FTX collapse raised the issue of stability of the industry and crypto companies as many of them may turn out to be linked or to some extent, dependent on the duff exchange. But it's not the only thing we asked AngelBlock's Aleks Strzesniewski as Porsche announced it will release its own NFTs series, what seems to be a bit odd in times of uncertainty.
The best way to move in these markets is with a permanent and healthy dose of constant skepticism. That being said, stablecoin FUD, and especially USDT FUD, seems like a market constant and I’m personally starting to approach negative USDT headlines the same way I’ve approached every headline proclaiming that “Bitcoin is dead” over the better part of the last decade - as unfounded sensationalism. That does not mean I’d be comfortable holding the majority of my networth in it. Stablecoins are here to stay and I’d go as far as to venture that stablecoins are probably some of the best crypto use-cases to date.
Much like in spot-market crypto, we need to discern between the actual potential use-cases and the way that the technology is currently being used. Back in 2016-2017, there was much talk and speculation for “real-world” use cases of blockchain tech, with many companies trying to get their feet in the game with some coin or token. 2021-2022 has many similarities, but instead of ERC20 tokens, these companies are creating NFT collections - most will also be forgotten, just like the ERC20 tokens from 5 years ago. In my personal (and highly speculative) opinion, there is more pain ahead for the NFT market before prices start to rebound.
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When looking at the fall of FTX and Alameda itself, then this is most likely the case. What’s more worrisome is the fact that we will continue to learn of all of the contagion and aftereffects of the FTX collapse in the coming weeks and months. The collapse of FTX took a lot of the smart money in these markets by surprise. The question is whether we’ll see any other bankruptcies and collapses in the coming months, as those surely aren’t priced in. If our blackswan events conclude with FTX, Alameda, DCG, and Genesis, then highly likely we might be close to forming a bottom after a tumultuous 2022 for the markets. One aspect of the FTX collapse I plan to follow closely that, in my opinion, is not necessarily priced in, is the effect it will have on the entire Solana ecosystem. We may be seeing a battle within the high throughput, low transaction cost layer-1 ecosystem with potential troubles within Solana. I’m closely looking at development within competitors such as Aleph Zero.
