The biggest NFT headlines in 2022

by James · December 22, 2022

In 2021, the tension around NFTs could hardly be contained. The headlines were glowing and frenzied, and art collections and virtual plots sold quickly.

Although this excitement – and the market – has cooled considerably, NFTs still make big news on a regular basis. Here’s a look back at some of the most important NFT stories of 2022.

Table of Contents

NFT markets fall by -99%

In 2021, it seemed like everyone, including a number of large corporations and popular entertainers, were piling into NFTs and NFT-based virtual worlds. Mark Zuckerberg committed billions to Meta’s virtual reality division and the Horizon Worlds metaverse. Fast forward from New Year’s Day to September 2022, and NFT trading volume had cratered by 97%. In November it was -99%.

Crypto market cap fell by $2 trillion between November 2021 and July 2022, but NFTs fared even worse. Even once six-figure NFT is down 99%.

Starbucks selects Polygon for NFT and rewards program technology

In September 2022, Starbucks announced plans to launch the NFT-based Starbucks Odyssey program. This program builds on its existing Starbucks Rewards and gives customers a chance to buy or earn experiences and rewards.

Donald Trump promotes a plagiarized NFT collection

Donald Trump released an NFT collection via his Truth Social account, selling photos of himself as fictional heroes for $99 each. Unsurprisingly, a lot of people hated them, but they still sold out. By December 20, their value had fallen by more than 70%.

Subsequently, the collection was blown up to be nothing more than a series of poorly photographed images. PCMag as well as a Gizmodo writer found evidence that the NFT creators may have plagiarized some styles from fashion brands and even ripped images from clothing selections on Amazon.

Read more: The best of the worst NFTs were minted in 2022

Madonna NFT’s auction flops

In May 2022, prominent NFT artist Beeple and pop legend Madonna collaborated to auction off three NFTs depicting the singer as Mother of creation. Previous Beeple NFTs fetched prices up to $69 million at auction. In stark contrast, her Mother of Creation NFTs sold for just $135,000, $346,000 and $146,000.

At the time, some people blamed the relatively low prices on the declining NFT market and the generally poor performance of the digital asset markets. Others blasted the poor taste of the artwork used for the NFTs, which Madonna tried to defend.

Read more: As crypto burns, Madonna gives birth to robot centipede in NFT series

Seth Green forced to buy back Bored Ape after theft

May 17, 2022, Seth Green admitted that he had lost four NFTs, including a blue chip Bored Ape and two Mutant Apes in what he says was a phishing attack. Someone may have bought one of the stolen NFTs before the information became public.

Seth Green was phished.

He paid $297,000 to an NFT collector called ‘Mister Cheese’ to retrieve his Bored Ape. At the time, he had plans to use his NFTs for an animated show called White Horse Tavern.

Nike sells NFT image of sneakers for $134,000

In April 2022, Nike released an NFT collection called CryptoKicks based on images of sneakers. One of them sold for $134,000 in May despite criticism that it looked too much like a cynical cash grab that didn’t even give buyers a physical pair of Nike sneakers.

Chevrolet Auctions Corvette NFT

Chevrolet did one better than some brands, auctioning off a Corvette NFT that actually came with a car — specifically, a lime green 2023 Corvette Z06. Chevy promised that the car would be the only one painted in that color to represent the unique nature of the NFT.

NFT carpet plotters face accusations after making headlines

As is typical in the crypto space, the NFT niche was flooded with scams and carpetbaggers. In 2022, a few of the toughs faced the potential for criminal convictions.

On 24 March 2022, the police authorities arrested two people behind Frost The NFT carpet draws on charges of conspiracy to commit fraud and money laundering.
On June 30, the Ministry of Justice filed charges against six people involved in the Baller Ape Club scam, including founder Le Anh Tuan.
Law enforcement may still be investigating some NFT carpet pullers like the Big Daddy Ape Club, which pulled the rug after selling its collection at the Civic. Civilian personnel said they were working with authorities on that matter.

We are aware of the reported Big Daddy Ape Club carpet and that there are victims involved. We take this attack on the NFT community seriously, and are taking steps to offer all the help we can.

— Chris Hart (@hartcb) 11 January 2022

NFT carpet covers were common throughout 2022.

Creator of Bored Ape Yacht Club sues copycat

The creator of Bored Ape Yacht Club, Yuga Labs, sued an artist in a Los Angeles court, alleging that the artist copied Bored Apes. Yuga Labs claims that the artist, Ryder Ripps, went too far under the guise of satire, causing confusion and attempting to smear Bored Apes’ reputation by painting them as Nazis. In a statement on a website owned by Ripps, he claims that the work that includes Bored Apes was an attempt to recontextualize the Bored Ape artwork.

Read more: All My Monkeys Are Racist: YouTuber Wants Nazi-Inspired NFTs Burned

Minecraft rejects plans to support NFTs

Minecraft was marked as one of the video games to watch for an NFT announcement throughout 2022. Everyone wanted in on a potential Minecraft NFT. However, the announcement never came.

Instead, Minecraft developer Mojang denied that it had any plans to integrate NFTs, saying that all Minecraft players should have access to the same content. Mojang also reiterated that independently owned Minecraft servers were not permitted to integrate blockchain technology or NFTs.

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