Despite the fallout from the FTX fiasco, many participants in the industry are optimistic about the future of NFTs.

Read about how a nonfungible token (NFT) protocol was impacted by the FTX collapse that resulted in job losses in this week’s newsletter. Industry participants in the NFT space remain optimistic about the recovery of NFTs despite the consequences of the FTX collapse. Check out how NFTs have taken center stage at Formula 1, and Disney rehired metaverse-supporter Bob Iger as its CEO. Don’t forget about this week’s Nifty News, which discusses Chinese tech companies that are providing FIFA World Cup fans with a metaverse-like viewing experience of the soccer event.

The FTX collapse is still having an effect on Nickel Digital, Metaplex, and other companies.

NFT protocol Metaplex has let go employees from its Metaplex Studios staff as a result of the effects of the FTX collapse. Stephen Hess, the CEO of the company, claims that their operations have been indirectly impacted by the failure of the FTX cryptocurrency exchange. As a result, the company is proceeding with a “more cautious approach”.

Hess also emphasized that Metaplex serves as the ecosystem’s foundation for the Solana NFT. The NFT executive stated that it is their duty to ensure the protocol’s viability for the community.

Industry expresses confidence in the NFT space amid the FTX collapse

Players in the NFT industry remain optimistic about the future of the industry despite the problems caused by the FTX fiasco. Several industry professionals were contacted by Cointelegraph to get their opinions on how the industry will bounce back from the bear market and the demise of FTX.

NFT platform executive Oscar Franklin Tan predicts that the market will stabilize and consolidate around the strongest communities. A second generation of “smarter, more sustainable NFT models” will be available by that time.

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

To replace Bob Chapek as CEO of Disney, Bob Iger, a renowned supporter of the metaverse, has returned. The executive gained notoriety in the cryptocurrency community after working with the Genies platform for digital avatars.

Iger continued to serve as the company’s executive and board chairman when the company originally filed a metaverse patent on December 28. Even so, the business stated at the time that there were no current plans to use the patent.

NFT rides shotgun as Red Bull Racing closes out F1 season

As Formula 1’s 2022 season came to an end, NFTs took center stage. The team Red Bull Racing, which has the cryptocurrency exchange Bybit as a partner, won the racing competition. With this, the Lei the Lightning Azuki NFT artwork and the Bybit logo will both be present.

The 10,000 NFT Lei Azuki NFT is one of the items in the collection of anime-inspired Azuki NFTs. At the time of writing, the NFT is valued at about $11,000 in Wrapped Ether (wETH).

Chinese companies will offer World Cup metaverse viewings, X2Y2 retracts its stance on royalties, and more interesting news

Chinese internet firms have provided Metaverse-like experiences that enable soccer fans in their country to access the FIFA World Cup within the Metaverse as it has begun. While this is going on, NFT marketplace X2Y2 has reversed course on its opt-in royalties statement and now says that royalties will be required for all current and future collections.

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