• Hedera [HBAR] saw significant developments in 2022, paving the way to becoming an NFT powerhouse.
• Despite external market pressures, Hedera was able to secure a partnership with LG Art Lab to facilitate NFT distribution.
• Hedera’s NFT demand tapered off during the year due to unfavorable external market conditions.
2020 was a watershed year for the blockchain industry, with a flurry of new developments and partnerships that have pushed the industry into the limelight. Amongst the many projects that have seen success, Hedera [HBAR] has made some significant progress in 2022, laying the foundations to become an NFT powerhouse.
The year started off with the network announcing its collaboration with LG Art Lab, a partnership that aimed to facilitate NFT distribution. This was followed by the launch of HCS, an open-source smart contract platform built on Hedera Hashgraph. This move was aimed to drive the growth of the network by enabling developers to build applications on the blockchain. Along with this, the network also announced the launch of its own decentralized finance (DeFi) platform, allowing users to lend, borrow, and trade cryptocurrencies.
Hedera’s price has also been affected by the external market conditions. Despite being shy of oversold conditions in the past, the HBAR price has had volatile movements due to the instability caused by the FTX collapse. However, the network’s partnership with LG Art Lab has been a major boost for its NFT ambitions. In a tweet, the lab reiterated its commitment towards building on the Hedera network, and also confirmed that it was already building over 150 projects on the network.
Despite these developments, Hedera’s NFT demand tapered off during the year due to unfavorable external market conditions. This was further compounded by the fact that the markets were still trying to figure out the inner details of the FTX collapse. However, the network’s collaboration with LG Art Lab may facilitate faster adoption of NFTs.
Overall, Hedera has seen some significant developments in 2022, and these have laid the foundation for stronger growth in the NFT market. With the markets now settling down and investors looking towards the future, Hedera [HBAR] could be set to make a strong comeback in 2023.