Coachella NFT Tickets Disappeared Due to FTX Crash
Back in February, the organizers of the California Koachella Festival announced that they would auction 10 luxury perpetual passes in the form of non-replaceable tokens.
Due to the instability in the cryptocurrency market, NFTS, which provide their owners with a number of privileges, have lost not only their popularity.
The situation was aggravated by the collapse of the FTX crypto exchange, on which the NFTs of several thousand users were stored. The exchange officially declared bankruptcy on November 11.
As a result, many users suddenly lost access to digital assets due to the closure of the platform. Accordingly, Coachella NFT keys sold to their owners cannot be presented.
The drama of the situation also lies in the fact that the total cost of these non-functional NFTs was an impressive $ 1.5 million.
Before the bankruptcy of FTX, the Coachella festival collaborated with the exchange in the framework of promoting its NFT, which were supposed to provide any of their owners with a number of bonuses.
