Industry confident in NFTs amid FTX collapse: Nifty Newsletter, Nov. 16–22 By Cointelegraph

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.

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 (NYSE:), 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.