I spent some time researching which NFT projects were severely affected by the FTX incident, and which projects were not. The results were mixed.
Here are all my findings so far:
The good news: many top NFT collecting teams say they are not much affected by the FTX incident.
Those exempt from the FTX event are:
- Yuga Labs / BAYC
- RTFKT / Clone X
- Cool Cats
- Pudgy Penguins
- World of Women
- TreasureDAO / $MAGIC
- OnChain Monkey
- Truth Labs: Goblintown and Illuminati
Other well-known NFT teams
Immutable: No FTX exposure, enough cash to sustain operations for 3.5 years.
- How long before the NFT platform wars erupt and the crown of OpenSea wears?
- FIFA has found a new way to make money at the NFT World Cup
- Starbucks has joined the NFT in trying to leverage new growth with web 3
Animoca brands: FTX exposure is minimal with a cash balance of $214 million.
As far as I know, there are a few major teams that haven’t issued a statement on FTX exposure, but I’d love to hear from them (and please correct if I’m wrong), including:
- Moon birds
- Vee Friends
The bad news: Star Atlas takes a big hit
About 50% of the treasury funds are stored on FTX, and the game is not fully developed yet.
Games of this level require a lot of development and marketing dollars, so they are forced to seek additional funding.
In my opinion, NFT teams don’t need to show “proof of reserves” – they are startups, not exchanges/banks. But given what has happened over the past week, we should expect at least a brief statement about their FTX exposure.
I would like to give a special mention to teams like pudgy penguins who even gave details on the allocation of funds.
We are very pleased that they have achieved transparency that everyone appreciates.
The teams that remained silent were the most worrying ones. I envision that there may be more NFT projects that have been directly affected, and we should hear from them in the next few weeks.
My advice to these teams is: be open to the community and you will find that they are stronger than you think.
As more information becomes available, I will continue to summarize and share the list of known affected and unaffected NFT projects.
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