A Year in Review: the NFT Market in 2022 | Decentralized Arts
Dear Bankless Nation,
2022 was an incredible year. There were hella high ups, and there were hella low downs. And all through the year, across all the hella high ups and hella low downs, NFT adoption continued at a surprising pace.
Popular sports, athletic, and coffee brands, among other industries, arrived on the blockchain in an effort to improve the way they capture and engage with their clients and customers. From creative clothing drops to innovative loyalty programs, brands are utilizing NFT technology in ways nobody could have anticipated a year ago.
And all this despite the insane allegations and corruption that was uncovered over the year affecting the entire crypto market.
Kaf brings us the good and the bad throughout the year in an article that lists some of the biggest announcements and events of 2022.
We announce our second attempt at moving forward with d’Art Drops, presenting our first piece in collaboration with debrabdesign. The Rug brings us the latest mostly credible headline in crypto mining. Perchy provides us with another glimpse into Chippi Corner. And DustyEye announces a new project by way of their continued discoveries.
Welcome to Decentralized Arts.
Contributors: BanklessDAO Writers Guild (Grendel, Kouros, Kaf, nonsensetwice, Frank America)
This is the official NFT newsletter of BanklessDAO. If you were a Premium Member of the Bankless Newsletter as of May 1st, 2021, you have been subscribed to this newsletter at launch. To unsubscribe, edit your settings here.
What happened in the NFT world in 2022?
Recap and predictions about NFTs
By kaf
2023 is just beginning. The year we left behind may be remembered as turbulent in the NFT world, but there was still much success and adoption taking place regardless.
When you visualize the enormous possibilities that web3 offers, you realize that NFTs are one of the biggest technological revolutions of the century.
As we move into 2023, we will see the creator economy around NFTs will be huge. The Renaissance of digital art is currently in full swing. Let's review what happened in 2022 to understand where we are going.
Top NFT News of 2022
January
The $SOS token is retroactively distributed to OpenSea users.
Pudgy Penguins community kicks out founders after cash grabbing accusations.
Japanese video game company Konami releases NFTs of its Castlevania series to mark the 35th anniversary of the game.
IYK launches a limited merch drop for The Bankless DeFi Innovation Index, $GMI.
Coinbase to let users pay for NFTs with Mastercard in forthcoming NFT Marketplace.
Twitter launches NFT Profile Pictures.
February
One of the most important museums in the world, the Uffizi Gallery in Florence begins selling renaissance masterpieces as NFTs.
YouTube's Head of Gaming joins Polygon Studios as CEO.
India imposes a 30% tax on income from digital assets.
Rarible introduces floor bids.
Alfa Romeo to integrate NFT and blockchain technology in cars.
Non-Fungible Conference, the main European conference on NFTs, takes place in Lisbon.
NYSE applies for NFT Trademark.
March
Azuki creates ERC721A, an improved implementation of ERC-721.
Yuga Labs buys the CryptoPunks and Meebits collections.
Artist Perchy made a total of 3,927 ETH in sales with The Charts NFT.
Polygon now supporedt by Rarible.
Bored Ape Yacht Club releases ApeCoin token to its NFT holders.
April
Ronin Network, home of Axie Infinity, is robbed of $600M via their bridge.
Asteroid Mining Company uses NFTs for funding.
Visa launches the Visa Creator Program.
Simpsons and Futurama artist Julius Priete announces the Lunartics Animated Series and NFTs.
Tiffany & Co's VP creates a jewel for his CryptoPunk.
Coinbase featured Bored Apes in a film trilogy.
Coinbase Launches their NFT Marketplace in beta.
Index Coop launches NFT Index Fund.
Nike's RTFKT Studios Reveals the MNLTH NFTs.
May
Yuga Labs makes over 300 million USD with Otherside NFT drop.
SuperRare opens an NFT gallery in New York City.
Cool Cats NFT Project CEO steps down.
Ledger Live integrates Polygon.
Meta to support NFTs from Ethereum, Polygon, Solana, and Flow in Instagram.
NFT secondary market reaches $10 billion in Q1 2022.
NASA and Epic Games collaborate on a Martian Metaverse simulation.
Spotify tests NFT galleries.
OpenSea launches new marketplace protocol: Seaport.
MetaMask teams up with Asset Reality to help victims of scams by recovering stolen funds.
PoolTogether launches NFT sale to fund legal defense.
June
DC Comics launch own NFT Marketplace.
Snoop Dogg opens Bored Ape-themed dessert restaurant.
Seth Green pays $300K to recover stolen Bored Ape.
MFERS creator Sartoshi vanishes.
NFT tickets recommended for Paris 2024 Olympics.
Christie's Auctions' NFT Specialist to lead CryptoPunks.
Hilton introduces their digital art and NFT pilot program.
Adidas launches Oz World.
July
NFTs now available on Facebook.
Reddit launches Reddit Collectible Avatars.
Polygon onboards more than 48 projects Migrating from Terra.
Disney selects Polygon to participate in their 2022 Disney Accelerator.
Unstoppable Domains teams up with MoonPay simplify sending and receiving crypto.
Yuga Labs warns about threat to NFT community.
Amazon.eth receives 1 million USDC bid.
Bored Ape Yacht Club launches its metaverse.
August
MTV announces new “Best Metaverse Performance” award For VMAs.
NFTs.com acquired for 15 Million USD.
Instagram is expanding NFT features to more than 100 countries.
Decentraland announces Metaverse Art Week 2022.
OpenSea now requires a police report in stolen NFT claims.
Pudgy Penguins NFT prices soar after announcing physical toys.
