2022: The Year That Web3 Will Never Forget
It’s hard to believe that 2022 is the year that saw NFTs being sold for 100s of millions and Bitcoin reach all-time highs of around 60,000 USD. While at the same time being the year that saw multiple crypto companies crumble, including the infamous collapse of FTX, and causing Bitcoin to fall to 16,000 USD wiping out hundreds of billions from the crypto market cap. It is simply a year that the Web3 world will never forget.
There were many downs in 2022. However, there are also a lot of positives that happened to the Web3 world. For instance, unstable companies such as Three Arrows Capital, LUNA token and FTX went bankrupt and were removed from the ecosystem. And this caused the industry to mature by putting high priorities on compliance. Furthermore, this process has highlighted the importance of providing functional business utilities through tokens and NFTs in the Web3 world.
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