Following the implosion of FTX, the NFTs that Coachella Music Festival created as lifetime passes are no longer accessible. This is the case with 10 lifetime passes that Coachella sold as NFTs to the tune of $1.5 million in total. To clarify, Coachella had partnered with FTX to mint NFTs. Now, FTX is defunct. Additionally, fans who moved lifetime passes out of FTX found those NFTs lack functionality in other wallets. So, what will happen to the Coachella lifetime passes?
What Happened To The Coachella & FTX Lifetime NFT Passes?
The lifetime Coachella passes went for sale back in February of 2022. They promoted the music festival while appealing to its tech-minded fans. Unfortunately, Coachella teamed up with FTX to offer the NFTs. That means the fallout from SBF and his Bahamian roommates impacted the partnership.
The 10 lifetime NFTs included special privileges at the event, but they were not the only items affected by the collapse. Coachella also sold NFTs at a lower price point that came with perks like a photo book or free photo prints. It’s unclear how Coachella intends to deal with the fallout.
What Role Did SBF Play In Coachella NFT Fail?
It’s unclear if Coachella will continue to use NFTs as part of its strategy. For now, it seems they are busy figuring out what to do about the collapse of FTX and their frozen lifetime passes. Like many, Coachella placed trust in SBF to lead the institutional push for mass adoption. However, that thesis has fallen apart over the past few days.
Time will tell how organizations explain these losses to fans and shareholders. There has been no official word from Coachella on the FTX meltdown.