Coachella NFTs Sold For $1.5M – Stuck on FTX

Following the collapse of FTX last week, users from all over the world had assets locked on the exchange, reportedly totaling billions of dollars. 

Besides that, some individuals also have NFTs locked in FTX and are unable to withdraw.

Users unable to withdraw their Solana-based assets from the FTX account wallet are now flooding Discord servers linked to projects launched on the FTX NFTs platform during the past year with complaints.

In certain cases, FTX’s difficulties have prevented even users who transferred their NFTs to external, self-custody wallets from viewing the NFT artwork. 

Additionally, many of the projects that were introduced through the FTX NFTs marketplace no longer have working links.

Last Friday, FTX stated that the company had submitted a Chapter 11 bankruptcy petition. Major businesses, like the Coachella and Tomorrowland music festivals, NBA player Steph Curry‘s over 2000 NFT collection, and NFTs with Formula One themes from the Mercedes-AMG Petronas racing team are among the projects that are affected.

When Coachella announced its partnership with FTX US this February, some applauded the event’s decision to sell 10-lifetime festival passes as NFTs as a significant step towards the acceptance of the Web3 standard and the practical use of such digital assets.

However, lately, people in Coachella’s Discord community have been complaining about being unable to withdraw their NFTs from their FTX wallets. 

Some claim that the Coachella NFTs they are keeping in their self-custody wallets are not showing any artwork. 

“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.” a Coachella server administrator stated on Friday. 

In addition to assets previously sold using the FTX NFTs platform, anybody attempting to sell another support NFT through the marketplace – Solana or Ethereum – would first have to provide FTX custody.

Now that the company has filed for bankruptcy, those NFTs are stuck on the platform.