3 min read

Why is May 22 crucial for crypto?

We do not pay with crypto for physical stuff accidentally. That state was achieved gradually, step by step. Cryptocurrency such as bitcoin had to undergo many stages of its evolution. The most remarkable was the date of May 22, 2010. What happened on this day? Besides that, in this article, we mention the project related to this event. So, what are you waiting for? Let’s dive into it!

The initial purpose of crypto, especially bitcoin, was to send money over the Internet. Bitcoin as a digital currency was invented in 2009 as a distrust of the bank system by a person (or persons) identifying themselves as Satoshi Nakamoto. It didn’t take long, and people had adopted this asset using it as a traditional payment method.

The very first man who used bitcoin for a commercial transaction was Laszlo Hanyecz. He agreed to pay 10,000 bitcoins for 2 delivered Papa John’s pizzas. It was May 22, 2010, and this date is a milestone that determined the way we use cryptocurrency today. You can still find that transaction in the blockchain.

Since then it has become usual to make transactions like this. In 2010, 10 000 bitcoins for 2 pizzas equalled approximately $ 41. Now, according to Tradiny charts, the current price of bitcoin is much more.

Maybe, if Laszlo had known what the current price will be in the next 10 years, he wouldn’t have accomplished that transaction at all. Anyway, bitcoin is becoming more popularized and May 22 is recognized as the Bitcoin Pizza Day. Since 2010 it has been celebrated by the strong crypto enthusiasts all over the world every year.

Laszlo Hanyecz ordered 2 pizzas for 10,000 BTC.

Did you know, that…?

To commemorate Laszlo’s purchase, some pizzerias offer a discount to bitcoin users on Bitcoin Pizza Day. For example, in 2021 the project Rare Pizzas was released. It is a project founded by the decentralized autonomous organization PizzaDAO, a global community of artists, creators, and pizza lovers who believe that pizza should be free. Funded by Rare Pizzas NFTs, nearly $ 400,000 was spent on pizza in 65 countries in 2021. Rare Pizzas NFT is a piece of generative art and each pizza is hand-crafted by an algorithm from a randomized selection of toppings submitted by 314 artists. So far, all time volume is 159.1119 ETH. At the time of writing this article, it is 308,012.00 USD.

Snax Y-Not, the founder of PizzaDAO, proclaims:

“The vision of PizzaDAO is that small businesses should be community-owned and pizza shud be free! We have a huge network of friends all over the world in the pizza community AND the crypto community. PizzaDAO is also always improving its governance and internal structures. PizzaDAO can help the crypto economy by teaching people about Web3 with the approachable example of throwing a global pizza party and by introducing pizzerias to what Web3 can do for their businesses.”

Where to buy and trade NFTs?

When it comes to buying NFT pieces, you have several options, but the most common and basics are in the primary and secondary markets.

The primary market mostly represents the webpage of project developers, where the presale is intended. Here, you can connect, for example, your MetaMask Wallet and make transactions. Please, be careful. Not every project can be trustworthy, but we can cover this topic in another article. The secondary market is represented by platforms outside the project on the web. The best known and most trusted platforms are, for example, OpenSea, Rarible or KnownOrigin. Those are the markets, where demand meets supply and price is set accordingly.

Here you can see the total sales volume of the NFT project Cyber Kongz (May 19, 2021 – May 19, 2022). Yearlong volume is 25,121.137 ETH (48,579,776,875.69 USD)

As you can see, crypto evolved into the other forms of use cases, such as NFTs or Web 3.0. As technology innovates progressively, the ability to use crypto is expanding.

Bitcoin is becoming glorified, and other altcoins are normalized and accepted by more and more people. We suppose it wouldn’t be possible without one Floridian guy who decided to purchase pizzas with the virtual currency back in 2010.