The co-founders of President Trump-backed World Liberty Financial (WLFI)—Zach Witkoff, Zak Folkman, and Chase Herro—met with Binance co-founder Changpeng Zhao (CZ) in Abu Dhabi.
Their conversation centered on developing strategic initiatives to standardize and expand the cryptocurrency industry worldwide.
What Did WLFI Co-Founders and CZ Discuss in Abu Dhabi?
WLFI highlighted the meeting in a post on X (formerly Twitter). The organization stressed that the move marked the start of a broader initiative to drive innovation in the industry. The meeting agenda centered on strategies to accelerate the global adoption of cryptocurrencies.
It also covered the creation of new industry standards. Finally, the participants discussed initiatives to push the crypto sector into its next phase of growth and development.
“The future belongs to the builders, not the bystanders. We’re just getting started,” Witkoff stated.
In a separate post on X, CZ highlighted that he also met with Bilal Bin Saqib, CEO of the Pakistan Crypto Council (PCC), alongside Witkoff. Notably, the meeting comes shortly after WLFI and PCC’s latest collaboration.
“Our goal is to work alongside industry leaders and showcase Pakistan as a global case study in how emerging markets can harness blockchain to create transformative opportunities,” Saqib said.
Zhao also expressed optimism about the meeting. However, he cautioned that traditional media might frame the event negatively.
“I have a feeling the trad media will try to make up some negative story about this. But we keep building,” CZ wrote.
Zhao argued that Bloomberg negatively framed his efforts by emphasizing his past legal issues rather than focusing on his current work.
Meanwhile, the criticism isn’t limited to CZ. World Liberty Financialhas also been the center of substantial scrutiny, given its ties to the President. US senators have raised concerns about potential conflicts of interest. In fact, previous reports emerged about the Trump family possibly acquiring a stake in Binance—claims that CZ strongly refuted.
Despite external scrutiny, the high-profile meeting affirms the involved parties’ commitment to building a more solid and collaborative future for the cryptocurrency sector.
Welcome to the US Morning Crypto News Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see what experts think about the Ripple price given the growing approval odds for XRP ETF (exchange-traded funds) in the US. These financial instruments offer investors indirect exposure to crypto and progressively draw institutional players to the digital assets space.
Meanwhile, ETF analyst Eric Balchunas has appealed to Paul Atkins for hints about when the US SEC will approve the first spot XRP ETF, among other altcoin-based financial instruments.
He and his colleague, ETF analyst James Seyffart, remain optimistic that approving additional altcoin-related ETFs beyond Ethereum is only a matter of time.
“Would love to hear directly from Atkins, but all good chance of happening,” Balchunas posed.
Specifically, for them, XRP ETF holds an 85% chance of approval, placing it among the frontrunners for regulatory approval in 2025. Balchunas also shared a list outlining the approval probabilities for various spot crypto ETFs.
Bloomberg XRP ETF approval odds in 2025. Source: Balchunas on X
Meanwhile, Seyffart notes that delays in approval should not come as a surprise. He urges crypto market participants to hold out hope beyond October 2025 and year-end in the worst-case scenario.
“…Final deadlines for most of this stuff is in October 2025 or later,” Seyffart stated.
However, Balchunas acknowledges that Paul Atkins’s confirmation as the new SEC chair has set the ball rolling.
“…nothing was going to get approved until Atkins was confirmed…he just got confirmed and they’ve been taking outside meetings with people. Probably coming up with a strategy. After that, likely approvals,” Balchunas opined.
Crypto traders and investors would surely welcome more altcoin-based exchange-traded funds beyond the Ethereum ETF. Such financial instruments would give crypto more legitimacy, open the playing field for institutional participation, and, hence, increase liquidity.
A recent US Crypto News publication indicated growing adoption for BTC over gold, ascribing the traction to Bitcoin ETF inflows surging against lagging gold ETPs (exchange-traded products).
Despite the false claims, the approval of ProShares’ XRP futures ETF sparked optimism. Experts now predict that a spot XRP ETF could follow, potentially attracting $100 billion to the payments token.
“A spot XRP ETF could be next, unlocking real demand and sending prices soaring. $100 billion+ could soon flood into XRP,” wrote industry expert Armando Pantoja.
The non-fungible token (NFT) sector experienced explosive growth in 2021. Artists, investors, and collectors were all swept up in the frenzy. Yet, its meteoric rise was followed by a downturn, prompting questions about the sector’s sustainability.
Alexander Salnikov, co-founder of Rarible, believes the market is not facing a collapse but rather a shift. In an exclusive interview with BeInCrypto, Salnikov offered his perspective on the state of NFTs in 2025 and their role moving forward.
Are NFTs Still Relevant in 2025, or Have They Run Their Course?
