Industry confident in NFTs amid FTX collapse: Nifty Newsletter, Nov. 16–22
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.
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.
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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.”
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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
Read more on cointelegraph.com
