NFT Market Update 21st November 2022

The FTX attacker behind the $600 million exploit has begun converting all of the ETH to Ren Bitcoin. Centralized exchanges are being encouraged to freeze these coins should the thief attempt to convert them into fiat or further obfuscate the assets through other means.

FTX owes its top 50 creditors close to $3.1 billion and $1.45 billion to its top 10 creditors. FTX is reportedly considering either a sale or reorganization of the firm.

Metaplex, the Solana NFT protocol, announced via Twitter that it will be laying off some of its employees. Stephen Hess, CEO and co-founder of the protocol, quickly clarified that the studio’s treasury wasn’t directly affected by the collapse of FTX but admitted that the fallout of this crypto market crashing episode has forced them to take some drastic measures.

Sotheby’s New York is presenting an online sale featuring Pudgy Penguins. As part of its very first collaboration with Sotheby’s, Pudgy Penguins will be offering the first ever soulbound token to accompany an auctioned NFT item.