As we come to the end of the year, there have been several memorable NFT moments of 2022 that have left a lasting impression
As the year comes to a close, what better way to reflect than to look back on notable NFT moments of 2022?
From the rise of pop culture-inspired apes and gas fees (welp) to the adoption of NFTs by major brands and the introduction of creator royalty programs (and the opposite), the NFT market experienced a wild ride in 2022.
Check out this timeline of defining trends that shaped the year in the world of non-fungible tokens:
Bud Light Introduced Super Bowl NFTs (Jan)
Bud Light partnered with Nouns to bring NFTs to the Super Bowl. The collaboration, which included featuring Noun glasses in a Bud Light commercial and on cans, as well as allowing NFT holders to vote in the Nouns DAO on behalf of Bud Light, showed the potential for major brands to engage with Web3.
Historic CryptoPunks Sale Broke Records (Feb)
The NFT was bought by Deepak Thapliyal, CEO of Web3 startup Chain, for 8,000 ETH. Thapliyal later considered selling the NFT following the FTX aftermath, but ultimately decided to keep it.
Bored Apes Received Free Funding (March)
The Bored Ape Yacht Club launched ApeCoin, an Ethereum token for use in metaverse apps, in March. Bored Ape and Mutant Ape owners were eligible to claim ApeCoins, with Bored Ape owners potentially receiving up to $80,000 worth of tokens on the first day.
Despite a price drop of 85% due to the crypto winter, NFT holders who sold quickly made a profit during the launch.
Solana NFTs Joined OpenSea (April)
The integration of Solana onto OpenSea was a major milestone for the Solana blockchain at the time, allowing its NFTs to reach a wider audience beyond the Magic Eden marketplace.
By joining Ethereum, Polygon, and Klatyn on OpenSea, Solana NFTs are now accessible to a much larger community of users.
Otherdeed Exploded Alongside Gas Fees (May)
During May, the high demand for Yuga Labs’ NFTs for its Otherside metaverse led to a significant increase in transaction fees on the Ethereum blockchain, with some users paying over 2 ETH to ensure their transactions were processed.
In total, buyers of Otherdeed NFTs spent over $179 million on gas fees to complete their purchases. The high fees were a result of the overwhelming demand for Yuga Labs NFTs, which strained the Ethereum network and caused delays in processing transactions.
Although, it was a positive time for Yuga Labs, who generated more than $900 million in primary and secondary sales in the first couple days.
Minecraft Banned NFTs (June)
Minecraft developer Mojang and parent company Microsoft announced plans to ban NFTs from Minecraft fan-operated servers and derivative projects made from Minecraft game assets. This targeted Polygon-based project NFT Worlds, which planned to create a Minecraft server with player-owned NFT land plots.
NFT Worlds eventually decided to build its own similar game instead. Rockstar Games also announced a ban on NFTs from Grand Theft Auto V servers.
Damien Hirst Set Art Alight, Generated $25M (July)
Artist Damien Hirst’s “The Currency” project involved offering buyers a choice between a digital or physical version of his 10,000 dot paintings, with the unselected version being set alight.
Many buyers chose to keep the NFT version, adding elements of self-sabotage, NFTs, and excessive spending to the project.
The artist generated a whopping $25M in sales.
Tiffany&Co Joined CryptoPunks (Aug)
Tiffany & Co. and CryptoPunks released NFTiff, a collection of 250 bespoke pendants featuring CryptoPunks characters, available for $50k (30 ETH) each.
The release marked Tiffany’s official entry into the Web3 world and offered collectors the chance to own a luxurious CryptoPunks-themed art piece.
Ethereum Merge Successfully Completed (Sept)
The Ethereum Merge marked a significant milestone in the evolution of the blockchain network in September, bringing together the Mainnet, the original execution layer of the blockchain, and Beacon Chain’s new proof-of-stake consensus layer.
This merged network eliminated the need for energy-intensive mining and instead relied on staked ETH to secure the network – repersenting a major step towards Ethereum’s goal of increased scalability, security, and sustainability.
More Brand Giants Turned to Web3 (Oct)
In October, the Web3 space saw more and more big brands delve into Web3 initiatives. Apple added NFTs to its App store, charging steep 30% transaction fees, raising concerns. Whereas several other major companies, like Starbucks, Nike, Lacoste and Reddit, all continued developing their projects or platforms on the blockchain.
FTX Put NFTs at Risk (Nov)
FTX’s bankruptcy on November 11, 2022 was caused by the exchange lending customer funds to sister company Alameda Research, which made poor investment decisions, resulting in a loss of $10 billion of customers funds.
The mismanagement, of course, led to a loss of faith in blockchain incentives – causing people to withdraw their crypto assets, including NFTs, from the blockchain.
Many Web3 companies, NFT projects (including Bored Ape Yacht Club), and crypto enthusiasts have suffered as a result.
Donald Trump Launched an NFT Collection (Dec)
Donald Trump’s NFT collection featuring 45,000 NFTs commemorating various moments from his life was met with mixed reviews upon its launch. However, the collectibles sold out shortly after, with some being resold on secondary marketplaces like OpenSea for double the original price.
Despite the successful launch, the collection faced controversy when it was revealed that the team behind it had added a thousand of the rarest NFTs to Trump’s personal vault wallet, keeping the most valuable ones for themselves.
Additionally, there were concerns raised about the use of copyrighted images in Trump’s NFTs.
Additional Notable Events and Developments in 2022
When discussing NFT Moments of 2022, it is also worth mentioning that controversy surrounding creator royalties being a major issue in the NFT market in recent months.
Many marketplaces are ignoring these fees in order to attract traders away from major platforms. These issues must be addressed in the coming year in order to ensure that creators are fairly compensated for their work – to make Web3 wholesome again.
Despite the negative NFT moments of 2022, there have been many exciting developments in the NFT industry this year worth mentioning, including the launches of innovative projects like MoonBirds, My Neighbor Alice, Goblintown, Milady Maker, Doodles and more.
As we look ahead to the new year, we are excited to see what the world of Web3 has in store.
Happy New Year from the NFT Lately team!
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