FTX Collapse: Coachella NFTs Lose the Metaverse

The end of the party for Coachella NFTs? Octopus FTX went bankrupt fell into Death to the number of partnerships Around the world. Companies, individuals, investment funds, all are affected. Until the adventurous cultural initiatives that had dared to try blockchain. This is especially the case Coachella Festival held annually in April near Palm Springs. Delve into a crypto-musical drama.

Coachella’s NFTs are held hostage on FTX

It all goes back to last February when the festival is partnered with FTX.US to put up for sale a collection of NFTs with a total value of more than 1.5 million dollars. Two months before the long-awaited festival, the first since the end of the COVID-19 pandemic. Enough to excite party-hungry musicians. The collection even includes 10 NFT 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. There is no way for unlucky holders to access it. Coachella staff members also say they are shocked by the recent events. In their disputes, they I confirm the bad news.

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

Coachella staff member

Crypto and NFT, prisoners of the FTX platform

Some keepers would still have made it REMOVE Their NFTs from the platform before the crash. However, even the latter are not at the end of the sentences. Because these NFTs would now find themselves free of visuals (artwork) to display. This is due to the deactivation of the FTX servers responsible for hosting the images.

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FTX, lack of confidence

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

Sam Schoonover, Head of Innovation at Coachella

Indeed, despite FTX’s radio silence, disgruntled patrons can still rely on the Coachella organization for their claims. It is therefore likely that compensation can be found. Whether through recovering NFTs, issuing a new collection, or even providing an equivalent physical permit, the solutions are many.

Because at the moment, funds, cryptos and NFTs are locked in FTX with no assurance of their recovery. Among these virtual works, we find collections related to tomorrowNBA star Steph Curry or even Mercedes F1.

Of course, the losses of NFT Coachella holders will surely be compensated. On the other hand, the trust of users, businesses and cultural organizations will take time to heal. It will take a good dose of humility for exchanges and the crypto sector in general to regain a place in the hearts of the general public. Too bad, alas, that the technological promises and efforts of an entire sector are being reduced to nothing the madness of a few greedy individuals.

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