Is Coachella selling NFTS?

Coachella is jumping on the crypto bandwagon and will sell lifetime passes to its annual festival via NFT. The music festival partnered with the cryptocurrency exchange FTX US to launch three collections of nonfungible tokens, or NFTs, which will be available for auction Friday.

What happened to Coachella NFTS after FTX filed for bankruptcy?

Up to $1.5 million worth of Coachella NFTs appear to be "disabled" after disgraced crypto exchange FTX filed for bankruptcy. 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 Coachella

What is FTX & Coachella?

FTX is the crypto exchange helmed by billionaire Sam Bankman-Fried that recently snagged a $32 billion valuation (and an $8 billion valuation for its U.S. arm). Coachella is launching three collections at different price points, all of which are built on Solana, a relatively eco-friendly blockchain with lower fees than Ethereum.

What is nftx?

NFTX.io is a NFT marketplace platform that lets users deposit their NFTs into a vault to create a fungible ERC20 token (vToken). The newly minted token represents a 1:1 claim on any random NFT within the vault.