16/11/2022 Coachella NFTs Stuck in FTX Exchange After Bankruptcy – Billboard

General view of the atmosphere during day 2 of the 2013 Coachella Valley Music & Arts Festival at the Empire Polo Club on April 13, 2013 in Indio, California.Christopher Polk/GI for Coachellanone

The crypto world was rocked last week by the stunning implosion of FTX — the second-largest cryptocurrency exchange. Though the ripple effect across the industry is still playing out, Coachella appears to be caught up in the collateral damage.

The festival partnered withFTX.USto sell $1.5 million worth of NFTsback in February, a couple of months before the Southern California event’s first staging since the pandemic. The collection included 10 NFT “Coachella Keys,” which granted lifetime access to the festival and VIP perks such as luxury experiences and exclusive merchandise. Many of those NFTs now appear to be stuck and inaccessible on the defunct exchange.

“Like many of you, we have been watching this news unfold online over the past few days and are shocked by the outcome,” said a Coachella staff member on the festival’s Discord server. “We do not currently have any lines of communication with the FTX team. We have assembled an internal team to come up with solutions based on the tools we have access to. Our priority is getting Coachella NFTs off of FTX, which appears to be disabled at the moment.”

“We’re actively working on solutions and are confident we’ll be able to protect the interests of Coachella’s NFT holders,” said Coachella innovation leadSam Schoonoverin a statement sent toBillboard.

FTX filed for Chapter 11 bankruptcy on Friday citing a “severe liquidity crisis,” after depositors rushed to withdraw more than $6 billion in 72 hours. It is alleged that FTX and its founderSam Bankman-Friedcommingled customer deposits with its sister trading firm Alameda Research, resulting in a multi-billion dollar hole in the exchange’s balance sheet. When customers rushed to withdraw their funds, it became clear that FTX was insolvent.

The knock-on effects have been disastrous, with billions of dollars locked up and little prospect of recovery. Among those assets are several NFTs released through the FTX platform, including NFTs from Coachella and Tomorrowland.

One collector toldBillboardhe was able to withdraw his Coachella Key to his own wallet just days before FTX went bankrupt, but many others have not been so lucky. Anyone who kept their NFT on the FTX platform currently has no access to them.

Although few in the Web3 industry predicted a crisis on this scale, many crypto advocates have long argued that NFTs and cryptocurrencies should not be stored or held by centralized platforms such as FTX. The last update from the Coachella team — issued on Saturday (November 12) — advised users against interacting with any FTX product and recommended they sign out of all FTX accounts.



Interesting NFTs
PASSION FOR LIFE - 7/19 Limited Edition
PASSION FOR LIFE - 7/19 Limited Edition - Please enable the sound - This NFT was inspired by some of the attributes of a woman. She is so beautiful, elegant, and delicate, but at the same time powerful and full of passion. She merges with the universe and creates life in many ways, represented in this artwork by the dispersion of her body. I first sculpted this piece by hand, then digitalized it and gave it life and movement. Limited Edition 7/19 IG @ArtistLeonardo
trump 2020
This is a photo i took of my son playing around in one of our cat carriers, redressed to express the concern and damage the continuation of the trump administration could bring to the world in 2020 and beyond. Unlike the majority of my historic work found on opensea, all content was conceived and taken by me, so felt perfect to use as my first piece on Known Origin.
Traffic explores a crossroads between the metaverse & reality through organized chaos. The complexity of this aural / visual landscape demanded over 200 hours of design time between Slimesunday & 3LAU. Every detail of this piece was built from scratch, from the reflective puddled pavement to the stabbing synthesis of the song. We think we'll be spending a lot more time in the metaverse in the future, don't you?
What's up! Santasheen here. I'm here to enjoy grooming and glaring at the neighbour's cat. Sometimes I daydream of a life full of picking on mice, apple pie, and volunteering at the local kitten rescue shelter. I like your face.
Ringers #621
There are an almost infinite number of ways to wrap a string around a set of pegs. On the surface it may seem like a simple concept but prepare to be surprised and delighted at the variety of combinations the algorithm can produce. Each output from 'Ringers' is derived from a unique transaction hash and generated in Javascript in the browser. Feature variations include peg count, sizing, layout, wrap orientation, and a few colorful flourishes for good measure. Additional project feature(s) => Background: Red, Size: Normal, Wrap orientation: Balanced, Wrap style: Loop, Peg layout: Recursive grid, Peg scaling: Uniform, Body: White, Peg style: Solid, Extra color: N/A, Peg count: 23