Bessie Liu

FTX’s disaster has caused the market to be filled with fear of uncertainty and doubt (FUD), and major cryptocurrencies related to Sam Bankman-Fried have suffered as a result, but Polygon (MATIC) and tokens backed by gold, have outperformed.



The price of Polygon’s MATIC token has gone up by <a href="https://cms.blockworks.co/prices/" target="_blank" rel="noreferrer noopener">6%</a> over the past week. By comparison, it’s competitor, Solana has seen the price of its token SOL dip by <a href="https://cms.blockworks.co/prices/" target="_blank" rel="noreferrer noopener">46 %</a>.



In addition to stablecoins, traders looking for a safe haven have turned to PAX Gold (PAXG) issued by Paxos, which has seen an <a href="https://www.coingecko.com/en/coins/pax-gold" target="_blank" rel="noreferrer noopener">8.2%</a> price increase.



Chris Kline, chief revenue officer and co-founder of Bitcoin IRA told Blockworks that MATIC is more hyper-focused and specialized than other cryptocurrencies, which may have allowed it to protect itself during market fluctuations.



“Polygon&#8217;s MATIC token is used to pay transaction fees and participate on the network,” Kline said. &#8220;Although MATIC, like all other cryptocurrencies, is 60%+ lower than its all-time highs of 2021.



MATIC’s price has likely outperformed thanks to the announcement of Polygon’s partnership with Instagram last Thursday, where creators will be able to make their own digital collectables and sell them on the platform.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">🚨 MAJOR ANNOUNCEMENT🚨 💻Earlier this year, we announced a display partnership with <a href="https://twitter.com/Meta?ref_src=twsrc%5Etfw">@Meta</a>. ⛓️Now, <a href="https://twitter.com/Meta?ref_src=twsrc%5Etfw">@Meta</a> has selected <a href="https://twitter.com/0xPolygon?ref_src=twsrc%5Etfw">@0xPolygon</a> for MINTING digital collectibles! For the first time ever, creators will be able to mint &amp; sell Polygon-powered digital collectibles on <a href="https://twitter.com/instagram?ref_src=twsrc%5Etfw">@instagram</a>! <a href="https://t.co/bU0NorU7pe">pic.twitter.com/bU0NorU7pe</a>&mdash; Ryan Wyatt (@Fwiz) <a href="https://twitter.com/Fwiz/status/1587930023884791808?ref_src=twsrc%5Etfw">November 2, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



As drama unfolds with FTX and other crypto communities, Polygon developers have been actively working on building products to integrate Blockchain technology with Web2.&nbsp;



In fact, yesterday, Polygon revealed that it was working with Disney to develop a proof of concept for exclusive digital collectables.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">The MAGIC continues! 🪄✨ Polygon is working w/ <a href="https://twitter.com/WaltDisneyCo?ref_src=twsrc%5Etfw">@WaltDisneyCo</a> after participating in <a href="https://twitter.com/DisneyAccel?ref_src=twsrc%5Etfw">@DisneyAccel</a> 🫱🏾‍🫲🏼 For starters, we’re developing a proof of concept for EXCLUSIVE digital collectibles to recognize Disney employees during special occasions ✨&mdash; Polygon &#8211; MATIC 💜 (@0xPolygon) <a href="https://twitter.com/0xPolygon/status/1590861662235811840?ref_src=twsrc%5Etfw">November 11, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Tapping into the creator economy space may have been the reason that the Polygon token has held up during the cryptocurrency meltdown.



&#8220;The value added to the creator economy is unmatchable and championing verifiable digital ownership on a platform with such reach will help us further our goal of onboarding the next billion users to Web3,&#8221; Sandeep Nailwal, the co-founder of Polygon <a href="https://twitter.com/0xPolygon/status/1587933034665287682" target="_blank" rel="noreferrer noopener">said</a> in a tweet.&nbsp;



This sentiment is shared by Harsh Rajat, CEO at Push Protocol who told Blockworks “the reason the price of MATIC has been trending upwards and will likely continue to do so is because the number of wallet addresses continues to do so as well.”



