Industry expresses confidence in the NFT space amid the FTX collapse

Even before the FTX collapse, nonfungible token (NFT) collections have already felt the impact of the crypto winter with trading volumes going down by 98%. With the FTX debacle, the once burgeoning space seems to have been hit with the final nail to its coffin. However, executives within the industry are optimistic about the space’s recovery.  With the enormous amount of user funds stuck in the FTX exchange amid its liquidity crisis, users have tried roundabout ways to withdraw their money. One of the alleged methods for withdrawing balances is…

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Mattel Launches NFT Platform Via ‘Mattel Creations,’ Pivots From WAX To Flow Blockchain

Toy manufacturer Mattel is doubling down on their NFT pursuits, announcing the launch of NFTs on a new dedicated platform, ‘Mattel Creations,’ this week. In a press release obtained by Bitcoinist on Monday, Mattel shared their new platform pursuits, which are expected to be headed by the latest series of the toy company’s Hot Wheels NFTs. Let’s take a quick look at what this latest announcement from Mattel is all about, it’s new blockchain of choice, and what to expect looking ahead. Hot Wheels NFTs: Pedal To The Metal Hot…

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Sony Files Patent to Use NFT Tech for Keeping Track of in-Game Digital Assets; Introduces Moments Market – Blockchain Bitcoin News

Electronics giant Sony has filed a patent that describes the usage of NFT (non-fungible token) and blockchain technology to track the history of in-game digital assets. The filing describes the usage of this tech in order to record the story of modifications and ownership of the digital assets from a given game. Sony Might Use Blockchain to Track in-Game Items Sony has filed a patent to use NFT and decentralized ledger technology in order to record the movements and changes undergone by in-game digital assets. The filing, titled “Tracking Unique…

NFT rides shotgun as Red Bull Racing closes out F1 season

Cryptocurrency and blockchain technology firms continue to feature in the world of Formula 1, with a nonfungible token (NFT) making its mark on Red Bull Racing’s vehicles to close out the 2022 calendar. Red Bull Racing dominated the F1 season, topping the constructors’ standings, while Max Verstappen closed out the drivers’ standings for a second consecutive season. With the curtain closing on 2022’s race schedule in Abu Dhabi on Nov. 20, the team’s cars will feature an NFT on their livery in what is being called a first in F1.…