Is 2023 the comeback year for HBAR NFTs?
The year 2022 has not been kind to the NFT market and the crypto industry as a whole. However, Hedera’s collaboration with LG Art Lab may somehow bring a new wave of enthusiasm for digital art.
NFT interest on the rise again?
A recent one interview done by Crypto Digest with The HBAR Foundation’s Chief Legal Officer Jorge Pesok provides some insight into the current state of NFTs in the Hedera L1 ecosystem.
According to the interview, over 150 projects receive support from the company.
Pesok also mentioned that LG is rolling out its new TV technology that is integrated with its native NFT marketplace where new users can purchase digital collectibles. The TVs will also allow users to display the NFTs they own.
Member of the board @LGElectronics has launched LG Art Lab – built on @Hedera – enables LG TV owners to buy, sell and show off #HonorNFTs from their screens. All LG TVs running webOS5.0 will be able to interact with the LG Art Lab app. #HeyFuture
— Hedera (@hedera) 5 September 2022
This could be huge for the NFT industry as LG has a big one market share in the white goods industry. But, recently events in the crypto space may slow the growth of interest in NFTs. Not to mention that the sector is not free of fraud and scams.
Just this month, Logan Paul, a major influencer on YouTube, was investigated by Coffeezilla for defrauding his fans on his abandoned crypto project CryptoZoo. Despite this very negative development for crypto and NFTs as a whole, we can expect a healthy adoption of digital art as LG continues to capitalize on this new technology.
Chart: TradingView
Dark horizons?
The crypto industry has taken a hard beating thanks to the collapse of FTX and the NFT space has struggled ever since interest in digital objects waned. But with LG’s partnership with Hedera, we can see a brighter tomorrow for NFTs and the crypto market as a whole.
However, this “bright future” does not come without loss. In accordance CoinGeckoHederas native token HBAR has seen better days with the token falling 5.6% in the last 24 hours.
The charts are also very bearish for the token. HBAR is highly correlated with Ethereum. This means that if ETH continues to bend under bearish pressure, HBAR will follow the decline in value.
Crypto total market cap at $963 million on the daily chart | Chart: TradingView.com
This short-term development is in line with Jorge Pesok’s thoughts on crypto and NFT as a whole:
“My prediction, at least in the short term, is that the industry will continue to face a bear market, but will come out of it much more mature and gain more retail and institutional adoption,” he said in the interview.
As Hedera partners with more institutional entities such as LG, Boeing and Deutsche Telekom, we will see the company play a greater role in the adoption of digital assets with real utility.
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Featured image: Adobe/S_E
