Original compilation: 0x11, Foresight News
Original compilation: 0x11, Foresight News
I spent some time researching which NFT projects were (or were not) significantly impacted by the FTX debacle. The findings are both encouraging and sad, and here's what I've found so far:
good news:Many top NFT teams said they were not materially affected by the FTX incident.
NFTs not affected by FTX include:
RTFKT / Clone X
Azuki
Doodles
Cool Cats
DigiDaigaku
Pudgy Penguins
World of Women
TreasureDAO / $MAGIC
OnChain Monkey
Truth Labs: Goblintown and Illuminati
Immutable: No FTX exposure, cash can support 3.5 years of operation
Animoca Brands: FTX has very little exposure, still has $214 million in cash reserves
Some of the major teams haven't released statements about their FTX exposure, but I'd like to hear from them (could be wrong, please correct me). Include the following teams:
Moonbirds
The Sandbox
VeeFriends
Parallel
bad news:Star Atlas has taken quite a hit, about 50% of their treasury funds are stored on FTX, and the current game development is not yet complete.
A game of this size requires a lot of money to develop and operate, so they need to find additional funding.
NFT teams don't need to show "Proof of Reserve" IMO - they're startups, not exchanges.
But given the gravity of the situation this past week, issuing a brief statement about their FTX exposure was the least the community could have expected.
The most prominent ones are the Pudgy Penguins, who even provided details on how their funds were allocated.
This level of transparency is praised by many and gives us even more comfort.
The silent teams are the most worrisome. My guess is that there are more NFT projects that are directly impacted and we will hear from them in the coming weeks.
My advice to the team: Be open to your community, you will find that they are stronger than you think 💪
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