Earlier this year, the organizers of the Coachella Music & Arts Festival announced that they would be auctioning 10 lifetime passes with luxury packages in the form of NFTs. It should comes no surprise, then, that those keys seem to have lost their functionality as the crypto market is slowly destabilizing. This is partly due to the collapse of the FTX cryptocurrency exchange, which is where thousands of users stored their NFTs — on November 11, they filed for bankruptcy. (Pitchfork)
One Coachella Key holder told Billboard that even though they had withdrawn their NFT from the FTX exchange in time, is still didn’t appear to be functional.
Aside from the 10 lifetime passes that generated approximately $1.5 million in sales, Coachella collaborated with FTX for an NFT promotion that granted on-site benefits to attendees with the exchange’s app. They even sold other, cheaper NFTs that festival attendees could redeem for photo books and prints.
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