FTX Fall and Crypto Winter: Have NFTs Had Their Last Word? The Meta Hebdo

meta recovery tag – After several intense weeks in which all eyes were on theFTX case and after the earthquake caused by Sam Bankman-Fried, calm seems to be gradually returning to our beautiful ecosystem, not without leaving a few open wounds. Many projects and users have lost funds. Whole treasures got stuck in the hands of the collapsed crypto platform. Where is the NFT market in this collapse of collapsed projects?

Spoilers: let’s face it, the sector looks gray. Given the magnitude of the FTX bankruptcy, it will not be about making the list of missing persons. Rather, it will be important to observe to what extent the NFT sector is perhaps surprisingly the least affected by this unprecedented crisis.

As the polar period we are living through stretches out, the tentative news of the World of non-fungible tokens recent weeks shows a glimmer of hope. Some even go so far as to say that NFTs powered by the Metaverse will be worth billions of dollars in a few years.

In order not to get lost in the Meta-Hebdo:

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NFTs in the eye of the storm FTX

Web 3’s reputation was tarnished by the FTX disaster

In its conquest of the world, FTX had multiple angles of attack. Furthermore Seduction of the American corporation with millions of dollarsespecially the Democratic Party – FTX had also set out to conquer the sports space. It was even one of his spearheads across the Atlantic.

It’s through developing numerous partnerships, like the one with the town – Per bitcoin – from Miami in which SBF wanted to move the premises of FTX.US, after which FTX decided to conquer the United States. Many sports organizations then ran into trouble with the collapse of Sam Bankman-Fried’s empire. The NBA’s Miami Heat, Major League Baseball, the Golden State Warriors, the Washington Wizards, the Washington Capitals are all sports clubs that have tarnished their reputations.

For example for the partnership with the Miami Heats $135 million had been put on the table. The local stadium, renamed FTX, has had its letters removed now as scarlet as the markets. The club’s website – ftxarena.com – but still bears the marks of that past agreement.

Miami Heat NBA Release – Source – Twitter

“Reports on FTX and its subsidiaries are extremely disappointing. Miami-Dade County and the Miami Heat are taking immediate action to terminate our relationship with FTX and we will work together to find a new arena naming rights partner. (…)»

Some shocks in the NFT ecosystem

Furthermore Coachella NFTs sold on FTX and now lost in the Metaverse, Sam Bankman-Fried’s empire has reached some tenors of the NFT ecosystem. The web woven by the two companies Alameda Research and FTX Ventures has thus kept the funds of many crypto players in its nets.

Ecosystem Alameda Research / FTX Ventures – Source: The Block

The presence of certain big names in this list is calling. Yuga Laboratories for example parent company of NFT Bored Ape Yacht Club or Sky Mavis and Axie Infinity hatched from the Asian giant Animoca Marks. However, most of the actors mentioned seem to be little affected by this situation, or at least not as much as certain ecosystems. Of course, games from the Solana and/or FTX ecosystem like Star Atlas or even Aurory have died with the collapse of the Sam Bankman Fried empire. Still, the sector remains resilient and withstands the shock by finding its interest in the Decentralization.

Yat Siu, CEO of Animoca Brands speaks

Certainly not depicted directly on the wall of fallen projects by our colleagues at The Block, the Animoca Brands company supports many NFT and Metaverse projects and investors. For example, we mentioned Sky Mavis, but it’s also a part of Temasek a Singaporean mutual fund.

In an open letter entitled ” Take a look into the future through the prism of days gone by Web giant 3 has sought to provide transparency while confirming its dominance in the industry:

“Our exposure to FTX is limited to an insignificant trading balance and we continue to invest in and support the ecosystem, most recently with Cool Cats, VCORE, Viker and a number of investments to be announced. Animoca Brands remains financially strong with approximately $214 million in cash, $940 million in digital assets with an additional $3 billion in off-balance sheet digital reserves, and a portfolio of approximately 380 companies representing the best web3 and blockchain -Companies represent the world. worldwide (OpenSea, Dapper Labs, Sky Mavis, The Sandbox and Upland to name a few) that add significant value to the Group’s balance sheet (as of November 1, 2022)”

In addition, without hiding his dismay at the FTX situation, the CEO continues to remind of the importance of working towards decentralization:

(…) I am angered that the important work of decentralizing the web, freed from central power structures that continue to abuse their disproportionate power, is once again being overshadowed by a very small number of irresponsible actors. (…)”

Finally, although Yat Siu sees difficulties and his group’s companies will certainly run into trouble during this time, the entrepreneur advises to look into it. the future through the prism of bygone days “. We will do that too.

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And if we take a closer look, the weather is certainly gray, but the NFT sector has not been defeated during this ordeal.

DeFi and gaming: a resilient sector

Indeed, the news of the past few days has shown us that NFTs continue to take over the world. Microsoft, The Web 2 giant this month reiterated its interest in video games, specifically Web 3-related games. The giant has invested in Wemade, a game development company that launched its own blockchain by investing in a collection of Has invested funds with other South Korean companies. $46 million were harvested.

Besides theRise of GameFiillustrated by the Dappradar analysis, shows that blockchain games and metaverse projects increased in the last quarter $1.3 billion. That number is certainly down 48%, but it’s heating up amid a bear market.

Finally, while FTX lived through dark days, Sony prepared the Web 3 ground for its emblematic console: the PlayStation by filing a new patent on the subject of NFTs.

NFTs, darlings of sports brands

Despite the crisis, NFTs continue to develop. The sports world has not been let down by the FTX carnage. Messi even has signed with Sorare to promote the game of fantasy football. With that he becomes Ambassador Sorare. In the same dynamic of development, Sorare, a French unicorn targeted by the AMF, has found one has a preliminary agreementwith pending French regulations adapted to so-called Web 3 games.

On a different front, but still with the stars of the round ball, the NFTs are the first NFT collection by Ronaldo on Binance have gone on sale. Rest assured that Nike is thinking of you and launching a new product Community platform on Polygonthus continuing a methodical conquest of Web 3 and its players.


Don’t panic about NFTs: The Metaverse is still worth billions of dollars

Therefore, after several weeks of bad news, some upbeat speeches deserve our attention. According to this new report from Deloitte, the Metaverse and NFTs could raise as much as $1.4 trillion in some parts of the world by 2035. Let’s hope the bear market doesn’t last until then.

12 Asian economies are studied by Deloitte: Hong Kong, India, Indonesia, Japan, Mainland China, Pakistan, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. Closely linked to the use of NFT, according to the analyst, the use of a parallel world that clings to our reality already seems to be in the customs of our darlings and would be one of the sectors that will have the greatest growth in the future: the world market could by 2030 Reach $13 trillion.

“We estimate that the impact of the metaverse on GDP in Asia could range from $0.8 trillion to $1.4 trillion per year by 2035, or about 1.3% to 2.4% of total GDP per year until 2035.”

So, as we’ve said too many times over the past few days, caution remains warranted. Even if NFT Bored Ape still sells for $1 million Consider the overall market and consider that many NFT collections have lost over 90 percent of their value. Burdened by the Terra and FTX episodes, the crypto winter promises to be tough and long. However, as mentioned, the NFT sector does not seem to have said its final words yet. We were even able to find “through the prism of days gone by” which – a little – warm our hearts.

Cryptos and blockchain technology are still fledgling and volatile sectors. Every investment involves risk. As a well-informed investor, have you done your own research and decided to take the plunge? Register on AscendEX, and benefit from 10,000 Satoshis (Sats) Bitcoin offered through this link (commercial link).

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