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The biggest cryptocurrency news of the day concerns Binance's decision to buy FTX following FTX's liquidity issue. This information caused the price of FTT, the native token of FTX, to decrease 76.30% from yesterday. What the acquisition of Binance means for FTX's gaming and NFT businesses is a topic of much discussion. The future of gaming, NFT, and esports is currently uncertain as a result of FTX's significant investment in Web3 development.
Binance’s CEO and Cofounder CZ, FTX’s CEO and Founder Sam Bankman-Fried
(Source: Yahoo Finance)
FTX has made some important choices throughout the bull year of 2021 and the beginning of 2022. In addition to launching its $2 billion web3 venture fund, it also created its own NFT marketplace and some esports. Future prospects for FTX appeared promising, and they were eager to collaborate with some major game publishers soon.
FTX US and NFT
However, the result isn't always what we expect. It is obvious that FTX's situation is getting worse along with the market's downward trend. FTX might have a new owner if Binance's deal is properly completed. Positively, Sam Bankman-Fried, the founder and CEO of FTX, said today that their US operations have not yet been impacted by Binance's deal.
One of FTX's main lines of business is the NFT market. We still don't know what the future holds for their gaming and NFT areas at this time, but they had the honor of working with NBA player Stephen Curry and Coachella, a music festival that was founded by FTX US. Will the exchange be able to keep using their present name if Binance truly purchases it? Will they be able to decide who manages the business and what is produced? Other investors undoubtedly share my curiosity. However, given the current situation, it would seem that this arrangement would not have an effect on the company's NFT marketplace division.
Final Thoughts
In my perspective, a company must have adequate cash flow and liquidity in order to survive and prosper. The current situation of the FTX exchange does not seem promising. Remember to take into account exchange risks in addition to market risks and dangers exclusive to cryptocurrencies when considering whether to trade on a platform.
The biggest cryptocurrency news of the day concerns Binance's decision to buy FTX following FTX's liquidity issue. This information caused the price of FTT, the native token of FTX, to decrease 76.30% from yesterday. What the acquisition of Binance means for FTX's gaming and NFT businesses is a topic of much discussion. The future of gaming, NFT, and esports is currently uncertain as a result of FTX's significant investment in Web3 development.
Binance’s CEO and Cofounder CZ, FTX’s CEO and Founder Sam Bankman-Fried
(Source: Yahoo Finance)
FTX has made some important choices throughout the bull year of 2021 and the beginning of 2022. In addition to launching its $2 billion web3 venture fund, it also created its own NFT marketplace and some esports. Future prospects for FTX appeared promising, and they were eager to collaborate with some major game publishers soon.
FTX US and NFT
However, the result isn't always what we expect. It is obvious that FTX's situation is getting worse along with the market's downward trend. FTX might have a new owner if Binance's deal is properly completed. Positively, Sam Bankman-Fried, the founder and CEO of FTX, said today that their US operations have not yet been impacted by Binance's deal.
One of FTX's main lines of business is the NFT market. We still don't know what the future holds for their gaming and NFT areas at this time, but they had the honor of working with NBA player Stephen Curry and Coachella, a music festival that was founded by FTX US. Will the exchange be able to keep using their present name if Binance truly purchases it? Will they be able to decide who manages the business and what is produced? Other investors undoubtedly share my curiosity. However, given the current situation, it would seem that this arrangement would not have an effect on the company's NFT marketplace division.
Final Thoughts
In my perspective, a company must have adequate cash flow and liquidity in order to survive and prosper. The current situation of the FTX exchange does not seem promising. Remember to take into account exchange risks in addition to market risks and dangers exclusive to cryptocurrencies when considering whether to trade on a platform.