Adding that, “the number of unique wallet addresses is the simplest indicator in the health and growth of a network, and it’s clearly thriving on Polygon as more addresses are being added every day despite a downturn in the market.”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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Gold-linked Tokens and Polygon Buck Crypto Downtrend

Ornella Hernandez

<div id="highlights-block_6335b458e3945" class="highlights">
 <ul>
 <li>Christie’s auction houses launches own NFT marketplace, Christie’s 3.0, to rival Sotheby’s</li>
 <li>Crypto “wallets are more like Blackberries than they are like iPhones,” says founder of Coral</li>
 </ul>
 
</div>



Apple recently let App Store <a href="https://cms.blockworks.co/apple-allows-nft-sales-on-its-app-store-but-theres-a-catch/" target="_blank" rel="noreferrer noopener">developers buy and sell NFTs in-app</a>, such as via marketplaces like OpenSea and Rarible. Magic Eden, however, will not support trading activities due to the 30% cut that Apple takes.



And if you own any CryptoPunks, Goblins, Bored Apes or Azuki NFTs and are a Mastercard debit cardholder who lives in Europe and is willing to stake the HI token, then you may be <a href="https://cms.blockworks.co/mastercard-hi-launch-nft-customized-debit-cards-as-nft-interest-dips/" target="_blank" rel="noreferrer noopener">eligible to customize that card with an NFT avatar</a>.&nbsp;



Blockworks recaps other notable stories that caught the eyes of the Web3 Watch.



<h3 class="wp-block-heading">Disney’s Web3 Plans</h3>



The Walt Disney Company is on the hunt for a “corporate attorney” with experience in “emerging technologies” such as NFTs, the metaverse and DeFi.



It recently <a href="https://jobs.disneycareers.com/job/-/-/391/36774529536" target="_blank" rel="noreferrer noopener">posted</a> the job listing for a “Principal Counsel — Corporate Transactions, Emerging Technologies &amp; NFTs.”



This may signal that Disney is working on a plan to make use of the “virtual-world simulator” patent it <a href="https://patft.uspto.gov/netacgi/nph-Parser?Sect1=PTO2&amp;Sect2=HITOFF&amp;u=%2Fnetahtml%2FPTO%2Fsearch-adv.htm&amp;r=1&amp;f=G&amp;l=50&amp;d=PTXT&amp;p=1&amp;S1=11210843&amp;OS=11210843&amp;RS=11210843" target="_blank" rel="noreferrer noopener">filed</a> with the United States Patent and Trademark Office in 2021. The application refers to augmented reality (AR) technology being used at Disney theme parks, or even a potential theme-park metaverse.



CEO Bob Chapek <a href="https://www.reuters.com/business/media-telecom/disney-ceo-lays-out-early-plan-digital-future-2022-09-11/" target="_blank" rel="noreferrer noopener">revealed</a> at Disney&#8217;s D23 Expo earlier this month that the company’s vision for the metaverse involves &#8220;next-generation storytelling.&#8221; This means leveraging data from theme park visitors and Marvel and Lucasfilm studios’ content streams to deliver personalized entertainment experiences.



Disney currently has NFT collections on the VeVe Digital Collectibles app, including the Golden Moments collection, offering digital statues inspired by Disney, Pixar, Marvel and Star Wars characters and other intellectual property.



Additionally, its 2022 Disney Accelerator Program recently selected six “growth-stage” companies to advise, including three Web3 companies — layer-2 scaling platform Polygon, NFT AR social media app Flickplay and startup Lockerverse.



<h3 class="wp-block-heading">Walmart enters the metaverse with Roblox</h3>



The retail giant is testing out new ground in online gaming platform Roblox in an effort to reach more and new customers. Roblox is a non-blockchain gamified virtual world with over 52 million daily users, mostly children.



