Hedera [HBAR] Sees Promising Developments in 2022, Poised for Growth

•Hedera [HBAR] saw some significant developments in 2022 that may lay the foundation for strong growth ahead.
•Notable developments and partnerships in 2022 included the network’s collaboration with LG Art Lab, aimed at facilitating NFT distribution.
•Hedera’s NFTs saw healthy trade volumes at the start of the year, however, the demand tapered as the market faced external economic pressures.

Hedera [HBAR] saw some major developments in the year 2022 that are likely to propel its growth in the coming years. The most noteworthy of these were the partnerships and developments made in the NFT (Non-Fungible Token) sector. This included the partnership with LG Art Lab, which is focused on facilitating the distribution of NFTs over the Hedera network.

At the beginning of the year, the demand for Hedera’s NFTs was healthy, with high trade volumes. However, as the market was affected by external economic pressures, the demand for these tokens began to slow down. Despite this, the partnership with LG Art Lab was still operational, with the Art Lab committed to building over 150 projects on the Hedera network. This has contributed to a healthy network adoption, despite the unfavorable conditions of the external market.

The partnership with LG Art Lab and the developments made in the NFT sector will give Hedera the platform to become a major player in the mass adoption of NFTs. This is especially true as the market works out the details of FTX’s collapse and the HBAR token experiences volatile movements. Chief Legal Officer of the HBAR Foundation has already issued grants to continue the development of the platform and has made a commitment to the success of Hedera.

It is likely that the developments made in the NFT sector over the last year will set the stage for solid growth in 2023 and 2024. Although HBAR was shy of oversold conditions, a price pivot still may be on the way. As the year 2022 comes to an end, it is important to take a look back at the performance of the top layer 1s and Hedera is definitely one to keep an eye on in the coming years.