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NFT Investments PLC is considering a £96million acquisition of Pluto Digital

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On Friday, NFT Investments PLC, a UK-based blockchain firm that invests in companies involved in non-fungible tokens, or NFTs, announced it would no longer pursue a £96m acquisition of Pluto Digital . Although NFT Investments did not directly state its reasons for canceling the deal, it wrote:

“The company is well positioned to benefit from the recent market correction in the blockchain and digital asset sectors by investing at attractive valuations.”

Back in January, NFT Investments signed a non-binding letter of intent to acquire Pluto Digital, which is building infrastructure in the decentralized finance or DeFi space, by issuing NFT shares. From last November to March of this year, the blockchain industry experienced a month-long bear market that sent the total digital token market cap over 40% below its all-time highs.

However, not all crypto enthusiasts are convinced that the big sell-off is coming to an end. Some are pointing to the inversion of the US Treasury yield curve as a sign that a recession is on the horizon. Since the 1950s, the yield curve has inverted before every US recession. The last time this happened in August 2019, it resulted in a complete defeat in the cryptocurrency market due to the emergence of the COVID-19 pandemic.

Nonetheless, Jonathan Bixby, Executive Chairman of NFT Investments, shared a positive outlook on the blockchain industry:

“The NFT sector continues to show strong growth and despite volatile market conditions we have secured stakes in seven companies that have high growth potential and are poised to impact the blockchain sector. At the same time, we also took the opportunity to realize significant gains from an investment, Kodoku Studios, which returned 349% as a result of its acquisition by Pioneer Media Holdings Inc. last November.”