In February, Coachella announced an auction of 10 lifetime passes and accompanying luxury packages in the form of NFTs. Now, those Coachella Keys are in limbo amid the ongoing destabilization of the crypto market, Billboard reports. The fallout is part of the collapse of the FTX cryptocurrency exchange, a hub where thousands of users stored their NFTs, and which filed for bankruptcy on Friday (November 11). Pitchfork has contacted representatives for Coachella for comment and more information.
Those who had stored their NFTs within the FTX exchange no longer have access to them as a result of the platform’s shuttering. One Coachella Key holder told Billboard that they had successfully withdrawn their NFT from the FTX exchange before its bankruptcy, but that it did not appear to be functional in their personal wallet.
In addition to the 10 lifetime passes—which amounted to nearly $1.5 million in sales—the festival had partnered with FTX for a free NFT promotion that granted on-site perks to any attendee with the exchange’s app. The festival sold other NFTs at significantly lower prices, which attendees could redeem for photo books and individual photo prints.
Coachella is set to return in April 2023, with Frank Ocean slated as a headliner.