Walmart <a href="https://corporate.walmart.com/newsroom/2022/09/26/walmart-jumps-into-roblox-with-launch-of-walmart-land-and-walmarts-universe-of-play" target="_blank" rel="noreferrer noopener">announced</a> on Tuesday that it launched two virtual experiences within Roblox — Walmart Land and Walmart’s Universe of Play.



Walmart Land features a store of virtual merchandise, or “verch,” to dress up users’ avatars, a ferris wheel, and minigames that earn players tokens and badges. It also has plans to host a music festival in October.



On the other hand, the Universe of Play intends to be a virtual toy destination so that users can collect products and characters from franchises such as L.O.L. Surprise!, Jurassic World, Paw Patrol, Magic Mixies and Razor Scooters — all in time for the holidays.



The company even changed its Twitter profile picture and banner to depict Walmart Land.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">See Walmart like never before 😎 Walmart Land is our new world on <a href="https://twitter.com/hashtag/ROBLOX?src=hash&amp;ref_src=twsrc%5Etfw">#ROBLOX</a> with fun &amp; games for all. From film to fashion — whatever you’re into, let’s have some fun with it. Come for the inspo, stay for the verch &amp; live performances. Let’s go! <a href="https://t.co/leZ4CITCjN">https://t.co/leZ4CITCjN</a> <a href="https://t.co/4r26MHHk5i">pic.twitter.com/4r26MHHk5i</a>&mdash; Walmart (@Walmart) <a href="https://twitter.com/Walmart/status/1574430010412351489?ref_src=twsrc%5Etfw">September 26, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Mark Long, CEO of blockchain-enabled AAA shooter game Shrapnel, told Blockworks that “marketing to eleven-year-olds is a risky proposition.” “On the other hand,” he said, “we’ve all seen how legacy companies missed the internet boat and with McKinsey predicting the metaverse to be an even bigger opportunity, what choice do they have?”



<h3 class="wp-block-heading">Christie’s 3.0 NFT marketplace</h3>



Christie’s auction house has launched a new NFT marketplace, Christie&#8217;s 3.0. The platform enables NFT art sales on the Ethereum blockchain, starting with nine NFT artworks by 18-year-old artist Diana Sinclair.&nbsp;



In partnership with Manifold.xyz, Chainalysis and Spatial, Christie’s hopes “to bring young emerging artists to an international and digitally savvy market,” the company <a href="https://twitter.com/ChristiesInc/status/1574794648320704512?s=20&amp;t=3_YRamEZZ9Vh8YquaDieBw" target="_blank" rel="noreferrer noopener">tweeted</a>.&nbsp;



Each work in the “Diana Sinclair: Phases” collection was created and minted specifically for the auction, and starting prices will range from 4 ether (ETH) to 8 ETH. Her images will also be on physical display at Christie’s for a limited time.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="466" src="https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png" alt="" class="wp-image-32858" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=2048 2048w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2022/09/Diana-Sinclair-1024x466.png?w=50 50w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Christie&#8217;s NFT marketplace | Source: Christie&#8217;s</figcaption></figure>



“For me, it’s a more fun and rewarding process to get to work with artists selling their art for the first time to its first collector as opposed to [selling] a Picasso on the wall from a collector who got it six hands ago from Picasso himself,” Nicole Sales, Christie’s director of digital art sales and NFTs, told Blockworks.



She also said that Christie&#8217;s adds value when it comes to “the narrative around the actual art for art&#8217;s sake as opposed to just the NFTs as an investment or as some sort of tool that someone can just flip.”&nbsp;



In other traditional art world news, the Museum of Modern Art (MoMA) in New York City, recently <a href="https://www.wsj.com/articles/70-million-in-art-at-moma-to-be-sold-to-extend-museums-digital-reach-11663117201" target="_blank" rel="noreferrer noopener">announced</a> that it is selling $70 million worth of art from William S. Paley’s collection to fund an expansion of their own digital footprint — which could mean purchasing its first NFTs.&nbsp;



<h3 class="wp-block-heading">Q&amp;A with Coral: What is an xNFT? &nbsp;</h3>



FTX Ventures and Jump Crypto co-led a $20 million fundraise for Solana tech developer Coral — the creator of the Anchor framework that provides smart contract tools and templates for Solana developers. Multicoin Capital, Anagram and K5 Global also participated in the round.



