In this week’s newsletter, read about how the Non-Perishable Token (NFT) protocol was affected by the FTX meltdown leading to layoffs. Despite the effects of the FTX crash, players in the NFT space remain confident that NFTs will be restored. Meanwhile, Disney has reinstated metaverse supporter Bob Iger as CEO, and learn how NFTs are taking center stage in Formula 1. And don’t forget this week’s Nifty News featuring China-based tech companies offering to World Cup fans FIFA metaverse method. Like the experience of watching a football event.

Nickel Digital, Metaplex, and others are still feeling the impact of FTX’s collapse
Due to the effects of the FTX collapse, Metaplex NFT Protocol has laid off members of the Metaplex Studios team. According to the company’s CEO Stephen Hess, the collapse of the FTX cryptocurrency exchange indirectly affected their business. Because of this, the company is taking a “more conservative approach” as it moves forward.

Hess also highlighted that Metaplex is the base layer of the Solana NFT ecosystem. The NFT executive stated that it is his responsibility to ensure the sustainability of the protocol for his community.

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Industry expresses confidence in NFT space amid FTX meltdown
Despite the troubles brought about by the FTX disaster, NFT industry players still have hope in the space. Cointelegraph spoke with several people working in the space to ask for their views on how the space will recover from the bear market and FTX crash.

The space will stabilize and consolidate around the stronger communities, says Oscar Franklin Tan, CEO at NFT platform Enjin. By then, the space will see a second generation of “smarter and more sustainable NFTs.”

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Disney Brings Back Bob Iger as CEO: Here’s the Crypto Connection
Bob Iger, best known as a metaverse backer, returned as CEO of Disney, replacing Bob Chapek. The CEO is known within the crypto space after working with digital avatar platform Genies.

Back on December 28th, the company filed a metaverse patent while Iger was still working at the company as CEO and Chairman of the Board. Despite this, the company said at the time that there were no plans to use the patent yet.

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Team NFT rides a gun as Red Bull Racing wraps up the F1 season
NFTs took center stage as Formula 1 ended the 2022 season. Red Bull Racing, a team that exchanges cryptocurrency Bybit as its partner, dominated the racing championship. With this, the Bybit logo will be displayed alongside an NFT artwork called Lei the Lightning Azuki.

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

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Nifty News: Chinese Firms Present Metaverse World Cup Showcases, X2Y2 Dumps Royalties & More
With the FIFA World Cup underway, China-based technology companies have introduced Metaverse-like experiences that allow football fans within the country to access the World Cup within the Metaverse. Meanwhile, NFT Market X2Y2 retracted its equity announcement, indicating that it will charge royalties on all existing and upcoming pools.

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Thank you for reading this summary of the week’s highlights in the NFT space. Come back next Wednesday for more reports and insights on this actively evolving space.

Source: CoinTelegraph