In 2022, hardly a month passed without media coverage on NFT. From Reddit avatars to the Merge, NFT ruled the IT industry. In tandem with the rapid expansion of the market, the number of non-financial corporations is growing. Many forecast that by 2030, the market will have expanded from its present level of approximately $20.44 billion to $211.74 billion.
The most noteworthy NFT announcements from 2022 are summarized below
Meta launched NFTs on Instagram
Since January, there have been reports that Meta might permit users to evade NFTs on its platforms. To standardize and scale non-fungible tokens, the internet giant permitted users to create, buy, and sell “digital collectibles” earlier this month (November). According to the company’s blog, originally only a select number of US creators would have access to the tool. Meta partnered with Polygon to make this feasible, and users will be able to mint NFTs, and display, and sell virtual valuables.
Reddit’s avatar NFTs generated over $2.5 million a day
According to data collected by Polygon Analytics, sales of Reddit’s Collectible NFT Avatars between October 23 and 24 generated $2.54 million. This raised the number of purchases by more than 1,000 percent from the previous day, bringing the total for Collectible Avatars to over $8.1 million, comprised of over 28,000 individual sales.
CryptoSnoos NFTs are limited-edition collectibles based on Snoo, the mascot of the social networking website Reddit. Thanks to the platform benefits provided by freelance artists and Reddit designers who produced the avatars, Redditors can use their avatars as they like outside of Reddit.
The Merge finally happened
Ethereum began the long-awaited switch to a proof-of-stake consensus architecture in September of this year. The huge action joins Ethereum’s Beacon Chain consensus layer and mainnet execution layer formally. The Beacon Chain was created by Ethereum engineers in 2020, and it has coexisted alongside the Ethereum mainnet up until this time.
The official move of the Ethereum blockchain away from its initial consensus process is predicted to reduce energy consumption by between 99.5% and 99.99%.
Gucci to accept Bored Ape Yacht Club’s cryptocurrency
A tweet in August claimed that select Gucci shops in the United States began taking ApeCoin, the cryptocurrency of the Bored Ape Yacht Club.
Given that ApeCoin was created as a limited-edition, claimable cryptocurrency exclusively for owners of Bored Ape and Mutant Ape, this collaboration aims to provide owners of these prestigious NFTs and cryptocurrencies with a new way to represent their community in real life (IRL) by purchasing clothing from the renowned high-fashion brand.
Minecraft will no longer support NFTs
In a blog post published in July, Mojang Studios, the developer of Minecraft, revealed a shift in its attitude toward NFTs. In addition, they presented other arguments for the move. In the new Minecraft usage rules, accessibility and functionality were described. These principles will provide equal access to the community. NFTs can generate models of scarcity and exclusion that are contrary to the rules and spirit of Minecraft.
WeChat banned accounts associated with NFTs
WeChat, a popular social media platform in China, modified its terms of service in April and said that it would restrict accounts that engage in “virtual currency or digital collection activities,” which includes NFTs and cryptocurrencies. This type of communication is considered “violating material” according to the app’s section on illegal activities
A.fter China outlawed the trading and mining of cryptocurrencies in 2021, many speculated that the country would next target NFTs.
TIME released first ever-full magazine issue as NFT
In March, Time unveiled a first-of-its-kind full magazine edition as an NFT on the blockchain. It was the first time ever that a publication published a new issue on a blockchain. Similar to TIMEPieces, the issue’s cover story featured Ethereum’s co-founder Vitalik Buterin.
OpenSea reported a massive data breach
In June, the most popular NFT marketplace, OpenSea, published a blog post detailing the attack. An employee of Customer.io, OpenSea’s email vendor, inappropriately disclosed the email addresses of users to an unauthorized third party. According to the company, everyone who has an email account with OpenSea can “expect to be affected.”