•Nickel Digital, Metaplex, and other NFT protocols are still feeling the indirect effects of the FTX collapse, which has led to layoffs within these companies.
• Despite the FTX debacle, many industry players remain confident in the recovery of NFTs.
• Bob Iger, known as a metaverse backer, has returned as the CEO of Disney. The company filed for a metaverse patent in December 2020.
• Red Bull Racing closed out Formula 1’s 2022 season with Bybit as its partner. The Bybit logo will be featured along with an NFT artwork called Lei the Lightning Azuki at future races.
• Chinese tech companies have offered FIFA World Cup fans Metaverse-like experiences of soccer matches taking place in Qatar.
FTX and NFTs
The recent collapse of FTX has had a ripple effect on the nickel digital and metaplex communities, with layoffs being felt throughout these companies. The recent collapse of the FTX cryptocurrency exchange has had far-reaching consequences, affecting not only the company itself but also the many businesses that depended on it. One of the hardest hit has been the niche market for non-fungible tokens (NFTs). Nickel Digital, Metaplex, and other NFT protocols are still feeling the indirect effects of the FTX collapse, which has led to layoffs within these companies.
The slump in demand for NFTs has also caused prices to plummet, with some digital artworks selling for less than half of their previous value. While the situation is still unfolding, it is clear that the ripple effect of the FTX collapse will be felt throughout the cryptocurrency sector for some time to come. However, many in the industry remain confident in the eventual recovery of NFTs. Here are some positive signs for the future of NFTs.
Bob Iger Returns as CEO of Disney
Bob Iger, known as a metaverse backer, has returned as the CEO of Disney. The company filed for a metaverse patent in December 2020. The move signals a potentially major shift in strategy for the company as it looks to compete against the likes of Microsoft, Amazon, and Google in the ever-growing virtual reality market. The Metaverse is a shared, virtual space where people can interact with each other and digital content. It is seen as the next step in the evolution of the internet and has been gaining popularity in recent years with the launch of products like Facebook Horizon and Decentraland. Disney has not yet announced any plans for a metaverse product, but with Iger at the helm, it is sure to be one to watch out for.
Bybit Partners with Red Bull Racing
Red Bull Racing is one of the most successful teams in Formula 1, with four Constructors’ Championships to its name. The team has now partnered with Bybit, a cryptocurrency derivatives exchange, for the 2022 season. The Bybit logo will be featured on the team’s cars and equipment, and an NFT artwork called Lei the Lightning Azuki will be used at future races. This partnership is a vote of confidence in Bybit’s products and services, and it underscores the growing popularity of cryptocurrency in the racing world. With Bybit as its partner, Red Bull Racing is poised to continue its winning ways in the years to come.
Chinese Tech Companies Offer Metaverse-Like Experiences for FIFA World Cup Fans
Chinese tech companies have been offering FIFA World Cup fans Metaverse-like experiences of soccer matches taking place in Qatar. This is yet another example of how NFTs are gradually becoming more commonplace. As more people are exposed to NFTs and their potential uses, it’s likely that we’ll see even more adoption in the future. For the first time in history, the FIFA World Cup is being held in the Arab world. And while Qatar has done an amazing job of preparing for the event, some fans are still reluctant to make the trip. That’s where Chinese tech companies come in. Using VR technology, they are able to create the offered Metaverse-like experiences that will allow fans to attend matches taking place in Qatar. And while it’s not quite the same as being there in person, it’s still an incredible way to experience the World Cup.
NFTs are still here
Despite the recent setbacks experienced by the NFT community, there are still many reasons to be optimistic about its future. With major companies like Disney investing in NFT technology and others like Bybit partnering with high-profile organizations like Formula 1, it’s clear that there is still a lot of interest in NFTs. As more people are exposed to NFTs and their potential uses, it’s likely that we’ll see even more adoption in the future.
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