Coachella NFT collection allegedly becomes the next one to bite the dust with the FTX Crash. Fans who bought the Coachella Life passes in February worth $1.5 million are seemingly unable to access them, according to billboard.
The last week has been a dark time for crypto evangelists following FTX filing for bankruptcy on November 11th. The Coachella Collectibles were auctioned as an opportunity to own lifetime passes, unique on-site experiences, digital and physical collectibles. Coachella partnered with FTX for a free NFT promotion that granted these on-site perks to attendee’s with the exchange’s app.
We currently are unaware of how many assets were held by FTX before its collapse. Coachella reps wrote on the festival’s Discord server,
Like many of you, we have been looking at this news online for the past few days and are appalled by the outcome. We currently do not have any lines of communication with the FTX team. We have assembled an internal team to find a solution based on the tools we have access to. Our priority is to move Coachella NFTs away from FTX , which appears to be disabled at this time
Other affected projects include Formula One-themed NFTs from the Mercedes racing team and NBA star Steph Curry’s 2974 NFT collection. Coachella innovation lead Sam Schoonover confirmed they are working actively for solutions and trying to protect the Coachella NFT holders interests. While the near future looks bleak for these ten festivalgoers, we hope the crypto crash does not continue to affect others.
Coachella is set to return in April of 2023, stay tuned for more details. For now enjoy the full Swedish House Mafia -Coachella 2022 headline set.