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. 

Nickel Digital, Metaplex and others continue to feel the impact of FTX collapse

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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Industry expresses confidence in the NFT space amid the FTX collapse

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

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 space after working with the digital avatar platform Genies.

Back on Dec. 28, the company filed a metaverse patent while Iger was still working at the firm as an executive and board chairman. Despite this, the company said at the time that there were no plans to use the patent yet.

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NFT rides shotgun as Red Bull Racing closes out F1 season

NFTs took center stage as Formula 1 closed out its 2022 season. Red Bull Racing, the team with crypto exchange Bybit as its partner, dominated the racing tournament. With this, the logo of Bybit will be featured along with an NFT artwork called Lei the Lightning Azuki.

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

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Nifty News: Chinese firms to offer World Cup metaverse viewings, X2Y2 backtracks on royalties and more

As the FIFA World Cup commenced, tech companies based in China have offered Metaverse-like experiences that allow soccer fans within the country to access the World Cup within the Metaverse. Meanwhile, NFT marketplace X2Y2 has backpedaled on its opt-in royalties announcement, signaling that it will be enforcing royalties on all existing and upcoming collections.

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Thanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.