In this week’s newsletter, Non-Fungible Token (NFT) The protocol was affected by the FTX collapse leading to layoffs. Despite the impact of the FTX collapse, industry players in the NFT space remain confident in NFT’s recovery. Meanwhile, Disney has brought back Metaverse proponent Bob Iger as CEO, and see how NFTs played a central role in Formula 1. And don’t forget Nifty News this week he covered a China-based tech company that provides a metaverse for FIFA World Cup fans. An experience like watching a soccer game.
Nickel Digital, Metaplex and more continue to feel the effects of the FTX collapse
Due to the fallout of FTX, NFT protocol Metaplex has laid off members of the Metaplex Studios team. According to Stephen Hess, his CEO at the company, the collapse of the FTX cryptocurrency exchange indirectly affected their business. Because of this, the company is taking a “more conservative approach” in moving forward.
Hess also emphasized that Metaplex is the base layer of the Solana NFT ecosystem. NFT executives said it was their responsibility to ensure the sustainability of the protocol for the community.
Industry shows confidence in NFT space amid FTX demise
Despite the problems brought on by the FTX debacle, players in the NFT industry remain hopeful in the space. Cointelegraph spoke with several people working in this space to ask for their views on how the space will recover from the bear market and FTX collapse.
Oscar Franklin Tan, executive at NFT platform Enjin, said the space will be stable and consolidated around its strongest community. By then, there will be a second generation of “smarter and sustainable NFT models” in the space.
Disney Brings back Bob Iger as CEO: Here’s Crypto Connection
Known Metaverse proponent Bob Iger is returning as CEO of Disney to replace Bob Chapek. This executive is known in the cryptocurrency industry after working for his Genies on his platform Digital Avatar.
On December 28, the company filed a patent for the Metaverse, while Iger was still working for the company as an executive and chairman of the board. Despite this, the company said at the time that it had no plans yet to use the patent.
NFT rides shotgun as Red Bull Racing wraps up F1 season
As Formula 1 wraps up the 2022 season, NFTs have taken center stage. Red Bull Racing, a team partnered by cryptocurrency exchange Bybit, dominated the racing tournament. Along with this, Bybit’s logo and NFT’s artwork “Inazuma Azuki Rei” have appeared.
The Lei Azuki NFT is one of an anime-inspired Azuki NFT collection with 10,000 NFTs. The NFT is listed in Wrapped Ether (wETH) worth around $11,000 at the time of writing.
Nifty News: Chinese Company Offers World Cup Metaverse Viewing, X2Y2 Backtracks Royalty And More
When the FIFA World Cup kicked off, a China-based technology company provided a Metaverse-like experience, allowing soccer fans in the country to access the World Cup within the Metaverse. Meanwhile, NFT marketplace X2Y2 has withdrawn its opt-in royalty announcement, suggesting it will apply to all existing and future collections.
Thanks for reading our digest of this week’s most notable developments in the NFT space. Check back next Wednesday for more reports and insights on this actively evolving field.