Industry confident in NFTs amid FTX collapse: Nifty Newsletter, Nov. 16–22

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In this week’s newslet­ter, read about how a non­fun­gi­ble token (NFT) pro­to­col was affect­ed by the FTX col­lapse lead­ing to lay­offs. Despite the effects of the FTX col­lapse, indus­try play­ers with­in the NFT space are still con­fi­dent in the recov­ery of NFTs. Mean­while, Dis­ney brought back meta­verse-backer Bob Iger as its CEO, and check out how NFTs have tak­en cen­ter stage at For­mu­la 1. And, don’t for­get this week’s Nifty News fea­tur­ing Chi­na-based tech com­pa­nies offer­ing FIFA World Cup fans a meta­verse-like view­ing expe­ri­ence of the soc­cer event. 

Nickel Digital, Metaplex and others continue to feel the impact of FTX collapse

Due to the effects of the FTX col­lapse, NFT pro­to­col Meta­plex has laid off mem­bers of its Meta­plex Stu­dios team. Accord­ing to the firm’s CEO Stephen Hess, the col­lapse of the FTX cryp­to exchange has indi­rect­ly impact­ed their busi­ness. Because of this, the firm is tak­ing a “more con­ser­v­a­tive approach” as they move forward. 

Hess also high­light­ed that Meta­plex is the base lay­er of the Solana NFT ecosys­tem. The NFT exec­u­tive men­tioned that it’s their respon­si­bil­i­ty to ensure the sus­tain­abil­i­ty of the pro­to­col for its community. 

Con­tin­ue reading…

Industry expresses confidence in the NFT space amid the FTX collapse

Despite the trou­bles brought about by the FTX deba­cle, NFT indus­try play­ers con­tin­ue to have hope in the space. Coin­tele­graph spoke with sev­er­al peo­ple work­ing in the space to ask about their per­spec­tives on how the space will recov­er from the bear mar­ket and FTX’s collapse. 

Oscar Franklin Tan, an exec­u­tive at NFT plat­form Enjin, says the space will sta­bi­lize and con­sol­i­date around the strongest com­mu­ni­ties. By then, the space will see a sec­ond gen­er­a­tion of “smarter, more sus­tain­able NFT models.”

Con­tin­ue reading…

Disney brings back Bob Iger as CEO: Here’s the crypto connection

Bob Iger, known as a meta­verse backer, has returned as the CEO of Dis­ney to replace Bob Chapek. The exec­u­tive is known with­in the cryp­to space after work­ing with the dig­i­tal avatar plat­form Genies. 

Back on Dec. 28, the com­pa­ny filed a meta­verse patent while Iger was still work­ing at the firm as an exec­u­tive and board chair­man. Despite this, the com­pa­ny said at the time that there were no plans to use the patent yet. 

Con­tin­ue reading…

NFT rides shotgun as Red Bull Racing closes out F1 season

NFTs took cen­ter stage as For­mu­la 1 closed out its 2022 sea­son. Red Bull Rac­ing, the team with cryp­to exchange Bybit as its part­ner, dom­i­nat­ed the rac­ing tour­na­ment. With this, the logo of Bybit will be fea­tured along with an NFT art­work called Lei the Light­ning Azuki. 

The Lei Azu­ki NFT is one of the pieces with­in the ani­me-inspired Azu­ki NFT col­lec­tion that fea­tures 10,000 NFTs. The NFT is list­ed at around $11,000 worth of Wrapped Ether (wETH) at the time of writing. 

Con­tin­ue reading…

Nifty News: Chinese firms to offer World Cup metaverse viewings, X2Y2 backtracks on royalties and more

As the FIFA World Cup com­menced, tech com­pa­nies based in Chi­na have offered Meta­verse-like expe­ri­ences that allow soc­cer fans with­in the coun­try to access the World Cup with­in the Meta­verse. Mean­while, NFT mar­ket­place X2Y2 has backpedaled on its opt-in roy­al­ties announce­ment, sig­nal­ing that it will be enforc­ing roy­al­ties on all exist­ing and upcom­ing collections. 

Con­tin­ue reading…

Thanks for read­ing this digest of the week’s most notable devel­op­ments in the NFT space. Come again next Wednes­day for more reports and insights into this active­ly evolv­ing space.

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