Coachella NFTs sold for $1.5M, now they’re stuck on FTX

2022/11/20 00:51

According to Decrypt, Discord servers tied to projects that launched via the FTX NFTs platform over the last year are now filling up with complaints from users who cannot withdraw their Solana-based assets from the FTX account wallet. The affected projects include major music and sports brands, including concert festivals Coachella and Tomorrowland, NBA star Steph Curry’s 2974 NFT collection, and Formula One-themed NFTs from the Mercedes-AMG Petronas racing team. Coachella announced its partnership with FTX US in February, and its plan to release 10 lifetime festival passes. The festival released various other NFT collectibles alongside the passes. Billboard, which first reported issues around the NFTs on Tuesday, said that the sale generated $1.5 million in total. Now, however, users in Coachella’s Discord server are reporting that they cannot transfer their purchased NFTs out from their FTX wallets. Others say that the Coachella NFTs held in their self-custody wallets aren’t displaying artwork. Discord moderators have said that it’s apparently due to FTX’s server—which hosted the artwork tied to the NFT—being down. “We do not currently have any lines of communication with the FTX team,” a Coachella server administrator wrote on Friday. “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.”

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