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Music fans who bought NFTs at Coachella could find themselves in the wind after cryptocurrency exchange FTX recently filed for bankruptcy. The festival launched a long-term partnership with FTX in February to offer $1.5 million in NFTs in a new market.

According Billboard, a Coachella staff member revealed on the festival’s Discord server that he was unable to contact FTX. “Like many of you, we have watched this news unfold online for the past few days and are shocked by the outcome,” they said. “We currently have no line of communication with the FTX team. We have assembled an internal team to provide solutions based on the tools we have access to. Our priority is to remove Coachella NFTs from FTX, which appears to be disabled for the moment.

In a separate statement sent to BillboardCoachella Chief Innovation Officer Sam Schoonover added, “We are actively working on solutions and are confident that we will be able to protect the interests of Coachella NFT holders.”

FTX was one of the world’s leading cryptocurrency exchanges before filing for Chapter 11 Bankruptcy protection on Friday, November 11. The public worried about FTX after CoinDesk reported that the company was mixing client funds with its sister trading firm Alameda Research, resulting in a massive $6 billion increase in withdrawals in 72 hours.

At the time of the bankruptcy filing, FTX suggested it had more than 100,000 creditors, but in an updated November 15 filing, the company’s attorneys said there could be more than a million. creditors.

Coachella’s first NFT offering included its Keys Collection containing 10 different lifetime passes with VIP perks. Other less extravagant options included an NFT Coachella poster and 10 different combinations of festival photos with “never heard before soundscapes”. Now anyone who has not withdrawn their Coachella NFT to their own crypto wallet does not have access to it.





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