For Web3, 2022 is a year full of disasters; but when we try to sum it up, we will find that the industry is actually advancing by leaps and bounds, not stagnant. Emerging industries are always ever-changing, with bear markets accumulating and bull markets breaking out, every hotspot contains some opportunities. The future is very long, and I am looking forward to the story of you and Web3 in front of the screen; in 2023, we will continue to maintain our love and explore Web3 together.
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January - Phanta Bear ((Jaylen Bear) on sale
At 11 a.m. on January 1, 2022, trend art digital entertainment platform Ezek and Jay Chou's brand PHANTACi released the first NFT project Phanta Bear (Phantom Bear). In just 40 minutes, 10,000 Phanta Bears were sold out, with a total value of more than 62 million RMB.
The market was in a bull market at the beginning of the year, coupled with Jay Chou’s personal “ordering” on social media, PhantaBear’s trading volume quickly reached the top of Opensea Art’s trading volume, which is evident at that time.
Image source: 2022.1.10 Opensea Top NFT artwork area trading volume ranking interface
But the good times did not last long. Due to the lack of operational planning by the official team, they did not design a particularly good gameplay, and the lack of follow-up empowerment, resulting in PhantaBear can only be used as a collection or hype, and the price quickly fell off a cliff; and , The purchase of NFT has a threshold, and most of the buyers are NFT players, not Jay Chou's most loyal fans, so the number of diamond hands may not be as many as expected. As you can see, the current price is only 3% of its peak and down more than 96%.
Data source: NFTGo.io
In the long run, the value of collections needs to be kept fresh to last. For example, the value recognition of artworks comes from the aesthetic tastes of different periods, and some classic artworks are enduring because of the historical accumulation and cultural heritage of the artwork itself. heritage, social influence and aesthetic consensus.
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February — Ukraine Accepts Crypto Donations
On February 26, the Ukrainian official account issued a request to accept Crypto donations.
In early March, Ukraine’s Deputy Minister of Digital Transformation, Alex Bornyakov, said that Ukraine had received nearly $100 million in Crypto donations, CoinDesk reported.
But shortly thereafter, some encryption giants such as Opensea publicly stated that they would impose sanctions on Russian users, blocking (or even banning) the permissions of all Russian users (IP).
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March — $600 million stolen from Axie Ronin sidechain
Hacking incidents are a normal thing in the Web3 field, but the amount of $600 million is too exaggerated.
As early as June 2020, Axie Infinity began to build its own side chain. After a one-year period, Axie migrated to Ronin in early May of this year. Ronin has solved the problem of ETH congestion very well, and it can even be said to be the hero of Axie's subsequent outbreak.
But behind the high efficiency, some security will be lost. On March 23, hackers destroyed five of the nine nodes of the Ronin sidechain, but it was not until March 29 that the Axie team was notified that the funds had been stolen; ".
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April - MoonBirds are born
On April 16, the day Moonbirds was released, the transaction volume of the project accounted for nearly half of the total transaction volume of the NFT market.
according tohttp://NFTGo.ioFrom the team's point of view, "PASS+PFP" projects may become a new trend—that is, "shovel" projects generally mean that the project party will issue the first generation of NFT first, and when releasing subsequent NFTs, it will give the first First-generation NFT holders have priority rights and interests. At this time, the first-generation NFT is called "shovel". For example, the Proof Collective & MoonBirds Pass+PFP mode is a common "shovel" combination.
The Dutch auction price of 2.5 E seemed to have a certain threshold at the time (although the thigh is broken now), but the appearance of MoonBirds brought new blood to the NFT market at that time, and a new blue chip was born.
Moonbirds founder Kevin Rose is the top VC in the traditional world
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May - Yuga Labs launches Othersiede
On May 1, the metaverse project Otherside launched by Yuga Labs officially started Mint. In order to be able to succeed in Mint, many users have increased the Gas, triggering a Gas War of nearly 3 hours, and the Gas fee was once as high as 3 e (although due to market sentiment and other reasons, the current price of Monkeyland is not satisfactory).
In March this year, Yuga Labs acquired CryptoPunks and Meebits, and launched Otherside in May; through the detailed design and introduction of Otherside, we can feel the grand blueprint of Yuga Labs, and its Web3 ecology has basically closed the loop.
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June - NFT.NYC
NFT.NYC is currently the most influential NFT conference in the NFT field, dedicated to showing the value of NFT to the world. NFT.NYC in 2022 will be held in Times Square, New York from 6.20 to 6.23, attracting 1,500 speakers and nearly 15,000 NFT enthusiasts, artists, Web3 entrepreneurs, media, etc.
