Coachella NFTs dealt for $1.5M but are stuck on FTX, Read Why?

FTX clients around the world have their assets frozen on the cryptocurrency exchange after its sudden downfall last week, apparently to the tune of billions of dollars worth in aggregate. And along with not cryptocurrency and Defi tokens either some users have NFTs stuck in FTX.

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NFTs

Discord servers connected to projects that were specified through the FTX NFTs platform over the last year are now filling up with criticisms from users who cannot withdraw their Solana-based acquisitions from the FTX account wallet.

In some cases, even those who moved their NFTs to external, self-custody wallets now can’t see the NFT artwork because of server issues. Links to many of the projects undertaken through the FTX NFTs marketplace are also now broken. FTX revealed on Friday that it had filed for Chapter 11 bankruptcy security.

The involved projects also include major music and sports brands, including concert festivals like Coachella and Tomorrowland, NBA star Steph Curry’s 2974 NFT collection, and Formula 1-themed NFTs from the Mercedes-AMG Petronas racing team.

Also read: Binance shuts down claims of intentionally crashing rival FTX

Back in February, Coachella revealed its association with FTX US in February, and its plan to release 10-lifetime festival passes as NFTs was praised by some as a step forward for mainstream Web3.0 adoption, not to say A real-world utility for such digital assets.

The festival released different other NFT collectibles alongside the passes. The reports were brought by Billboard, which first highlighted issues around the NFTs on Tuesday, and said that the sale generated $1.5 million in the count.

Now, regardless of the sales, users in Coachella’s Discord server are conveying that they cannot transfer their bought NFTs out from their FTX wallets. Others say that the Coachella NFTs kept in their self-custody wallets aren’t depicting artwork. Discord moderators have told that it’s apparently due to FTX’s server which hosted the artwork tied to the NFT—being down.

The FTX crash has impacted the market and plenty of firms which has ultimately led to individuals pulling out of investments as well. Think about it, the ones who invested early in crypto for instance till the year 2018-19 holding either BTC or any such coin are the only ones who can sustain this crash.


NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFTs

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