Cryptocurrency

Recapping 2022: 5 Major News Headlines In the NFT and Cryptocurrency Space

Quick take:

  • The collapse of FTX
  • Former US president Trump got on the NFT market
  • New Balance uses NFTs

Even though there are noticeable differences between non fungible tokens and cryptocurrencies, they are still closely intertwined, when it comes to the market. As we’ve just entered 2023, we thought it’d be interesting to look at the year passed by, and highlight some of the memorable and shocking news of 2022 regarding the NFT and crypto craze.

Sam Bankman-Fried and FTX

If you are the least interested in cryptocurrency, the name Sam Bankman-Fried has undoubtedly popped up. He is the previous owner of the cryptocurrency exchange FTX, which filed for bankruptcy in November after the crypto exchange Binance reversed their deal to save FTX. Later, he was arrested on charges of wire fraud, money laundering, and more. 

This shows the thrilling reality of the cryptocurrency market and could pique your interest in following along on current crypto news. The website has made it easier to find a trustworthy exchange, as FTX would perhaps not be the favourable one.

Akon and Akoin

The R&B singer Akon is apparently in the middle of making a new African metropolis near Senegal, where he is from. The city would run on its own cryptocurrency called Akoin, hence the name of the city “Crypto City”. However, many have doubted the prospects of the project, as people have been waiting for refunds in the form of his cryptocurrency. The cryptocurrency has been hit by delays, and Akon himself has admitted that it wasn’t managed properly.

Trump selling NFT’s

With millions of NFTs being traded every single day, it can seem difficult to keep track of transactions. But a memorable one is the NFTs from former US president Donald Trump, who put out 45.000 NFT cards of himself in superhero costumes and on the golf pitch. The NFT’s skyrocketed in value at first but have now fallen significantly since the launch.

Lost Bitcoin hard drive found again

One of the worst nightmares for Bitcoin buyers is losing the password to their wallet or even their cold wallet with Bitcoin. This was the case for an IT engineer from Newport in England, who accidentally threw away a hard drive with more than 150 million pounds of Bitcoin. Now, he believes he has found the landfill, where it is in, and he has put together a proposal to excavate the landfill site. If the hard drive is recovered, it will fund several crypto-based projects.

New Balance uses NFT’s to authenticate products

As one of the first on the market, New Balance has chosen to enter the metaverse, as it was discovered that New Balance filed 3 trademark applications with the intent to sell virtual shoes, clothing, and sports equipment. The announcement came not long after Nike, Adidas, and Puma decided to join the metaverse. New Balance, whose brand demographics are among older people, has seemed to capture younger customers outside of the U.S. Therefore, this could be a strategy to capture younger Americans, who are also interested in NFTs and the metaverse.

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