Compared with the first NFT.NYC with only 500 participants three years ago, everyone can feel the enthusiasm of the masses for the exponential growth of NFT. This is very happy and exciting. Everyone gathered together to show NFT to the world The charm of different viewpoints collided, expressing their opinions to show the diversity of Web3.
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July - 3 AC goes bankrupt
Three Arrows Capital (Three Arrows Capital, 3 AC) is an investment company headquartered in Singapore, with a management scale of several billion US dollars. Because 3 AC did not implement good risk avoidance management, after the collapse of Luna and UST in May, 3 AC was completely in financial trouble, and finally announced to apply for bankruptcy protection in early July.
Before this incident happened, no one would think that this fund giant in the emerging financial industry would collapse in such a short period of time—even the long-term market downturn this year and the collapse of many institutions were inextricably linked to it. It even spread to the collapse of FTX a few months later.
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August — BendDAO Liquidity Crisis
BendDAO is an NFT lending agreement. Borrowers can use the specified blue-chip NFT collateral to borrow ETH, and lenders can deposit ETH in the pool to earn interest.
Borrowers can lend up to 40% of the floor price of that NFT, and if the floor price falls below a certain threshold, their assets will be liquidated. It happened that the market was not very good at that time, and the prices of a large number of NFTs fell sharply, resulting in the risk of liquidation of many pledged NFTs due to the decline in floor prices. The pledged are all well-known blue-chip NFTs. Once the liquidation occurs, the entire NFT market will accelerate into a deep bear.
And even if there is a liquidation, if no one bids or the floor price continues to fall, it will lead to a failed auction. The failed auction of the first liquidated BAYC caused a large number of users to panic about the death spiral of BendDao, a large number of users withdrew, and the capital pool was cleared due to a run on crisis.
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September — ETH merges
If you look at it from a long-term perspective, one of the most memorable things this year must be the ETH merger.
At 14:42 on September 15, 2022, ETH produced the first PoS block. Since then, the ETH consensus mechanism has officially changed from PoW to PoS, so as to promote expansion in the future and allow more DAPPs to run on ETH without congestion.
The upgrade of Ethereum 2.0 must be a huge benefit to the industry in the long run, because the long-term prosperity of the Ethereum ecosystem, more applications, and the emergence of various new assets are the factors that determine the price of ETH. However, ETH 2.0 is not the only solution for the expansion of Ethereum. It can be more understood as being promoted by V God and other core team members. It is a complete reform and innovation from the bottom. ETH can support 100,000 transactions in one second after completion.
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October - Musk completes the acquisition of twitter
On October 27, Musk officially completed the acquisition of twitter for US$44 billion; and as early as June in a conversation with Twitter employees, Musk expressed his willingness to build twitter into a platform that is conducive to the development of Web3.
As the world's largest social media, information encryption, DID (decentralized identity), NFT display, Crypto payment, creator income distribution, etc., there are too many points that twitter can combine with Web3; no matter what point you try , Twitter's exaggerated user base can bring a lot of fresh blood to Web3, greatly accelerating the development and popularization of Web3.
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November - FTX Crashes
The beginning of the incident came from Coindesk's report. On November 2, Coindesk claimed that Alameda (also founded by FTX founder SBF and an asset management company under FTX) has a large number of liabilities and mortgages that are FTT, and that he is both a referee and an athlete, causing people to risk their assets. panic. On November 6th, Changpeng Zhao (CZ) tweeted that he decided to liquidate all the remaining FTT on the books, officially triggering the "war" between the world's top two exchanges. We won’t go into details about the intermediate process. In short, on November 11th, the tenth day after the matter officially started, FTX officially filed for bankruptcy.
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December — Trump releases NFT
December should be the calmest month in 2022, so Trump released NFT to be on the list.
On December 15th, Trump's NFT was officially released, 45,000 pieces were sold out within 18 hours at a price of $99 each. Holders of this NFT will have a chance to win a lottery, including autographed souvenirs, a fight with Trump, etc. Golf, dinners hosted by Trump, opportunities to meet with Trump, etc.
Although Trump's style has always been relatively down-to-earth, as the former leader of the beautiful country, it is worth commemorating that he released NFT in person. It also arouses people's imagination, perhaps NFT can also be applied to some official and practical behaviors such as ballots and lottery.
NFT Labs provides relevant information only and does not constitute any investment advice.