The rise of NFTs, fueled by excitement and speculation, was inevitable for a market experiencing such rapid innovation. Nonetheless, like many emerging technologies, this early surge was followed by a correction. The hype gave way to the realities of market maturation and sustainability.
According to the latest report by DappRadar, the art NFT market saw an impressive surge in 2021, with trading volumes reaching $2.9 billion. However, by the first quarter of 2025, the trading volume was recorded at just $23.8 million, marking a 93% decline.
NFTs Trading Volume Over the Years. Source: DappRadar
Similarly, the number of active traders peaked at a record high of 529,101 in 2022. Yet, this figure sharply declined by 96%, with just 19,575 active traders remaining by Q1 2025.
A previous industry report from DappRadar revealed that the underwhelming performance wasn’t just a trend in 2025. In fact, 2024 was one of the worst-performing years for the NFT market since 2020. In addition, BeInCrypto also reported on a study that revealed 98% of NFT projects launched in 2024 were essentially “dead.”
Despite the decline, Rarible’s Salnikov has maintained a positive outlook for the sector. He emphasized the importance of a clear purpose when it comes to NFTs.
“Once upon a time, after the .com burst, the headlines rang that the internet was only a fad. But as more companies integrated the technology into everyday use cases, it became ingrained as a part of life,” he told BeInCrypto.
“The speculative phase had its moment, but now we’re watching NFTs evolve into actual infrastructure—tools creators use to build communities, products, and new digital economies,” he said.
NFTs Beyond the Hype: Unlocking Real-World Utility
Salnikov stressed that utility in the NFT space is no longer a distant concept—it is happening right now. Creators are using NFTs for membership, brands for loyalty programs, and games for player identity.
He pointed to a growing convergence between the digital and physical worlds, with NFTs being tied to merchandise, events, and even real-world assets. Binance Research’s April 2025 report further corroborates this trend.
The report spotlighted several real-world partnerships, indicating interest in NFTs. Examples include Azuki’s physical-backed NFT with Michael Lau, The Sandbox’s Jurassic World collaboration, EGGRYPTO’s anime characters with Eparida, and Sony’s Soneium platform partnering with LINE to create Web3 mini-apps.
“The next wave of growth isn’t about chasing a trend—it’s about unlocking new types of ownership and access that feel native to the internet generation,” noted Salnikov.
While this perspective offers optimism, the reality for many companies is quite different. Due to low trading volumes, major platforms like Bybit, X2Y2, and Kraken have resorted to discontinuing their NFT services.
Those that didn’t shut down explored alternative avenues. For instance, Magic Eden expanded beyond NFTs with the acquisition of Slingshot. Nevertheless, Salnikov dismissed this strategy, commenting,
“We’re not trying to bolt on non-NFT features just to stay busy—we’re building NFT commerce that actually fits the communities using it.”
He explained that this approach uses modular, customizable on-chain marketplaces. Creators can tailor them to fit their specific audiences, whether it’s a gaming project, an L3, or a legacy brand.
“NFTs are the feature—they just need the right framing,” the Rarible co-founder stated.
When Fame Fades: The Diminishing Returns of Celebrity-Backed NFTs
In January 2022, Bieber spent 500 ETH (approximately $1.3 million at the time) on Bored Ape #3001. This NFT is from Yuga Labs’ Bored Ape Yacht Club (BAYC) collection.
However, according to the latest data, the NFT is worth only 13.51 WETH (around $24,174), a decline of 98.1%. Although the singer hasn’t sold his NFT, it has received little attention lately, with no promotional efforts or notable discussions around it.
Thus, while celebrities can bring attention to NFTs, this highlights the need for substance beyond the name itself. As Salnikov pointed out, celebrity involvement in the sector is fleeting.
According to him, a celebrity name alone can’t replace genuine creative direction or a strong community.
“Celebrity drops will come and go—it’s the culture behind them that determines if they stick,” he remarked.
He argued that celebrities treating NFTs as mere merchandise deters audiences. Nevertheless, when an NFT drop is intentional and truly taps into something meaningful like music, fashion, or fandom, that’s where the lasting value is found.
“We’re way more interested in working with creators who are building for the long haul than just chasing headlines,” Salnikov disclosed to BeInCrypto.
The executive also outlined the need for a more accessible and user-friendly approach for attracting interested users. He detailed that onboarding users should not feel “like a tech demo.” Salnikov pointed to Rarible as an example.
According to him, Rarible focuses on ensuring that each marketplace built on its platform is a product people genuinely want to use. This involves features such as fiat onramps, low-cost mints, a clean user interface, and, most importantly, content that resonates with users.
“We’re not selling NFTs—we’re powering experiences that just happen to be onchain,” Salnikov concluded.
While the NFT market faces ongoing challenges, it remains to be seen whether the industry is entering a new phase of growth or if further obstacles lie ahead in its evolution.