The funding will be used to expand the Coral and Anchor teams, as well as launch an “xNFT” protocol and a new non-custodial wallet and mobile app called Backpack. 



An xNFT is an executable non-fungible token that gives access to applications, games or assets built on any blockchain — similar to mini-programs offered by the Chinese messaging app WeChat, said the company.&nbsp;



Blockworks conducted a Q&amp;A with Coral’s founder Armani Ferrantel to learn about xNFTs and the company’s long-term vision:



Blockworks: How do xNFTs fit into the larger NFT ecosystem?



Ferrante: XNFTs give NFT collections the ability to create more immersive and customized behaviors. Imagine clicking on your NFT and going to not a normal wallet metadata view, but an experience specific to the collection, like a game. Or something more mundane, but important, like allowing NFTs to control the wallet experience, for example, allowing creators to control where and how their collections get listed on marketplaces.



Blockworks: How is Backpack different from other crypto wallets?



Ferrante: Today, wallets are the gatekeepers of blockchain ecosystems. They’re permissioned, closed, and closer to Web2 than they are to Web3. If you want to build a new protocol, you need to lobby for integration, but there are so many protocols on so many blockchains that no one can expect to be included. It’s a product management nightmare, and it’s holding back innovation.&nbsp;



Wallets are more like Blackberries than they are like iPhones — token-specific asset management tools — but imagine a wallet that used all of your cryptoassets. Imagine if you could manage your Mango margin accounts, stake your DeGods, or view your Magic Eden listings not in a web view, but natively in a single interface.&nbsp;



We’re building an xNFT operating system we call Backpack — it manages your private keys and connects to apps. It’s asset- and protocol-agnostic. Most wallets only show your tokens. Backpack, however, is a home for everything.&nbsp;



Blockworks: Why did you choose to build on the Solana ecosystem?



Ferrante: We chose the Solana ecosystem as a starting point because we had built Anchor, the dominant Solana development framework and spent a lot of time incubating many of the projects in the ecosystem. These inroads made Solana the perfect place to start. The plan is to bring the xNFT framework multichain. At this moment, it is already possible to build Ethereum xNFTs and use them with your Ethereum balances in Backpack.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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Web3 Watch: Disney and Walmart Target Young Audiences in the Metaverse

Ben Strack

<div id="highlights-block_620fab1238b5c" class="highlights">
 <ul>
 <li>Binance.US taps former Societe Generale and Gemini exec to lead compliance efforts</li>
 <li>Bitfury CEO Brian Brooks and former Ally Financial CEO Michael Carpenter are joining Protego Trust Bank’s board</li>
 </ul>
 
</div>



Mike White was appointed to lead Disney’s metaverse strategy. He has spent a decade with the company, most recently as senior vice president of consumer experiences and platforms, and will now be in charge of “connecting the physical and digital worlds” for Disney entertainment, CNBC reported.



Before Disney, White had spent nearly 10 years with Yahoo in several roles, including senior director of strategy and technology.



Binance.US has appointed Tammy Weinrib, formerly of Societe Generale and Gemini, as its chief compliance officer. In addition to engaging US regulators and law enforcement agencies, she will lead the company’s know-your-customer (KYC) and anti-money-laundering (AML) programs.



Crypto.com hired Abhi Bisarya as executive vice president of product, after more than two decades leading product teams at Google, PayPal and Visa.



Bisarya, who led the team that launched the new Google Pay app, will now focus on advancing the adoption of cryptocurrency.



James Beer is set to join Hut 8 Mining as senior vice president of operations to support the company’s expansion.



Beer comes to the Toronto-based miner from eStruxture Data Centers, according to his LinkedIn profile. He has 20 years of experience within service provider organizations serving mission-critical facilities operations, colocation, site design and construction, network architecture, security and managed services.



