With the first weekend of Coachella less than a month away, tickets for the three-day music festival in the California desert are once again a hot commodity—except for those attached to NFTs. 

Since Coachella announced it more than two weeks ago, over 1,000 NFTs that double as VIP passes to this year's event have been offered for sale, packaged with some exclusive access to the "Oasis Lounge." However, the initiative has performed terribly. About 3% of the tokens on offer have been minted thus far.

Teaming up with NFT marketplace OpenSea, Coachella launched an initial collection of 1,024 non-fungible tokens that also serve as VIP passes with special perks. Only 34 of the NFTs created have been minted, according to OpenSea data. 

"The VIP Pass + Oasis Lounge Keepsake by …