Coachella’s NFT collection, which included lifetime passes to the 125,000-capacity festival, generated more than $1.4m (£1m) according to marketplace FTX.US, following a week-long bid session that ended on 11 February.

As part of the Coachella Key Collection, the US festival, promoted by AEG-owned Goldenvoice, released ten tokens that included access to different amenities at the event.

The highest bid was for the Infinity Key, which sold for $270,000 (£199,000) and included lifetime festival guest passes, all-inclusive culinary experiences and private transportation.

This was followed by the Key to the Safari, which sold for $256,000 (£188,700) and included the lifetime passes and luxury air-conditioned tent accommodation.

As well as the main collection, Coachella also offered two other NFT collections on 4 February, which included the Desert Reflections Collection and the Sights and Sounds Collection, both of which sold out later that day. These included photos that can be redeemed for physical prints and a collectable poster series.