The Coachella Music Festival is facing a difficult time following the collapse of FTX. After the exchange filed for bankruptcy, the NFTs of Coachella which were sold for $1.5 Million became unavailable for use. Since 17th November 2022, the users could not withdraw their Coachella NFTs and other assets.
Although Coachella’s team is working to figure out a solution to recover from this catastrophe, the freeze has created a storm for their tokens. They developed the collectable NFTs in partnership with FTX, and last February they sold them for $1.5 Million, which also included 10 lifetime VIP passes, but now unfortunately they are blocked due to FTX’s bankruptcy.
Additionally, Coachella partnered with FTX for a free NFT promotion too, which granted on-site perks to any visitor who has the exchange’s app downloaded. They also sold other NFTs at remarkably lower prices, the visitors could redeem these for photo books and individual photo prints.
In one Billboard article, they reported that one collector informed them that before FTX’s bankruptcy he was lucky enough to withdraw his Coachella Key to his wallet, but others might not be so lucky. Others who have kept their NFT on the exchange platform now have no access to them.