Coachella’s lifetime pass NFTs collapse after the crash of FTX cryptocurrency

By November 21, 2022NFT
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Coachella’s lifetime pass NFTs collapse after the crash of FTX cryptocurrency

Following the collapse of the cryptocurrency exchange, FTX, owners of a Coachella Key, which offer lifetime pass NFTS, people are currently unable to access their item.

In February, the Californian festival launched a limited edition line of NFTs, which included ten-lifetime passes. It’s believed two of the passes sold for over $250,000, but since the FTX crypto exchange collapsed, owners are worrying about whether the pass remains valid.

One owner successfully withdrew the item into a digital wallet from FTX days before the exchange filed for bankruptcy. However, others were less forward-thinking and have now been left fretting about their Coachella Key. Their fears have been enhanced by a spokesperson for the festival, who said it “appears to be disabled at the moment”.

Commenting on the NFT crash in a statement to Billboard, Coachella’s innovation lead, Sam Schoonover, said: “We’re actively working on solutions and are confident we’ll be able to protect the interests of Coachella’s NFT holders.”

Worryingly, a festival employee wrote on Coachella’s discord server: “Like many of you, we have been watching this news unfold online over the past few days and are shocked by the outcome.”

They added: “We do not currently have any lines of communication with the FTX team. We have assembled an internal team to come up with solutions based on the tools we have access to. Our priority is getting Coachella NFTs off of FTX”.

Coachella aren’t the only festival to have flirted with NFTs, with others such as EXIT and Ozzfest also entering the virtual realm. It remains to be seen if Coachella key holders will be compensated in the wake of FTX’s disintegration.

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