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HomeUpcoming NFTTaylor Swift had talks with imploded crypto group FTX about NFT ticketing...

Taylor Swift had talks with imploded crypto group FTX about NFT ticketing arrangement

Taylor Swift It was reportedly in talks to partner with FTX, a Bahamas-based cryptocurrency exchange that is in the midst of bankruptcy.

As reported by financial timesFTX founder Sam Bankman-Fried has reached the “final stages of negotiations” with Swift to include the singer in a sponsorship campaign related to her upcoming tour (presumably Swift’s recently announced ‘Eras’ tour). It was intended to have the participation of

The deal, worth more than $100 million (£820,550), is said to have involved arrangements for the concert tickets to be minted as NFTs. coachella key effort It would have followed a string of other high-profile sponsorship deals for the company, including deals with sports stars like Tom Brady, Shaquille O’Neal and Stephen Curry.

According to sources who spoke with financial times, Bankman-Fried was a big Swift fan, so he was keen to do business with Swift. So was Claire Watanabe, a senior executive she is said to have been “the driving force behind Swift’s pursuit.”

The prospect has reportedly received less support from other executives, including FTX US president Brett Harrison, with one anonymous source saying: It was too expensive from the beginning. [The price was] Insanely expensive. That’s a soccer jersey level price front. ”

An unnamed former FTX employee said Swift ” [the company’s] user base,” while a third source concerned told the publication that Swift “would not and did not agree to an endorsement agreement.”

FTX was launched by Bankman-Fried and Gary Wang in 2019 and by July 2021 has become the world’s third largest cryptocurrency exchange with over 1 million users. The company began tanking at the beginning of November this year, after being reported by CoinDesk Bankman-Fried’s trading firm, Alameda Research, held many of its assets in FTX’s own FTT currency.

A few days after the report was published, wall street journal $10 billion (£8.21 billion) of cryptocurrency was reportedly leaked from FTX users’ accounts to fund Alameda trades. This is an activity prohibited by FTX’s own terms of service. The company declared bankruptcy on his November 11th, with management citing a “serious liquidity crisis.”

Following the collapse of FTX, many users reported being unable to access crypto assets containing NFTs like Coachella Keys.their lifetime Coachella In total, they were valued at US$1.5 million (£1.2 million), but as of last month they were worth Frozen on the now defunct FTX blockchain.

Ticket sales for Swift’s ‘Eras’ tour were chaotic without FTX’s involvement.When tickets went on sale last month, Ticketmaster said ‘Historically unprecedented demand’leading to terrible wait times, website outages, and extremely inflated prices on resale sites (including Ticketmaster’s own). shut down completely.

Controversy led to US lawmakers Ask Ticketmaster to investigatewhile the Senate-backed antitrust committee held a public hearing About the lack of competition in the ticket industry.In addition, two U.S. Senators Called the Federal Trade Commission (FTC) responds to the “steps” it takes to “combat the use and manipulation of bots in the online ticket marketplace.”

Swift fans have also launched their own efforts to protest Ticketmaster, with about 30 of them (mostly lawyers) An initiative called “Vigilante Legal”Fan gathering last week filed a lawsuit against Ticketmasterthe company alleged that it violated two laws during the pre-sale of “verified fans”: the California Cartwright Act and the California Unfair Competition Act.

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