The industry says NFTs will drop

The Industry Says NFTs Will Drop

Disney brought back metaverse-backer Bob Iger as its CEO, and you can see how NFTs have taken center stage at Formula 1. This week’s Nifty News covers China-based tech companies delivering FIFA World Cup fans a metaverse-like viewing experience of the soccer occasion.

Nickel Digital and Metaplex Resume to Handle the Effect of FTX Tumble

Because of the FTX collapse results, NFT protocol Metaplex has fired members of its Metaplex Studios team. As stated by the firm’s CEO Stephen Hess, the failure of the FTX crypto exchange has indirectly affected their business. Due to this, the company is taking a more rigid approach as they move forward.

Hess also underlined that Metaplex is the ground layer of the Solana NFT ecosystem. The NFT executive noted that it’s their responsibility to guarantee the sustainability of the protocol for its community.

Notwithstanding the troubles brought about by the FTX debacle, NFT industry players resume having hope in the space. Cointelegraph talked with several people working in the space to question their perspectives on how the space will heal from the bear market and FTX’s failure.

Oscar Franklin Tan, an executive at NFT platform Enjin, expresses the space will stabilize and consolidate around the most powerful communities. By then, the space will notice the second generation of smarter, more sustainable NFT models.

Bob Iger, known as a metaverse supporter, has returned as the CEO of Disney to substitute for Bob Chapek. The executive is known in crypto for working with the digital avatar platform Genies.

On Dec. 28, the company filed a metaverse patent while Iger was still operating at the firm as an executive and board chairman. Notwithstanding this, the company stated there were no programs to use the patent at the time.

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