1. Summary of Industry Dynamics
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1. Summary of Industry Dynamics
This month is an unprecedented month for the encryption market. Bitcoin has risen from around $16,500 at the beginning of the month to above $23,000 in less than 4 weeks. The return rate within the month is close to 40%. The best "January", the market transactions are extremely active, and the transaction volume has increased from 11 billion at the beginning of the year to more than 33 billion. As of writing, Bitcoin closed at 23557.96, up 12% in two weeks; Ethereum closed at 1614.92, Up 4.05% in two weeks. Looking back on the entire industry over the past year, this round of bear market has passed the most painful and rapid decline stage after two major black swan events, and the market is also in a period of gradually restoring confidence, looking for new narrative logic, and stage of rectification. Major institutions are also more active, and they have issued articles looking forward to the future. For 2023, more keywords are concentrated on ZK Layer 2, parallel computing (APT, SUI), MEV, decentralized exchanges, and Ethereum upgrades. wait. The narrative has also settled down from the relatively superficial gameFi, metaverse, etc. to the underlying technology and infrastructure, and the market is also re-laying the foundation for the next round of bull market.
industry data
In contrast, U.S. stocks have performed strongly in the past two weeks. Since January 20th, both the S&P and the Nasdaq have shown 6 consecutive positives. The strong rebound trend is continuing and strengthening, and they both gained important positions last Friday. The Nasdaq successfully broke through the upper rail of the rectangular box on Friday, and the trading volume has also increased slightly. The Nasdaq has been in this wave of rectangular arrangement for four months, and the Nasdaq has formed a solid multiple. Bottom form. The S&P also stood on the 250-day moving average, that is, the annual line for the second consecutive day, closing at 4070.56 points. The annual line is a position of the average cost of holding shares for long-term owners, so it is of greater significance. This is also the first time for S&P 9 months back on the annual line, the technical bear market can temporarily come to an end. At the same time, the panic index broke a new low again, the market sentiment is quite stable, and the market is also in a state of steady rise. In the short term, we can expect the market to continue to rise. In terms of events, the US PCE was released on Friday. The data showed that the PCE continued to decline. The core PCE rose by 4.4% year-on-year and 0.3% month-on-month, which were all within expectations. The overall PCE rose by 5% year-on-year and 0.1% month-on-month. From the data point of view, inflation is indeed slowly and effectively being resolved. This data is also the most important data before the first interest rate meeting this year, which greatly increases the market's information on the 2/1 rate hike rate of 25 basis points. At the same time, it can be expected that the rate hike will stop in the first half of the year. The current market trend is very good. At this time, it is usually not necessary to predict when the decline will start. The success rate of bullish calls with the trend will be higher. Of course, the risk of thunderstorms in individual stocks still needs to be treated with caution.
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industry data
1) Public Chain & TVL
As of January 29, the overall lock-up volume of the public chains denominated in US dollars continued to rebound, rising to 48 B from about 44 B two weeks ago, an increase of 10%.
The TVL of all public chains has shown an upward trend, among which Fantom and OP have increased significantly, both exceeding 10%.
The overall performance of the Fantom chain in 2022 is not good, with an annual decline of nearly 95%. At the end of last year, with the return of Andre Cronje and the positive impact of new development plans, it began to pick up. On January 19, the Fantom Foundation released the Ecosystem Vault plan, announcing that 10% of the burned FTM in the original transaction fee will be transferred to the Ecosystem Vault as an ecological fund to stimulate ecological development. Since January 19, the price of FTM has increased by more than 50%. In addition, since January, the number of active users on the chain has increased.
2) Stablecoins
DAI, as the leverage of ETH, showed a trend of rising first and then falling. Compared with the beginning of January, the highest increase was 2.4%. The current increase has fallen back to 1.5%, and some funds have taken profits.
2. Macro and technical analysis
On the whole, although the inflow of external funds has not been observed, the trend of outflow of funds has stopped, which can confirm that the bottom has appeared.
