Due to the well-reported collapse of the cryptocurrency platform, FTX, the Coachella Lifetime Pass NFTs sold on their NFT marketplace are now unavailable. It was reported that when they were initially launched in February, two of the passes from the limited edition collection were sold for $250,000.
Quick Take:
- In February, the Coachella festival released a limited edition collection of ten lifetime passes as NFTs on FTX’s platform.
- Apparently, two of these pieces sold for $250,000 each.
- Now, due to the collapse of FTX, people are wondering if they are still valid.
About the Coachella NFTs
In February of this year, Coachella, the Californian music festival, launched a limited collection of ten NFTs which acted as a lifetime pass to all of their future events.
Coachella is known internationally as one of the best music festivals in the world. Around 250,000 people attend it every year over two days, it often covers various genres of pop, indie, hip hop and electronic dance music. Last year, it was headlined by Harry Styles, Billie Eilish, and Swedish House Mafia x The Weeknd. Though many details for next year’s event are unknown to the public, it is expected for Frank Ocean to be a headliner.
Fans Question: Are They Still Valid?
Now, due to the collapse of FTX, owners are questioning if the lifetime passes are still valid. Fortunately, one of the initial owners of the NFTs successfully withdrew their NFT from the platform to another digital wallet. This happened just days before the exchange filed for bankruptcy.
Coachella’s innovation lead, Sam Schoonover, told Billboard: “We’re actively working on solutions. We are confident we’ll be able to protect the interests of Coachella’s NFT holders.”
A staff member of the festival went to Discord to say: “Like many of you, we have been watching this news unfold online over the past few days and are shocked by the outcome. 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, which appears to be disabled at the moment.”
Currently, it is unconfirmed if the holders of the NFTs will be compensated due to the fall of FTX. Or, if it’d be possible for their NFTs to remain valid through another means.
