After FTX went down, the NFT lifetime passes that Coachella Music Festival made can’t be used anymore. A total of $1.5 million worth of lifetime passes that Coachella sold as NFTs are now unusable. Coachella and FTX worked together to make NFTs and FTX is no longer in use. Furthermore, fans who took lifetime passes out of FTX and put them in other wallets found that those NFTs didn’t work.
What Happened To The Coachella & FTX Lifetime NFT Passes?
Earlier 2022 in February, you could buy a pass to Coachella for life. They spread the word about the music festival and talked to its tech-savvy fans. Unfortunately, Coachella and FTX worked together to make the NFTs available. That means that the problems between SBF and his roommates from the Bahamas had an effect on the partnership.
The total of 10 NFT lifetime passes give its holders special benefits when attending the festival, but they were not the only things affected by the collapse. Coachella also sold NFTs with features like photobooks for a lower price or free photo prints. It’s not clear how Coachella plans to handle the situation.
What Role Did SBF Play In Coachella NFT Fail?
It’s not clear if Coachella will keep using NFTs as part of its strategy or not. For the meantime, it looks like they are trying hard to find a solution regarding FTX going down and their lifetime passes being frozen. Coachella, like a lot of other people, put their faith in SBF to lead the institutional push for mass adoption. Over the past few days, that thesis has lost its strength.
How teams explain these losses to fans and shareholders will become clear in time. Coachella hasn’t said anything official about the FTX meltdown. Catch the latest NFT news on NFTeller.