In this week’s newsletter, read about how a non-fungible token (NFT) the protocol was affected by the collapse of FTX leading to dismissal. Despite the effects of the FTX collapse, NFT industry players are still bullish on NFT’s recovery. Meanwhile, Disney has brought back metaverse advocate Bob Iger as its CEO, and see how NFTs have taken center stage in Formula 1. And don’t forget this week’s Nifty News with Chinese tech companies offering metaverse to World Cup fans – like the experience of watching a football event.
Nickel Digital, Metaplex and others continue to feel the impact of the FTX collapse
Due to the aftermath of the FTX collapse, the Metaplex NFT protocol has released members of its Metaplex Studios team. According to the CEO of the company, Stephen Hess, the collapse of the FTX crypto exchange indirectly affected their business. For this reason, the firm is taking a more “conservative approach” moving forward.
Hess also emphasized that Metaplex is the core layer of the Solana NFT ecosystem. The executive director of NFT stated that it is their responsibility to ensure the sustainability of the protocol for their community.
Industry expresses confidence in NFT space amid FTX collapse
Despite the problems caused by the FTX debacle, there is hope for NFT industry players in this space. Cointelegraph spoke with several people working in the space to ask their perspectives on how the space will recover from the bear market and FTX collapse.
Oscar Franklin Tan, CEO of NFT platform Enjin, says the space will stabilize and unite around the strongest communities. By then, the universe will see a second generation of “smarter and more sustainable NFT models.”
Disney Brings Back Bob Iger as CEO: Here’s the Crypto Connection
Bob Iger, known as a promoter of the metaverse, returned as CEO of Disney to replace Bob Chapek. The manager is known in the crypto space for his work with digital avatar platform Genies.
On December 28, the company filed for a patent on metaverse while Iger was still working at the company as CEO and chairman of the board. Despite this, the company said at the time that there were no plans to use the patent yet.
The NFT is riding shotgun as Red Bull Racing closes out the F1 season
NFTs came into the spotlight as Formula 1 concluded its 2022 season. The racing tournament was dominated by the Red Bull Racing team, which is partnered with crypto exchange Bybit. This will display the Bybit logo alongside the NFT artwork titled Lei the Lightning Azuki.
Lei Azuki NFT is one part of the anime-inspired Azuki NFT collection, which contains 10,000 NFTs. NFT is listed at around $11,000 Wrapped Ether (wETH) at the time of writing.
Nifty News: Chinese Firms to Offer World Cup Viewing Metaverse, X2Y2 Royalty Feedback and More
When the FIFA World Cup began, China-based tech companies offered Metaverse-like experiences that allow soccer fans in the country to access the World Cup within the Metaverse. Meanwhile, NFT marketplace X2Y2 backed up its royalty announcement, signaling that it will enforce royalties on all existing and upcoming collections.
Thanks for reading this roundup of the week’s highlights in the NFT space. Check back next Wednesday for more news and insights into this actively evolving space.