• Morning NFTea
  • Posts
  • Most Progressive NFT Stories Of 2022 - A Year In Review

Most Progressive NFT Stories Of 2022 - A Year In Review

A deep dive on the biggest NFT stories of 2022 that you won't want to miss!

Estimated Read Time: 14 minutes

Hey friends,

Happy holidays everyone! Welcome to a slightly longer but very special last newsletter of 2022, where we have curated some of our favorite NFT stories from this year showcasing the incredible progress that Web3 and NFTs have made over the past year.

It's incredible reading through this compilation of stories; whether you've been following along or catching up with these headlines just now, this is a must-read. Let's jump into it!

A typically reserved world power embracing NFTs is nothing short of extremely bullish. 

China has never been too keen on crypto, evident by actions like the Chinese central bank banning all crypto transactions last year. But despite China's views on crypto, they have shown support for NFTs, exemplifying these None-Fungible-Tokens as being a revolutionary technology more similar to the world wide web than just a way for influencers to make a quick buck.

So what did the Chinese court of law actually do? As per the court's statement, "NFT digital collections belong to the category of virtual property… different from tangible or intangible objects in general sales contracts… NFT collections, a new type of online virtual property, should be protected by the laws of our country as the object of transactions between the two parties". In summary, the court stated that NFTs have the characteristics of property rights such as value, scarcity, controllability, and readability, that warrant their protection under law.

It's not just China getting involved though. This year we have had a flurry of global superpowers supporting the next generation of the internet through Web3 and NFTs. At Morning NFTea we reported on:

We talk of Web3 being the next internet, but mainstream adoption is only possible with the official support of our countries, laws and governmental authorities. We are most definitely on the right track so far. 

NFTs hitting the mainstream necessitates adoption support from Web2 social media titans.

When Instagram and Facebook's parent company rebranded to “Meta”, they were quick to be laughed at. However, one of the biggest most powerful internet companies of all time changing its name in sole commitment to the future of the internet being a “metaverse” is not a multi-billion dollar move that should be taken lightly.

So in saying that, it's not the biggest surprise to see Instagram integrating an NFT marketplace and collection feature into its app, and Facebook adding a dedicated NFT section to your profile. What truly makes this one of the most incredible NFT stories of this year though is the sheer scale, Facebook has over 2.9 billion monthly users and Instagram has over 1 billion monthly users, yet at the end of last year, only 28.6 million wallets owned NFTs. Meta's moves have no doubt been one of the biggest steps in pioneering NFTs and Web3 towards mainstream adoption, but they haven't been the only ones.

As Web3 is the natural progression of the internet, every internet goliath and their dog has been making the transition. This year, we also reported on:

We often throw around the term “Web3”, implying that there will be a transition from where we are now in Web2, just as social media evolved the internet from Web1. With evidence from the biggest players on the internet showing that there is innovation and development towards Web3 through NFTs, these are some pretty bullish indicators for what's to come in the future.

Artists are discovering the financial and social power of NFTs.

Back in May, Grammy award-winning and chart topping DJ duo The Chainsmokers released their fourth studio album “So Far So Good”. What made this special were the 5000 NFTs that were given for FREE to the DJ's biggest fans through Discord membership and frequent ticket buyers, and this most loyal community will receive a collective 1% streaming royalties on the album.

The online community monetization of NFTs has opened brand new pathways for aspiring artists. Instead of an artist selling their soul to a record label for an initial investment, the Chainsmokers have proved that NFTs allow fans to fund an artist with practical returns much less aggressive than what record labels take, while also creating an exclusive community of fans. The beauty in this concept is the way NFTs are spearheading the evolution of online communities that create closer connections between people and new ways to interact with each other.

This was not a one-off story, as some of the biggest record labels in the world foresee the change of music in Web3. In our newsletters, we have covered Universal Music Group’s Web3 label with NFT music group KINGSHIP, Warner Brothers NFT music platform, Billboard’s first recognized NFT album, and Snoop Dogg's Death Row Records moving to Web3. The amazing thing is these benefits of NFTs were not made for or restricted to music, but is positively impacting any creator-led community-sourced concept, demonstrated by our coverage of stories like:

The stories in this section exemplify how online communities are starting to evolve because of NFTs. Not only is the central focus or creator getting more power, whether that's through decentralization enabling independence or just new monetization methods. NFTs also show how the people, the fans, and the community are getting more opportunities through closer connections, new ways to interact with the digital world, and new utility enabled by finite ownership over something digital.

Led by world-renowned brands, tapping into the creator economy is key to unlocking the full potential of NFTs.

