on the space.