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2022’s most spectacular, cringeworthy, and sad NFT disasters

After a seemingly endless year of blockchain-based digital asset launches, 2022 has been a year of reckoning for true crypto enthusiasts. Those who bet big on non-fungible tokens (NFTs) to own a small piece of the internet, such as profile pictures, metaverse avatars, or bragging rights, generally lost a lot of money. 1 report estimates that NFT volumes across all markets, including OpenSea, Rarible and CryptoPunks, fell from around $6 billion in January to less than $1 billion in October.

However, some NFT investors have suffered far more losses than others from plunging into the hype surrounding Web3. This is the so-called third generation internet, where users are supposed to have more agency and ownership through decentralized mechanisms such as blockchain.

From Pakistan to Brazil rest of the world Whether it’s because the asset’s price has plummeted, its usefulness has reached its limits, or its user base has proven not to be large enough, the 10 most spectacular NFT-related in the world in 2022. I saw the decline.

1. volley coin

A 93% decline from a peak of $0.2 within 357 days.

Indian cinema superstar Salman Khan announced In late 2021, he revealed that he was backing BollyCoin, an NFT marketplace created by fellow actor and filmmaker Atul Agnihotri. BollyCoin has auctioned memorabilia from Bollywood, India’s giant film industry. With an average of 2,000 movies released each year and his billion consumers worldwide, Bollywood offers an endless catalog of movie stills and posters to mint as his NFTs for avid fans. It seemed so. The marketplace sold his 20 million BollyCoins, the crypto tokens needed to buy his NFTs on the eponymous marketplace. His 1 million BollyCoins were sold within his first three hours of launch. At its peak, BollyCoin price he was $0.2. But the collapse came quickly. Even his collection of 200 NFTs launched in April Dabang One of Khan’s most successful film series, the franchise has been able to sustain its token price. By the end of the year, the price of BollyCoin had fallen by almost 93%, with few bids on his NFT in the market.

2. comedy monsters club

Total wipeout of value within 386 days.

In late November 2021, Venezuelan stand-up comedian Bobby Cardoso announced the launch of Comedy Monster Club (CMC), a private club with online and offline perks that require NFT purchases to become a member. Membership included access to special live events and other perks. This collection included “monsters” reminiscent of characters from the Bored Ape Yacht Club. The project sold about 10% of the entire collection before losing momentum. Cardoso and his co-founders have blamed the falling cryptocurrency prices and opted to sell the NFTs without cryptocurrencies and via credit card payments for around $300 each. Members of the club claim Cardoso and his partner raised more than $1.5 million before making a move on Discord and his Twitter. Shortly after, Cardoso and partners announced that they were temporarily putting the project on hold. Users and cryptocurrency enthusiasts are worried this could be one of the biggest his NFT scams in Latin America.

3. Captain Tsubasa

It was to be sold at a value of 1 Ether (about $3,000 when the NFT was listed), but was delisted within 25 days.

The Japanese company behind it, Tsubasa Co., Ltd. Captain Tsubasa — a famous 80s football cartoon and cartoon — sued a Singapore company called Football Metaverse in mid-June for selling NFTs of its characters without authorization. Shortly thereafter, Football Metaverse announced it had received approval from a former Chinese official comics distributor, and on Twitter and Discord he continued to promote NFT.It finally removed the unauthorized Captain Tsubasa NFTs.Since then, Tsubasa announced The launch of a unique yet-to-be-released NFT of the character. The whole case is similar to NFT piracy issues surrounding other Japanese characters. dragon ball z When Pokemon.

Four. “Friendship ended in Mudasir” Meme NFT

A drop of over 96% from its peak of $51,000 in less than 506 days.

Pakistani government official Muhammad Asif Raza Rana accidentally created the meme when he posted it in 2015. photoshop pictures of yourself And your new best friend on Facebook. In mid-2021, he will use that image as his NFT with over $52,000 in his $52,000+, co-founder of a cryptocurrency investment firm, mania of internet culture. The sale was seen as a gateway transaction for his Web3 marketplace to open up in the country. This turned out to be too much responsibility for one meme that is currently losing over 96% of its value.

Five. Simbeth NFT

22 pieces sold in just 126 days from release

The video of Dr. Simi, the mascot of Latin America’s largest drugstore chain, YoutubeThe character recently went viral on TikTok and Twitter after Mexican fans started throwing stuffed animals of Dr. Simi at celebrities performing on stage. Mascot’s owners thought the NFT collection was the natural next step for this internet sensation. To mark the opening of his 8,000th store in August, the company launched Dr. Simi’s NFT series, claiming to be the first pharmaceutical company to join the metaverse. was a failure: out of his 7,864 available NFTs, twenty two It was on sale until mid-December.

