• Hedera [HBAR] saw significant developments in 2022, including a partnership with LG Art Lab for NFT distribution.
• Despite unfavorable external market conditions, Hedera has had volatile movements as projects build on top of the network.
• The partnership with LG Art Lab may facilitate faster mass adoption of NFTs in the long-term.

In the past year, Hedera [HBAR] has made a significant impact in the cryptocurrency space. After seeing a price pivot in early 2022, HBAR was shy of oversold conditions despite the downside. This allowed the project to garner attention and set the stage for its rise to prominence.

The year saw some major developments that may lay the foundation for strong growth in the NFT market. One of the biggest developments was the network’s collaboration with LG Art Lab. The partnership was announced in December and aimed to facilitate NFT distribution. In a tweet on 27 December, LG Art Lab reiterated its commitment towards building on the Hedera network despite the challenges the market faced in 2022.

The partnership is a major milestone for Hedera as it allows the project to get closer to mass adoption of NFTs. LG Art Lab has already started building over 150 projects on the Hedera network, which will contribute to healthy network adoption despite unfavorable external conditions.

Though the year started off with healthy NFT trade volumes, the demand tapered off as the market faced external economic pressures. This could be attributed to the collapse of FTX and other market forces that caused volatility. Despite this, Hedera has continued to innovate and build on its NFT capabilities.

As we move into 2023, it is expected that the partnership with LG Art Lab will lead to faster adoption of NFTs. This is due to the fact that LG Art Lab will be able to utilize Hedera’s technology to facilitate NFT distribution. Additionally, Hedera has already issued grants to projects that are building on the network. These grants will help to further bolster the development of the network and help to drive mass adoption of NFTs.

All in all, it is clear that Hedera [HBAR] has had a significant impact in the NFT space over the last year. With the developments and partnerships in place, it is likely that Hedera will continue to be an NFT powerhouse in the years to come. As the market continues to evolve, it is expected that HBAR will be well positioned to capitalize on the potential of the NFT space.