What Happens to FTX’s Gaming and NFT Strategy Now?

Gm and open wide, here comes your daily dose of NFT news! 💊

What The Heck Is Going On?

• What Happens to FTX’s Gaming and NFT Strategy Now?

• Kahlo Drawing Burned 🔥

• What The Meme?

What Happens to FTX’s Gaming and NFT Strategy Now?

Binance has agreed to purchase FTX after the crypto exchange had a liquidity crisis. The deal does not involve the separate FTX US company.

During the crypto bull market of 2021 and even into early 2022, FTX made significant moves in both spaces, launching its own NFT marketplace, splashing out significant money on esports sponsorship deals, establishing a gaming infrastructure division, and launching a $2 billion FTX Ventures investment arm.

The FTX NFTs marketplace—which included exclusive drops in partnership with NBA star Stephen Curry and music festival Coachella—was established by FTX US, which is a separate company from FTX’s primary global business. FTX founder and CEO Sam Bankman-Fried said today that FTX US is not “currently impacted” by the tentative Binance deal.

The impact of the looming deal on FTX’s many NFT and gaming initiatives remains unclear, especially with those that involved both FTX.com and FTX US.

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Kahlo Drawing Burned

After destroying what he heralded as a Frida Kahlo drawing, the businessman Martin Mobarak created 10,000 nonfungible tokens of the artwork.

Mobarak’s Frida.NFT company created the NFTs of the piece. But only four of the NFTs have been sold, some at a steep discount, according to Etherscan, amounting to less than $11,200 for a piece that Mobarak personally valued at $10 million.

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What The Meme?

In light of the FTX situation...

That's all folks!

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.