It's hard to get more of a household name than clothing conglomerate Nike which tops the charts as the largest footwear company in the world and one of the biggest clothing brands out there. Although that may not be surprising, you may be surprised to hear they are also the biggest legacy brand in NFTs bringing in over $180 million this year.

In November, Nike announced their dot swoosh NFT virtual apparel store which will be home to next-generation fashion as our unique digital identity transitions into a more virtual world. The store can be home to items like Nike's recently launched Cryptokicks which are real-life shoes that also have their digital counterparts as we move closer to a Ready Player One-esque future.

This concept of NFTs enabling ownership over digital items that we already identified within the physical world is also not a one-off story, and Nike has been in hot competition from more of the biggest brands in the world. This year when it comes to products merging the physical and digital world, we also reported on some massive news like:

From the size of that list referencing some of the biggest household names out, your correct to assume this area of physical moving digital has made huge progress this year. Fundamentally, the digital and physical world has always been separated, but NFTs have opened pandora's box where the concept of “ownership” is now not restricted to a single domain. As our world inevitably becomes more and more digital, the line between real and virtual will continue to be blurred by these brands, what an exciting time to see it happen in real time.

Expect NFTs to see more and more IRL utility, not just as PFPs and digital collectibles.

The simple explanation of Non-Fungible-Tokens is that NFTs are digital items that can have its ownership verified. This sounds like a simple concept, yet before NFTs the idea of authenticating something virtual was just not feasible, and tickets are the perfect example of Web2’s lack of infrastructure in this area. Tickets used to be bought from stores and made from physical paper which could be “easily” checked, but then we quickly and magically transitioned to QR codes on our phones.

Since we went digital, the ticket system fell apart and the industry has been prone to scalping and counterfeiting such as France claiming the Champions League final had up to 70% counterfeit tickets. So it's not a surprise to see America's biggest ticketing company Ticketmaster creating a new “NFT ticketing tooling” department. The news of an NFT department came with multiple job hirings under NFT ticketing that further showcase Ticketmaster's commitment to the benefits of NFT technology. Soon after, we covered another Ticketmaster story where they partnered with the Flow blockchain to give organisers the opportunity to use NFTs at their events.

The verifiable ownership of digital “things” through NFTs has made it a no-brainer for event organisers around the world. Elrow who is famous for carnival and circus-themed events has partnered with SeatlabNFT for NFT tickets at events, 90k attendance music festival Bamboozle will only offer NFT tickets for its 2023 show, and Frances sporting authority has been looking into NFT tickets for the 2023 Rugby World Cup and 2024 Olympics. If you get a bit more creative with the term “ticket”, you open up a bunch more NFT stories like our coverage of: 

Although each section has exemplified the real-world use cases that NFTs have, these stories are a great way of perking our imagination on the everyday uses that NFTs may have — whether that's scanning your NFT loyalty card at the grocery store, entering a sports game with an NFT ticket, or one day proving your driver's license with an NFT. With these ideas in mind, it doesn't seem so far-fetched to imagine a world where NFTs are as common as the use of the internet, because, well, NFTs are fundamentally just a natural part of the next internet; Web3.

Honourable Mentions

We have covered the progress of five very important parts of NFTs from government support, the evolution of internet companies, empowerment of communities, symbiosis of the physical & digital world, and every day every person uses. But, just as NFTs are so extremely diverse in its applications, so have been the stories we covered this year, and we couldn't let ourselves away with not mentioning these pretty damn cool NFT news:

After reading all these stories and headlines, if you are at all confused about how these “JPEGs” have birthed a technology that is undeniably revolutionizing every and any industry, we highly recommend reading our in-depth breakdown on what NFTs are and what's in store for the future: Morning NFTea Whitepaper. It really isn't an exaggeration when we say NFTs are a once-in-a-generation technology that is creating waves we haven't seen since the dawn of the internet, and we hope the sheer magnitude and diversity of these stories prove the importance of this.

If you have made it this far, everyone at Morning NFTea thanks you very much for this year's support. We hope you have enjoyed our bi-weekly coverage of NFT news, with the best yet to come! 

An early Happy New Year... we'll see you again in 2023!

We've also looked into quite a few NFT projects over the past year, with more to come! Take a look and expect a lot more soon.

2022 Project Breakdowns:

Connect with us on socials for a more personal experience! 👇

Twitter: @MorningNFTeaOur Team: @BuckyGang | @Wickyy.eth | @subvertDiscord: Morning NFTea

DISCLAIMER: 

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.