The Artist’s Journey
On May 23, 2022, supermodel and activist Bella Hadid announced her first foray into the NFT space with CY-B3LLA, a collection that blended high fashion with digital art at a moment when the broader crypto market was reeling from the Terra/LUNA collapse. The announcement was a bold statement of confidence in NFTs as a creative medium, coming at a time when Bitcoin had fallen below $30,000 and the Fear and Greed Index sat at a historic low of 10.
Hadid was no stranger to the intersection of technology and culture. As one of the most recognized faces in global fashion, her entry into Web3 signaled a growing trend of mainstream celebrities viewing NFTs not merely as speculative assets but as new channels for artistic expression and fan engagement. The CY-B3LLA project promised to combine Hadid’s personal aesthetic with the creative possibilities of generative art and digital collectibles.
The timing was both risky and strategic. While the crypto crash had devastated speculative NFT trading, it had also begun to separate projects with genuine artistic vision and community backing from those driven purely by hype. For creators like Hadid, the bear market offered a chance to build something with lasting cultural value rather than chasing quick profits.
Collection Mechanics
CY-B3LLA was designed as a collection of digital artworks inspired by Hadid’s own image and creative vision, reimagined through the lens of cyberpunk aesthetics and futuristic design. Each piece in the collection was crafted to be unique, leveraging generative art techniques to create variations that blended photographic elements with digital artistry.
The NFT space in May 2022 was experiencing a fascinating paradox. While the broader crypto market had lost approximately $500 billion in value over the previous month, NFT trading volumes remained surprisingly resilient. According to market data, nearly $8 billion worth of NFTs were traded during this period, suggesting that a significant segment of collectors and creators remained committed to the space regardless of token price volatility.
However, not all corners of the NFT market were holding steady. Metaverse land projects — which had been among the hottest NFT categories during the 2021 bull run — were experiencing a dramatic reckoning. Data showed that Decentraland’s average land price had fallen to $4,379 on May 23, representing an 88.2% decline from its peaks. The broader metaverse land market had lost approximately 91% of its value, a stark reminder that speculative fervor could reverse as quickly as it had arrived.
Utility and Perks
The CY-B3LLA collection was positioned to offer holders more than just digital artwork. In the evolving NFT landscape of mid-2022, projects that survived the market downturn were increasingly those that provided tangible utility — exclusive access, community membership, real-world experiences, or ongoing creative content from the artist.
This shift toward utility was happening across the entire NFT ecosystem. EBay, the legacy e-commerce giant, announced a partnership for a green NFT collection around this same period, signaling that mainstream corporations were still willing to invest in the technology despite the market turbulence. The move suggested that institutional interest in NFTs was shifting from speculative trading toward practical applications like digital provenance and sustainable collectibles.
Meanwhile, Meta — the parent company of Facebook and Instagram — was making its own calculations about the NFT market. Reports emerged that the company planned to take a nearly 50% cut on virtual asset sales within its metaverse platform, a revenue-sharing model that drew criticism from the Web3 community but also demonstrated the enormous commercial potential that major tech companies saw in digital ownership.
Secondary Market Action
The NFT secondary market in late May 2022 was a study in contrasts. Blue-chip collections like the Bored Ape Yacht Club and CryptoPunks maintained relatively strong floor prices compared to the rest of the market, benefiting from established brand recognition and deep-pocketed collector bases. Newer projects, however, faced a much more challenging environment.
Approximately 25,000 Baby NFT Avatars were making waves in the market, representing the kind of accessible, lower-priced collections that were gaining traction as collectors became more cautious with their spending. The shift toward smaller, community-driven projects reflected a maturation of the NFT market — one where genuine engagement and artistic quality mattered more than hype cycles and influencer endorsements.
The Terra collapse had also directly impacted the NFT ecosystem. Terra-based NFT projects were essentially wiped out along with the rest of the blockchain’s ecosystem, and the broader contagion affected trading sentiment across all chains. Ethereum, where the vast majority of NFT activity took place, was trading at approximately $1,972 on May 23, down significantly from its highs and contributing to reduced purchasing power for ETH-denominated NFT purchases.
Final Verdict
Bella Hadid’s CY-B3LLA announcement captured the essence of the NFT market in May 2022: a space in transition, shedding its most speculative elements while genuine creators and builders continued to find value in the technology. The bear market was performing an important function — filtering out projects and participants who had been drawn solely by the prospect of quick gains, leaving behind those who believed in the long-term potential of digital ownership and creator empowerment.
The contrast between the NFT market’s relative resilience and the catastrophic collapse in DeFi was telling. While algorithmic stablecoins and over-leveraged protocols were imploding, the core value proposition of NFTs — verifiable ownership of unique digital assets — remained intact. Creators like Hadid entering the space during a downturn demonstrated a conviction that went beyond market cycles.
For collectors and investors, the lesson was clear: focus on projects with genuine artistic merit, strong community foundations, and clear utility. The NFT projects that would survive and thrive in the bear market would be those that could weather the storm through substance rather than hype. As the broader crypto market searched for a bottom around $29,000 for Bitcoin, the NFT ecosystem was going through its own painful but necessary evolution.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. NFT investments carry significant risk, and readers should conduct their own research before purchasing any digital collectibles. Market conditions described reflect the situation as of May 2026.
dropping an nft collection when the fear index is at 10 is either genius timing or career suicide. no in between
nft_scout_ fear index at 10 was the bottom. bella dropping then actually aligned with the artist ethos of creating when nobody is watching
turned out to be decent timing actually. people who bought during peak fear held real art, not speculative jpeg floors
respect to bella for not just doing a cash grab during the bull run. actually putting creative work into cy-b3lla
floor_watcher_2 the creative work showed but the timing killed the market. generative art plus fashion was the right concept, just wrong macro environment
CY-B3LLA coming out right after the Terra collapse separated the creators from the flippers. most celebrity NFT projects from that era are worth nothing now
celebrity nft projects from mid 2022 are basically all dead except ones where the celeb actually engaged. most were cash grabs
Zara L. separating creators from flippers is exactly what the bear market did. most celeb nft projects from that era are at zero now
fear index at 10 and she still shipped. most celebrities would have quietly delayed. respect for actually following through
dropping during fear index 10 with actual generative art behind it. compare that to every other celeb who just slapped their face on a jpeg at peak euphoria