6. Dekotora NFT

Over 50% drop from peak value of 1 Ether ($1,200) within 96 days from launch to first and only sale

Short for “decorative truck,” dekotora art emerged in Japan in the 80s and 90s. The genre consists of a semi-trailer artist decorating his truck with neon lights, patterned fabrics, and bright paint to turn the vehicle into a moving work of art.Although this style of decoration is respected, it has become less popular in the last few decades. By backing Utamaro Kai, Japan’s largest association of decorator truck owners and fans, launched the NFT collection in April. splendid By the end of the year, only 1 of the 38 Dekotora NFTs had been sold, despite pledging artwork and fundraising for disaster relief. The rest are worth 0.5 Ether (about $600) each and have no bidders.

7. Metapurse’s B.20 Token

A drop of over 95.5% from its peak of $29 within 544 days.

In March 2021, digital artist Beeple’s $69 million auction for the Everydays: The First 5000 Days NFT brought the NFT craze into the mainstream. The identities of the buyers, who bid under the pseudonyms Metakovan and Twobadour, soon became apparent through his Substack posts by the buyers themselves. Two Indian investors, Vignesh Sundaresan and Anand Venkateswaran. They both ran a crypto-focused company called Metapurse that tokenized and packaged several NFT artworks.Metapurse created its own token called B.20. . The B.20 traded for around $29 shortly after the Beeple acquisition. At the time, the company was managing his $189 million digital estate, had 27 employees, several Metaverse projects, and art his installations. Due to the crypto recession, Sundaresan and Venkateswaran, who have dissolved their partnership, are stuck with Beeple’s artwork (his most expensive NFT ever sold) and his B.20 token. $0.09.

8. Decentraland’s MANA Token

More than 94.2% drop from its peak of $5.1 within 390 days.

One of the hottest places to use NFTs is Decentraland. Decentraland is a metaverse founded by Argentinian software engineers in 2017 and operating as a decentralized autonomous organization (DAO). During the cryptocurrency bull market, it seems everyone wanted a piece of it. For up to $15,000, a 16-square-meter plot of Digital Land was sold as his NFT, with brands such as Dolce & Gabbana participating in Digital Fashion Week, which drew nearly 108,000 visitors over four days. But headline-grabbing online events aside, User adoption is not growing: According to data from Decentraland, the site receives an average of 8,000 unique visitors per day. The platform launched its property rental feature in mid-December in an attempt to spark interest in digital real estate, but has only received around 7% of the 90,000 parcels available. Visitor. After peaking in November 2021, the price of MANA in Decentraland, the token needed to purchase NFT properties and other assets on the site, free fall.

9. Ape Kids Football Club

A drop of over 90% from its peak of $650 within 146 days.

Despite being a World Cup year, football-themed crypto has dropped the ball.Even Fan Crypto Tokens of the Argentine Football Association plummeted It was worth it even though Argentina won the tournament. His NFTs at other football clubs didn’t fare so well. Liverpool FC was the first club to launch a digital asset collection and put it up for auction in March. 90% of them went unsold. His Ape Kids Football Club (AKFC) collection, created by the Chelsea FC coach, traded for over $650 after its February launch. Despite being touted by Serie A and Premier League players, AKFC’s prices plummeted by 90% to him by mid-year. It traded around $118 in mid-December. The national soccer team also got caught up in his NFT fever and is now reeling. The Brazilian Football Confederation (CFC) has partnered with Turkish company Bitci to launch Fan’s crypto token and his NFT collection in 2021. By November 2022, the Brazilian outlet claimed CFC had terminated the deal. Bitci and .

Ten. high seas

Market share decreased by about 30% in one year.

NFT marketplaces are all the rage in the crypto space at the beginning of 2022. OpenSea, a popular NFT marketplace, held his 90% share of the market in February in terms of NFT transaction volume. Information disclosure at, the platform’s email vendor. Attackers stole his NFT worth more than $1.7 million. The attack lasted for about three hours and wiped out 254 of his NFTs, including parts of the Bored Ape Yacht Club and Decentraland.the attacker later Came back The stolen NFTs were reversed and sent to their original owners, but the compromise involved OpenSea users. They started experimenting with other marketplaces like LooksRare, Magic Eden and X2Y2. Magic Eden currently holds about 11% of the market share. sales commission From OpenSea: 0.50% vs 2.5%. OpenSea currently has about 66% market share.

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