FTX Collapse: Coachella NFTs Lost in the Metaverse

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End of the party for the Coachella NFTs? – The FTX octopus bankrupt rang the death knell for the number of partnerships around the world. Companies, individuals, investment funds, everyone is affected. Until the adventurous cultural initiatives that had dared to try the blockchain. This is particularly the case of Coachella festival held annually in April near Palm Springs. Foray into a crypto-musical drama.

Coachella NFTs Held Hostage at FTX

It all goes back to last February when the festival partners with FTX.US to put on sale an NFT collection with a total value of more than $1.5 million. Two months before the long-awaited festival, the first since the end of the COVID-19 pandemic. Enough to excite musicos eager to party. The collection even includes 10 NFTs Coachella Keys giving lifetime access to the pop and electro festival, as well as VIP benefits.

But following the FTX debacle, all these beautiful NFTs are now stuck on the platform. No way for the unfortunate holders to access it. Coachella staff members also say they are shocked by recent events. On their discords, they confirm the bad news.

“We currently have no contact with the FTX teams. We have set up an internal team to develop a solution using the tools we have at our disposal. Our priority is to successfully remove NFTs from the FTX platform. »

Coachella staff member

Both Coachella NFTs and user funds are locked on FTX.
Cryptos and NFTs, prisoners of the FTX platform

Some holders would still have managed to remove their NFTs from the platform before the crash. However, the latter are not at the end of their sentences either. Because these NFTs would now find themselves devoid of visual (artwork) to display. This is due to the decommissioning of the FTX servers responsible for hosting the images.

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FTX, the lack of trust

“We are actively working to find solutions and are confident that we will be able to protect the interests of Coachella NFT holders”

Sam Schoonover, Chief Innovation Officer at Coachella

Indeed, despite FTX’s radio silence, aggrieved holders can still rely on the Coachella organization for their claims. It is therefore likely that compensation can be found. Whether through the recovery of NFTs, the issuance of a new collection, or even the provision of an equivalent physical pass, the solutions are multiple.

Because for the moment, funds, cryptos and NFT are blocked on FTX without certainty on their recovery. Among these virtual works, we find collections related to tomorrowlandNBA star Steph Curry or even Mercedes F1.

Certainly, the losses of the NFT Coachella holders will probably be compensated. On the other hand, the confidence of users, businesses and cultural organizations will take time to heal. It will take a good dose of humility for exchanges and more generally for the crypto sector to regain a place in the hearts of the general public. What a pity, alas, that the technological promises and the efforts of an entire sector are being reduced to nothing by the madness of a few greedy individuals.

For you, blockchain technology and cryptocurrencies will soon be at the heart of the daily life of each of us. You can expose yourself to Bitcoin, Ethereum and other tokens on the rising exchange.Sign up now on Bitget and begin to familiarize yourself with this world (commercial link).

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