Due to a coin crash, it appears that buyers are unable to obtain Coachella lifetime passes that were given as NFTs earlier this year.
In February, the California festival sold 10-lifetime passes for a staggering total of $1.5 million as part of their brand-new NFT collection titled “Coachella Collectibles.” The collection was displayed as a “There is a “green marketplace” offering artwork, digital treasures, and lifetime passes.
Billboard reports that more than six months later, all 10-lifetime passes are “trapped” in an inaccessible cryptocurrency transaction.
Coachella partnered with FTX, the second-largest cryptocurrency exchange in the world, to promote their extravagant NFT packages. However, FTX has recently declared bankruptcy due to the market collapse.
When filing for bankruptcy on Friday, November 11, FTX cited a “severe liquidity crisis” as the reason for its decline. Later, Temasek Investment wrote off its $275 million cryptocurrency business stake.
One staff member posted on the Discord server for the festival, stating: “We, like many of you, have been following the online development of this news over the past few days and are astounded by its conclusion.
“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.”
VIP privileges and additional benefits, such as lifetime passes with VIP privileges, were included with lifetime passes “A few examples include special events, front-row seats at the Coachella Stage, a lifetime of safari camping, and a banquet prepared by a professional chef in the Rose Garden.
Other NFT packages available for purchase on the “green marketplace” consisted of physical items, artwork, virtual adventures, and photo books.
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