Why Juicy Fest’s NFTs got pulped

The 'Juicy Gang' may have hoped to ride the hip-hop festival hype train to NFT riches, but instead they ended up down the drain. (Image: Getty)

Ben Moore

Fri, 26 Aug 2022

Aotearoa New Zealand has a shaky track record when it comes to non-fungible tokens, better known as NFTs, with the latest being the attempt and failure (so far) of the Juicy Festival’s Juicy Gang chains.The full story is quite the rollercoaster but, in brief, the organisers of an upcoming hip-hop festival in NZ and Australia tried to sell 5,555 NFTs, but only offloaded about 58 – barely more than 1%.The mint is currently closed and all mention has gone from the festival’s official website.I’ve been lurking in the ‘...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}