In addition to other network statistics, the Ethereum network has experienced an increase in attention from leading sectors. Reddit introduced the viral NFT avatar project during the year while Adidas also developed a metaverse that uses NFT wearables. Along with Shopify, Instagram also revealed support for NFTs and a mechanism for distributing NFTs.
Even though the price doesn’t show it, 2022 was an exciting year for the ecosystem according to @CroissantEth. ETH has much more to look forward to with possible triggers in 2023, like decreasing rate rises, the Bitcoin halving coming closer than ever, & so much more, according to ETH’score creator.
All in all, 2022 has been an exciting year for the ecosystem, even if price doesn’t reflect it.
We have even more to look forward to with potential catalysts in 2023, including slowing of rate hikes, the Bitcoin halving nearing closer than ever, & so much more.
Enjoy! 🎉
— croissant (@CroissantEth) December 31, 2022
A look into some of the 2022 ETH’s network achievements
One of ETH’s biggest successes in 2022 was the Reddit NFT marketplace. Reddit recently introduced a brand-new NFT-based avatar marketplace where users can pay the price to buy blockchain-based profile photos. One may purchase them using a credit or debit card instead of a cryptocurrency wallet and keep them using Reddit’s wallet application.
The social network made available 90 different designs, with “tens of thousands” of NFTs available during this early-access phase.
Along with Reddit’s incorporation of NFTs, Canadian e-commerce giant Shopify debuted its non-fungible token platform this year, enabling users to create and trade custom NFTs. Shopify is an online storefront that enables retailers to sell their goods across several social media platforms, including Facebook and Pinterest. On the platform, users can also construct online stores utilizing myshopify.com subdomains.
Use Shopify for your NFT dropshttps://t.co/sZwjLZetoU
— tobi lutke (@tobi) December 16, 2021
Despite being launched in late 2021, Shopify’s NFT integration advantageous effect was witnessed on the ETH network in 2022.
Aside from Shopify’s market, Adidas also unveiled its new NFT line capsule, which includes virtual wearables powered by blockchain.
The first NFT wearables collection from the well-known company, which Adidas termed as a virtual Gear, is on display in the new collection, highlighted on the Adidas metaverse page. The brand’s integration with Web3 technology is being strengthened with this most recent release, which the company describes as accelerating Adidas Originals’ drive toward improving its community-based, member-first, open metaverse approach.
Not forgetting the Instagram NFT integration achievement, the ETH network has experienced significant achievements over the year despite the 2022 bear market. The bear market saw prices for different assets crash amid the many controversial witnessed in the financial year leading to the collapse of several crypto entities.
