The NFT Market sees a slight uptick in trading activity as 2022 ends
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🌅 Welcome!
Genesis is considering filing for bankruptcy after firing 30% of its employees. Elsewhere, Kyle Davies of the infamous Three Arrows Capital was summoned on Twitter.
Today we take a look at the NFT market’s recent performance as our research team explores the state of web3 gaming as 2022 ends.
This is Delphi Daily. Let’s dive in.
🚨 In case you missed it
Crypto lender Genesis considers filing for bankruptcy as company lays off 30% of employees.- Kyle Davies of the infamous Three Arrows Capital was summoned on Twitter.
- Alex Mashinsky, former CEO of Celsiusis being sued by New York Attorney General Letitia James.
- Silvergate Capital was forced to cover $8.1 billion in withdrawals by selling assets at a loss.
📊 NFT Market sees a slight increase in trading activity as 2022 ends
- NFT volume on Ethereum increased in December 2022, mainly due to increased activity on Blur, a new marketplace for NFT power users. In December, Blur reported a total volume of $484 million, almost double the $263 million volume reported by OpenSea.
- This follows Blur’s airdrop announcement, which rewards traders who place bids on the platform. This allows traders to earn points and potentially get a bigger airdrop. The BLUR token is expected to launch in late January 2023.
- The NFT trader count on Ethereum also saw an uptick in December as the number of wallet addresses trading NFTs increased by 7.7% month-over-month from ~540K to ~582K.
- A possible explanation could be that NFT traders reap tax losses before the end of the year. Tax loss harvesting is the timely sale of assets (such as NFTs) at a loss to offset the amount of capital gains tax payable on the profitable sale of other assets.
⚡ December Gaming Roundup
- The total market capitalization of all gaming-related tokens fell 14% to $6.34 billion in December. Looking at changes over the past month, all of the top 10 tokens (by market capitalization) ended at a low, with most dropping more than 50% in price.
- ImmutableX saw the market capitalization of the IMX token increase by more than 60% this quarter. However, this was primarily due to a significant unlocking of tokens on November 5, 2022 that was awarded to private investors and ecosystem development.
- Some estimates put the unlock at more than 200 million tokens, or about 12% of the total supply. It is worth noting that the ImmutableX team has expressed that many of these newly unlocked tokens will not be sold.
- Upon closer inspection, we can see that the FTX collapse that occurred in early November has had a significant impact on token prices across the board.
- ApeCoin and Axie Infinity’s SLP token were the least affected, but still saw their prices drop by 34% and 37% respectively. ApeCoin managed something of a comeback from late November to early December.
- Although not a perfect representation of the web3 game market, the chart above illustrates the changes in total volume and total market value for the top 10 game projects combined.
- Again, thanks in large part to the FTX collapse, total market capitalization fell by 41% and total trading volume fell by 85% (as of November 6).
- It should be noted that trading volume for both WAXP and SAND increased by 33% and 5% respectively throughout December (although volume fell by 31% and 20% respectively in Q4).
- Despite all this doom and gloom, the weekly number of unique active wallets (UAW) interacting with gaming dApps over the past quarter has consistently remained 2x+ above the next most active sector, DeFi.
- December saw a small drop, but the number of daily UAWs has mostly stayed between 800k and 900k.
- UAW is not a good representation of actual users, as many of the most popular game protocols are heavily botted and some others require very few on-chain interactions.
- But with a number of highly anticipated blockchain games set to be released in 2023, this bodes well for an exciting future for the sector.
- For more on the state of web3 gaming in December, Delphi members can read our Delphi Pro report here.
🐣 Notable Tweets
Years ahead for Crypto
1/2022 was The Great Reset for crypto. Overhyped trends and mass speculation pushed the crypto market way overboard, so last year’s washout was a necessary reset. Today we present our Year Ahead for Crypto report. Unlocked for the public: ➡️ delphi.link/year-ahead
Genesis Episode Overview
DCG situation:
– DCG owes 2.025 billion dollars
– Genesis can call their $1.675B loan
– Genesis owes 900 million dollars to GeminiDCG Liq
– Shades of Gray $10B AUM x 2% = $200M x 3x multiple = $600M
– GBTC/ETHE Holdings = 9.7%/3.8% = $629M at discount, $1.17B at par
– VC book = Fire sale values in a bear— Tommy Shaughnessy (@Shaughnessy119)