Hut 8 has also announced the hire of Josh Rayner as its vice president of sales. Formerly working as director of sales at Beanfield Metroconnect, Rayner will focus on the company&#8217;s recently acquired data center and managed services business.



Protego Trust Bank named Brian Brooks and Michael Carpenter to its board as the bank gets set to become a federally chartered national bank.



Brooks, the CEO of blockchain technology company Bitfury, was the CEO at Binance.US for several months <a href="https://cms.blockworks.co/brian-brooks-resigns-as-binanceus-ceo/" target="_blank" rel="noreferrer noopener">but resigned in August</a>, citing “differences over strategic direction” in a Twitter post. He had also previously worked as acting <a href="https://www.occ.treas.gov/" target="_blank" rel="noreferrer noopener">comptroller of the currency</a>.



Carpenter was CEO of Ally Financial from November 2009 to February 2015 and is currently on the board of CIT Group and CIT Bank.



Crypto platform FalconX hired Jon Kaplan as head of revenue to help expand the platform’s solutions offered to institutional clients.



Kaplan spent six years at Pinterest, where he was responsible for the company&#8217;s global revenue operations. Before that, he worked at Google for 12 years as vice president of US sales.



The announcement comes after FalconX announced it is looking to fill hundreds of roles after a <a href="https://cms.blockworks.co/falconx-coindcx-hit-unicorn-status-amid-uncertain-regulatory-environment/" target="_blank" rel="noreferrer noopener">$210 million fundraise</a> in August. <a href="https://cms.blockworks.co/the-latest-in-crypto-hiring-paypal-crypto-com-add-to-digital-assets-headcount/" target="_blank" rel="noreferrer noopener">The company hired</a> a head of people and a vice president of security earlier this month.



Neal Gorevic joined ConsenSys as the blockchain software company’s chief marketing officer after working as Spotify’s global head of consumer marketing.



Among the roughly 370 people ConsenSys has hired in the last seven months, nearly half came from working in the Web2 ecosystem, a spokesperson told Blockworks. About a third of the new hires joined the company from a different industry.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



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The Latest in Crypto Hiring: Disney Names Metaverse Lead

Jacquelyn Melinek

<div id="highlights-block_618d55903aee5" class="highlights">
 <ul>
 <li>“You see literally everybody in marketing wanting to do something within NFTs.”</li>
 <li>“Growing entry of major players including Microsoft, Home Depot, Tesla, Whole Foods, Starbucks, and increasing appeal of tokenization through crypto currencies remain a key driver of growth,” according to a report by Brandessence Market Research and Consulting</li>
 </ul>
 
</div>



Non-fungible tokens (NFTs) have taken the crypto world by storm during 2021 and now every major brand and marketing specialist wants in, but this isn’t a bad thing — as it could help <a href="https://cms.blockworks.co/sam-bankman-fried-gaming-nfts-have-mainstream-potential/" target="_blank" rel="noreferrer noopener">drive mainstream adoption</a> of crypto, Yorke Rhodes, Microsoft’s director of digital transformation, blockchain and cloud supply chain, said in an interview with Blockworks. 



“You see literally everybody in marketing wanting to do something within NFTs,” he said.&nbsp;



Crypto assets have “pretty good” recognition by anybody who’s an asset investor, Rhodes said. “Crypto is an obvious foundation for digital assets and NFTs are digital assets,” he said.&nbsp;



On one side, he predicts that almost every major bank will become a custodian of digital assets in one form or another. While on the other side, Rhodes said NFTs are an interesting opportunity for brand marketers.



NFTs saw a growth of 328% in transactions during the first three quarters of 2021, according to a <a href="https://brandessenceresearch.com/requestMethodology/PostId/1735" target="_blank" rel="noreferrer noopener">report</a> by Brandessence Market Research and Consulting. “Growing entry of major players including Microsoft, Home Depot, Tesla, Whole Foods, Starbucks, and increasing appeal of tokenization through cryptocurrencies remain a key driver of growth,” the report said.



