Coachella Festival

Coachella fans seem to lose out after recent crypto crash

Coachella has grown into one of the world’s premier and most anticipated music festivals of the year, drawing thousands of fans to the desert in Indio, CA every year.  Booking some of the top acts on the planet as well as a varied line-up of electronic, indie and pop acts, the festival continues to draw fans from around the world despite elevating costs of passes and occasional last minute line-up changes.

Unfortunately, any major event is sure to run into a few problems and dissatisfied fans, but the latest controversy is one that is both out of their hands and quite worrisome for fans who looked to invest in the digital side of the music festival.  Earlier this year, Coachella revealed its own NFT Marketplace, offering fans the chance to buy iconic images from the festival grounds, as well as a Coachella Key Collection which would offer 10 lifetime passes to the festival, as one Infinite key which would offer the owner 2  lifetime festival passes, $500 in food and beverage vouchers, private transportation, a meal at the Rose Garden cooked by a professional chef, free access to any virtual Coachella event, invites to private events and two free merchandise items per year.  This last asset brought in $270,000 while the whole collection went for a staggering $1,474,000.

While all this seems like an amazing opportunity for fans of the crypto world as well as music, the project is now in trouble as it was hosted on the FTX network.  For anyone who isn’t following the downfall of one of the leading crypto market places to come out of 2021, the marketplace collapsed in recent weeks, surrounded by speculation of extreme mismanagement by leadership and now owes billions of dollars to creditors and investors.  Addressing the issue, a Coachella rep shared this message via Discord:

Like many of you, we have been looking at this news online for the past few days and are appalled by the outcome. We currently do not have any lines of communication with the FTX team. We have assembled an internal team to find a solution based on the tools we have access to. Our priority is to move Coachella NFTs away from FTX , which appears to be disabled at this time

 

Image Credit: Dom Carver via <a href=”https://pixabay.com/photos/coachella-ferris-wheel-big-wheel-1083735/”>Pixabay