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NFT Investments moves away from takeover of DeFi project Pluto Digital

 


On Friday, British blockchain firm NFT Investments PLC, which specializes in investments in the non-fungible tokens (NFTs) space, announced that it had abandoned its £96 million acquisition of Pluto Digital. Although the exact reasons for the failed deal are not disclosed, NFT Investments explains itself as follows:


"Our company is well positioned to capitalize on the downturn in the crypto market by investing at attractive company valuations."

In January, NFT Investments submitted a non-binding declaration of intent to take over Pluto Digital. The purchase of the blockchain project, which specializes in building Decentralized Finance (DeFi) infrastructure, should be funded through NFT stock divestments. Since November, however, the entire crypto industry has been in a multi-month downturn that has seen the market cap of many projects plummet by more than 40%.


Although things have been slowly picking up again since March, not all observers are convinced that the downward trend is over. In view of the US central bank's stricter monetary policy, some financial experts even see a new economic crisis on the horizon, which would inevitably drag the crypto market down with it.


Nonetheless, Jonathan Bixby, Chairman of NFT Investments, remains positive overall about the future development of the crypto industry:


“The NFT market continues to show strong growth and despite the challenging environment we have secured stakes in seven companies that have great potential for growth and the ability to make a real impact on the blockchain industry. Likewise, we have taken the opportunity to secure significant returns on our investment in Kudoku Studios, which has returned us a whopping 349% following its acquisition by Pioneer Media Holdings Inc.”

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