RECUR and emoji® launch their first NFT collection with emoji characters.
Nike becomes highest-earning brand from NFT sales.
September
Muse's Will Of The People becomes first UK number one album with NFT technology.
Renault to enter the metaverse.
FIFA to launch Algorand-powered NFT platform.
New York's Museum of Modern Art to utilize auction proceeds to buy NFTs.
Doodles raises 54 million USD to expand its universe.
Apple App Store rules impose a 30% commission on in-app NFT trades.
October
Christie's launches auction platform on Ethereum.
Nike's RTFKT previews first real-life Cryptokicks Sneakers.
Japan's Prime Minister announces NFT and metaverse investment expansion.
Epic Games releases its first NFT game, Blankos Block Party.
Konami launches a hiring spree ahead of their NFT Marketplace launch.
Reddit users create 3 Million crypto wallets to collect polygon NFTs.
Beeple is building a real life studio in Charleston, SC.
INTERPOL launches first Global Police Metaverse.
November
Twitter to allow NFT trading directly through tweets.
Instagram to enable creators to mint and trade NFTs.
OpenSea to enforce NFT royalties after creator backlash.
Your Diploma is an NFT: Mongolian students receive honors on Polygon.
Adidas launches 'Virtual Gear' NFT wearables.
Yuga Labs introduces the Punks Legacy Project.
Controversy arises over Metamask tracking users’ IP addresses.
December
Animoca Brands to start 2 billion USD metaverse fund.
Uniswap launches their NFT aggregator.
Starbucks launches its Odyssey web3 loyalty program and NFT community.
Conclusion
In conclusion, the NFT space has had a wild ride in 2022, with ups and downs, just like the rest of the world’s economies. And many developers and users have spent this time continuing to build.
A clear trend in 2022 is that everyone is migrating to web3. Despite the challenges, many believe that the potential and value of NFTs will continue to drive growth in the space.
GameFi is expected to grow with the release of Play-to-Earn AAA games and the formation of Guilds around digital collectibles. The Metaverse is evolving at a rapid pace as web3 and AI technology improves. Digital artists have found in NFTs the best way to validate their works.
The integration of Web3 technology is transforming the way we access, share, and monetize digital assets. From NFTs to DAOs and the metaverse, the potential for innovation and disruption is mind-blowing.
The growing demand for digital art is a reflection of how our way of life is always changing. We are just at the beginning of a revolution.
Forget the “floor prices.” Hold on tight and enjoy the ride! The future of NFTs looks promising.
The Rug
PoW Miners Discovered in Lost Mine
Brought to you by The Rug
It appears some PoWs just havent got out of enemy territory.
They were carrying around laptops and what looked to be large CPUs, first asking their rescuers about WiFi access instead of water or food.
Collect this ancient relic as an NFT on Optimism.
d’Art Drops
Introducing weekly NFT art drops for the Bankless community, brought to you by Decentralized Arts.
Let’s try this again, shall we?
Last week, we announced the first of our planned drops for the Bankless community. Due to technical issues—literally, signing errors kept popping up during the smart contract deployment process—we were unable to “drop” the first of a series of four pieces featuring a collaboration with debrabdesign.
Here’s hoping we get it right this week.
One more time for the show! “Bloom” will be available for purchase during and after the BanklessDAO Community Call on Friday. 100 editions will be available for .02 ETH.
Chippi Corner
By Perchy
THE LEGION OF 444 – Part 0
by DustyEye, with L.Elrah, Hybridcode_ & Turinglabs
Dear BanklessDAO Readers,
We are in an awkward situation.
We have come into possession of 444 digital Demons that we keep temporarily isolated in a section of the blockchain, as in the photo below the title. All the necessary techno-seals have been affixed to the chain to stabilize it, but the situation is precarious.
The Legion was fought and confined around the 25th century. We know this because the credit for trapping them goes to Maxtor, the cyberdog we've been investigating for months now.
For our modest team of chrono-walkers, the burden of guarding a legion of 444 demons is a task that goes beyond reasonable capabilities.
For this reason we turn to BanklessDAO, with whom we have been collaborating since the beginning of 2022 thanks to Grendel, who introduced us to the 3.0 universe. Today we know for sure that among the readers of this newsletter there are experts in the sector who could guard a digital entity for centuries by typing just a couple lines of code.
By next week's release we should have produced a visual approximation of at least one demon.
Three expert technomediators are working on it together: L.Elrah, Hybridcode_, and Turinglabs.
We maintain daily updates with them, but if anyone has advice on how to proceed, please contact us.
See you next week,
Dusty Eye
______________________
WEB: www.DustyEye.com
IG: @DustyEye_DE
TWITTER: @Dusty_Eye
Meme
A small joke contributed by The Rug.
PostScript & Acknowledgements
Decentralized Arts is written and produced by a small team of contributors who are passionate about art, both visual and written, and its growing place in crypto and NFTs. With each edition, we aim to bring you not only the most current and relevant news in the NFT space, but also explorations in what it means for our culture and societies for this market to continue to grow and expand. When everyone is an owner of art, we all gain a deeper appreciation for it.
If you enjoy reading this newsletter, please share it with someone who you think will appreciate the content. We also welcome suggestions via our feedback form.
With great appreciation for you, we thank you for reading and subscribing to Decentralized Arts.
Cordially,
Grendel, Kouros, Kaf, nonsensetwice, and Frank America
The recap of 2022 is incredible! Sharing this newsletter with all my frens!
Wow - this is a great summary of everything that happened in 2022. I'll take inspiration from you guys for my newsletter too :)