Coachella NFTs stop working due to FTX collapse

November 15, 2022
Coachella NFTs stop working due to FTX collapse  Coachella partnered with FTX to sell a collection of NFTs in February, ultimately raking in around $1.5 million. The NFTs were paired with physical items—Coachella passes, art prints, and photo books—and the NFT owners had the option to "redeem" their NFT to receive the item. However, all of this was done through FTX, and with FTX no longer fully operational, redemptions are no longer possible. The FTX server storing the artwork for the NFTs was also intermittently available, so holders reported seeing broken images when going to view their NFT. Ten of the NFTs in the collection came with lifetime passes to Coachella, and sold for six figures. Each year, the NFT holder has to go through the redemption process to obtain their festival pass.  Many of the token owners bought their NFTs with FTX and simply left them in their accounts on the platform. Some were able to transfer their tokens before FTX's NFT platform stopped operating, but man
AlexEdwards mastodon (AP)
Futurist Jim Carroll mastodon (AP)
Whoah, you're here too!
Green Fox mastodon (AP)
ohno. anyway...
I believe this is the correct response...
"We're gonna need a smaller violin"
dealyllama mastodon (AP)
LOL, LMAO even
ROTOPE~1 :birdsite: mastodon (AP)
but… but… I was assured that they could not be funged.
KayleeSerenada mastodon (AP)
@web3isgreat: oh noo that is so heart-breaking. First rule of web3 should be everything off exchanges. Self custody or no custody (literally!!)
Brian Hogg mastodon (AP)
but when we all said that sort of thing was inevitable (with NFTs, not FTX specifically) we were told we were wrong and also jealous for missing out!
Patrickk mastodon (AP)
NFTs are still a thing?
Tofu Golem mastodon (AP)
At first, I hoped NFTs would finally give money to artists who are currently being ripped off by the Internet.

My hopes were dashed. The whole thing is a worthless scam that damages the environment.
checotrevino mastodon (AP)
lol of course.
This is yet another example of why centralization is the way of the past. Whether it's the #cryptocrash or #Twittershutdown, central points of failure have wreaked havok this month.

Web3 needs to follow #Mastodon and the Fediverse's example and stay as decentralized as possible.
Geoff Anderson mastodon (AP)
This is just so delish.
Marina mastodon (AP)
welcome to the world of coupons, the risk is with you
autarken mastodon (AP)
buying a "lifetime pass" on *anything* digital, let alone an NFT... bwaahahaha hahahaha!
🪨 mastodon (AP)
So much for decentralization...