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 It might somehow bring a new wave of enthusiasm for digital art.

NFT interest on the rise again?

newly interview Conducted by Crypto Digest with HBAR Foundation’s Chief Legal Officer, Jorge Pesok gives some thoughts on the current state of NFTs in the Hedera L1 ecosystem.

According to the interview, more than 150 projects have received support from the company.

Pesok also reported that LG is rolling out its new TV technology integrated with its native NFT marketplace where new users can purchase digital collectibles. TVs will also allow users to view NFTs they own.

Member of the Board of Directors @tweet LG Art Lab launched – based on @tweet – Enabling LG TV owners to buy, sell and display # growled from their screens. All LG TVs running webOS5.0 will be able to interact with the LG Art Lab app. # Hello futurehttps://t.co/KQBUgaE2j5

– hedera September 5, 2022

This could be huge for the NFT industry as LG has a huge footprint market share in the home appliance industry. But, Last Events in the crypto space may slow the growth of interest in NFTs. Not to mention, the sector is not without scams and scams.

Just this month, Logan Paul, a major YouTube influencer, was investigated by Covizela To defraud his fans in an abandoned crypto project Cryptozo. Despite these very negative developments for cryptocurrencies and NFT as a whole, we can expect a healthy adoption of digital art as LG continues to capitalize on this new technology.

Chart: TradingView

dark prospects?

The cryptocurrency industry has been hit hard by a crash FTX And the NFT space has been struggling ever since interest in digital items waned. But with LG partnering with Hedera, we may see a brighter tomorrow for NFTs and the crypto market as a whole.

But this “bright future” is not without losses. to me Queen GekkoHedera native token HBAR has seen better days as the token is down 5.6% in the last 24 hours.

The charts are also very bearish for the token. HBAR is closely related to Ethereum. This means that if ETH continues to roll under downward 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 align with Jorge Pesoc’s ideas about cryptography and NFTs in their entirety:

“My prediction, at least in the short term, is that the industry will continue to experience a bear market, but will emerge from it more mature and gain more institutional adoption and segmentation,” he said in the interview.

As Hedera partners with more corporate entities such as LG, Boeing, and Deutsche Telekom, we will see the company play a larger role in the adoption of digital assets of real utility.

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Featured image: Adobe/S_E

This is an opinion piece written by Guglielmo Cecero, Legal Director of European Bitcoin investment app Relai, and Raphael Schoen, Content Lead at Relai.

Bitcoin is under attack. It is increasingly seen asDirty coin. Elon Musk TeslaAnd the WikipediaAnd the Green area and other organizations about accepting BTC for their products or as a way to donate money.

Musk is not only one of the richest people but also one of the most controversial people on the planet, He said: “Cryptocurrency is a good idea on many levels, and we believe it has a promising future, but this cannot come at a significant cost to the environment.” Ouch.

A newly elected pro-bitcoin prime minister has taken office in the Pacific Islands of Fiji. The new leader, Sitiveni Rabuka, took office in Fiji on 24 December.

Lord Fusituwa, a Tongan noble and former member of the Tongan parliament, has taken to Twitter to share news from his neighboring country. Phocetus stated that he had He explained to Rabuka step by step “How can Fiji legally tender bitcoin like Tonga,” and there could be two waysLegal tender invoices Pacific Ocean in 2023.”

new supporter-# Bitcoin Friendly premier in the South Pacific

Newly elected Prime Minister of Fiji @tweet.

Let’s go 2 for 2 – BTC fiat bills for the Pacific region in 2023

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– Lord Fusitua (@LordFusitua) December 29, 2022

“The new PM is definitely pro-Bitcoin,” Lord Fusituwa explained to Cointelegraph in a Twitter message.

“He asked to meet me which we have been doing over Zoom since last year to guide him step by step, how he can adopt a legal tender for bitcoin.”

Tonga calendar to submit Bitcoin as a public legal currency It could pass as early as February 2023. Fiji faces similar economic and development challenges to Tonga due to its location and history. However, with nearly 900,000 people, the population of Fiji is more than nine times the size of Tonga.

The potential for Bitcoin to improve financial inclusion in Fiji is of particular interest given the country’s geographic and economic location. Located in the Pacific Ocean, Fiji is made up of more than 330 islands. It is classified as a middle-income country but still faces significant development challenges, including high poverty rates, limited access to financial services and energy reliance on fossil fuels.

In fact, the World Bank reports that remittances to Fiji are over 11% of its GDP. In addition, while the Fiji National Financial Inclusion Strategy reports Strong growth in financial inclusion In recent years, only half of women have access to a bank account. Bitcoin can act as a tool to improve conversions And the non-banking bank, and followers El Salvador example.

Additionally, Fiji may experiment with bitcoin mining via volcanic islands. Follow Fucito:

“Like Tonga, how are we mining nationalized bitcoin, and specifically how were we going to mine geothermal volcanoes so they can do the same but also tap into the massive hydro and other stranded renewable energy they have, which we don’t.”

Fiji’s 20-year National Development Plan requires that all power in the islands be generated from renewable sources by 2030. The country requires an additional 120 megawatts of renewable energy to achieve this goal. Bitcoin mining can be the lever for that Unlocks renewable energy gains.

Fiji’s approach to Bitcoin contrasts with other countries in the Asia-Pacific region, such as Vanuatu, which have taken a more cautious stance towards cryptocurrencies. Until 2021 it banned the use of cryptocurrencies, and Satoshi Island Crypto Project It appears to be paving the way for digital asset adoption.

Related: Volcanoes, Bitcoin and Remittances: A Tongan Leader Plans for Financial Security

Overall, the election of a pro-bitcoin prime minister in Fiji is an ongoing development. It remains to be seen how the support will translate into concrete policy, but the potential for Bitcoin to improve financial inclusion in Fiji is significant.

Longtime Cointelegraph shareholder Lord Fusituwa explained that Bitcoin could help GDP remittances by undermining reliance on costly money transfer services such as Western Union; “Replace commercial banking to individuals by keeping citizen’s money BTC in pocket on phone/hardware wallet instead of commercial banks.”