According to an article [Industry expresses confidence in the NFT space amid the FTX collapse] reported in the Coin Telegraph, the FTX collapse has hurt the nonfungible token (NFT) space, but executives within the industry are optimistic about the space's recovery. They believe that the FTX effect was more of a loophole for Bahamas users than a negative picture of NFTs.

Tan highlighted that NFTs should focus on utility and building their communities, rather than short-term speculation and unrealistic roadmaps.

Various players within the NFT space have echoed the sentiment that projects with utility in proven markets are bound to survive. However, projects based on speculation and bragging rights will suffer more due to more frugal hands.

Alex Salnikov, the co-founder of Rarible, commented on the current state of NFTs and urged the community to focus on earning people's trust again and rebuilding momentum, similar to the 2021 NFT craze.

Nick Rose Ntertsas, the founder of the NFT platform Ethernity, said that FTX's centralized exchange-based model for its NFT platform was closed and that different projects should focus on different objectives.

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