NFTs are most known for unique one-of-a-kind digital artworks, verified via blockchain technology, they can be anything ranging from a digital certified song to a screenshot of a tweet.&nbsp;



Earlier this month, Nike filed to trademark “virtual goods” for products ranging from footwear, clothing and sports bags to art, toys and accessories. These requests <a href="https://cms.blockworks.co/nike-files-to-trademark-virtual-goods-hiring-metaverse-designers/" target="_blank" rel="noreferrer noopener">hint at the possibility</a> that the company is planning to either sell its products as virtual goods or non-fungible tokens (NFTs) or is trying to protect its products from becoming NFTs. 



Separately, Visa made headlines in August for buying its first NFT — <a href="https://cms.blockworks.co/visa-steps-into-the-metaverse-with-first-nft-purchase/" target="_blank" rel="noreferrer noopener">CryptoPunk #7610</a>, for $150,000 in ether — and the company’s head of crypto <a href="https://cms.blockworks.co/visa-head-of-crypto-says-cryptopunk-wont-be-companys-only-nft/" target="_blank" rel="noreferrer noopener">told</a> Blockworks it wouldn’t be their only NFT purchase. 



The expectation is that NFTs will become integral to the burgeoning concept of the metaverse, which Microsoft’s CEO Satya Nadella <a href="https://cms.blockworks.co/microsoft-ceo-the-metaverse-will-bring-real-world-into-any-digital-space/" target="_blank" rel="noreferrer noopener">highlighted at a conference</a> earlier this month, previewing Microsoft&#8217;s foray into the space.



In recent weeks, the concept of a metaverse, which is a digital universe where people can interact virtually, has inundated the market. Meta, formerly known as Facebook, has rebranded to reflect its future vision, adding that moving forward the tech giant will be “metaverse-first, not Facebook-first,” Blockworks <a href="https://cms.blockworks.co/zuckerberg-says-facebooks-new-name-will-be-meta/" target="_blank" rel="noreferrer noopener">previously reported</a>. 



Separately on Wednesday, Disney CEO Bob Chapek said during the company’s fourth-quarter <a href="https://www.fool.com/earnings/call-transcripts/2021/11/11/walt-disney-dis-q4-2021-earnings-call-transcript/" target="_blank" rel="noreferrer noopener">earnings call</a> that the media giant plans to take a leap into the metaverse as well, consistent with its history of adopting technological innovation. 



<blockquote class="wp-block-quote">“Suffice it to say, our efforts to date are merely a prologue to a time when we&#8217;ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse,” Chapek said. </blockquote>



<h3 class="wp-block-heading">NFTs more mainstream ready than DeFi</h3>



While decentralized finance, or DeFi, is also a popular sector within the crypto industry, Rhodes said it’s harder for the public to grasp. “Then NFTs&#8230;brands can embrace them without really understanding too much about the tech,” he said.&nbsp;



Last week, Microsoft&#8217;s Rhodes said that the industry has hit an inflection point and the whole crypto ecosystem is just scratching the surface of what NFTs’ are, Blockworks <a href="https://cms.blockworks.co/microsofts-rhodes-crypto-defi-and-nfts-have-moved-beyond-early-adoption/" target="_blank" rel="noreferrer noopener">previously reported</a>. 



In the near future, Rhodes said he expects to see things like NFTs at the top of the curve, where it currently sits.&nbsp;



“Many brands will continue to ape in with their own version of an NFT, which in most cases is going to be a relatively conservative approach, right? As a first toe in the water,” he said. “Then as they learn more, they’ll start to realize there’s a lot more they can do with the technologies on the brand side,” he said.&nbsp;



Between now and the next summer, Rhodes thinks people will start to evolve their understanding of NFTs and what they can do with it beyond just trading cards.&nbsp;



“I think you’ll start to see much more awareness in the market around what NFTs can be and how you might use those,” he said.



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