Hedera: Is 2023 The Comeback Year For HBAR NFTs?

Christian Encila

Last Updated: March 8, 2023 7:26 am

4 mins read

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The year 2022 has not been kind to the NFT market and the crypto industry as a whole. However, Hedera’s partnership with LG Art Lab might somehow bring a new wave of enthusiasm for digital art.

NFT Interest On The Rise Again?

A recent interview done by Crypto Digest with The HBAR Foundation’s Chief Legal Officer Jorge Pesok sheds some insight into the current state of NFTs in the Hedera L1 ecosystem.

According to the interview, more than 150 projects are granted support by the company.

Pesok also mentioned that LG is rolling out its new television technology that is integrated with its native NFT marketplace where new users can buy digital collectibles. The TVs would also allow users to display the NFTs that they own.

Governing Council Member @LGElectronics has launched LG Art Lab – built on @Hedera – enabling LG TV owners to buy, sell and showcase #HederaNFTs from their screens. All LG TVs running webOS5.0 will be able to interact with the LG Art Lab app. #HelloFuture https://t.co/KQBUgaE2j5

— Hedera (@hedera) September 5, 2022

This can be huge for the NFT industry as LG has a large market share in the home appliance industry. However, recent events in crypto space might slow down the growth of interest in NFTs. Not to mention that the sector is not free from scams and frauds.

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 these very negative developments for crypto and NFTs as a whole, we can expect a healthy adoption of digital art as LG continues to leverage this new technology.

Chart: TradingView

Dark Horizons?

The crypto industry has taken a heavy beating courtesy of the collapse of FTX and the NFT space has been struggling ever since interest on digital items waned. But with LG’s partnership with Hedera, we might see a brighter tomorrow for NFTs and the crypto market as a whole.

However, this “bright future” doesn’t come without losses. According to CoinGecko, Hedera’s native token HBAR has seen better days with the token dropping 5.6% in the past 24 hours.

The charts are also very bearish for the token. HBAR is heavily correlated with Ethereum. This means that if ETH continues to buckle under the bearish pressure, HBAR will follow the decline in value.

Crypto total market cap at $963 million on the daily chart | Chart: TradingView.com

These short-term developments are in line with Jorge Pesok’s thoughts on crypto and NFTs in its entirety:

“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 garner more retail and institutional adoption” he said in the interview.

As Hedera partners with more institutional entities like LG, Boeing, and Deutsche Telekom, we will see the company playing a bigger role in the adoption of digital assets with real world utility.

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Featured image: Adobe/S_E

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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