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2. Macro and technical analysis
After the violent rebound, the market fell into a sideways period, and the short-term basic bottom was established. If there is a callback, you can gradually increase your position. Our point of view is still to look at 30000 u.
Two-year U.S. Treasuries traded sideways.
Nasdaq is still suppressed by the annual line, and the short-term rebound is more violent
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3. Summary of investment and financing
Investment and financing review
3. Summary of investment and financing
During the reporting period, except for Blockstream, an encryption infrastructure provider, which completed a US$125 million financing involving Kingsway Capital in the form of convertible notes and secured loans to expand its institutional Bitcoin mining hosting services, the only financing scale exceeded 1,000 The $60 million round of financing for Web3 development platform QuickNode completed with the participation of 10 T and Tiger Global
Institutional dynamics
Institutional dynamics
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NFT Market of the Week
1. NFTs & Metaverse
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NFT Market of the Week
Market overview: The performance of the NFT blue-chip index this week is relatively average, and it has fallen to a certain extent compared with last week. The blue-chip index also showed a downward trend within 30 days. As of January 28, the overall NFT market has not performed There is a strong warming trend.
Total market value of NFT: The total market value of NFT has not changed much this week, up 1.01%. The total transaction volume decreased compared to last week (-7.58%), but it remained at a relatively stable position in terms of the overall data within 30 days, with an increase of 2.09%. Trading volume also rose by 10.31%.
Market activity: The holders of the NFT market have not changed much this week, and the activity of traders has dropped significantly compared to last week, -5.25%. Buyers fell by 8% compared to last week, and sellers fell by 4.82 % .
The top three NFTs in the NFT market trading volume this week are Sewer Pass, MAYC, and BAYC. The floor price of BAYC has dropped in the past week and is currently around 73 ETH.
This week's Metaverse project overview:
Compared with the NFT market, the 10 leading blue-chip projects in the Metaverse sector performed well this week, and the total transaction volume still showed an upward trend, with an increase of 29.7% within 7 days, mainly due to the recent good performance of NFT Worlds, At present, the transaction volume has come to the second place, surpassing decentraland and the sandbox. In terms of total market capitalization, the top three projects in Metaverse are still Otherside, Decentraland and the Sandbox. The floor price of land prices has also risen and remained at 0.9 -1.73 ETH range.
This week's NFT & metaverse dynamic focus: Sewer Pass
Yuga labs launched the nft pass Sewer Pass of the Bayc-based foundry game Dookey dash last week. At present, the transaction volume of Opeasea has exceeded 26,000 eth, and the floor price is around 2.6 eth.
The gameplay of Dooky dash is similar to "Temple Run". Sewer Pass (Sewer Pass) is a ticket for Dookey Dash, with a total of 30,000 tickets. Sewer Pass is divided into four levels, TIER 1 needs to hold MAYC, TIER 2 needs to hold both MAYC and BAKC, TIER 3 needs to hold BAYC, and TIER 4 needs to hold both BAYC and BAKC. The higher the Sewer Pass level, the greater the likelihood of better rewards in the future.
The overall gameplay of the game is divided into three steps:1) Obtain Sewer Pass (BAYC and MAYC holders can apply for free, and the secondary market can also be traded);2) Use the Sewer Pass to play Dookey Dash, at least once and the score is greater than 0 to be eligible for subsequent rewards;3) Keep the Sewer Pass in the same wallet you used to play the game until the end of the Dookey Dash game on February 8, 2023.Users with points greater than 0 in their wallets will be eligible to receive mysterious new energy
, there are not many details about the new energy at present,
The verified Sewer Pass with the highest score will also receive one of the rarest keys.
The number of Sewer Pass conversions will be determined by the number of Sewer Pass and wallet combinations eligible for conversion, up to a maximum of 30,000.
Overall, since the beginning of 2023, after the NFT market has begun to pick up, the market sentiment is currently relatively high. Moreover, BAYC, as the leader of NFT blue-chip projects, has always been one of the best in its operation and storytelling capabilities. Yuga Labs is good at maintaining a sense of mystery, with the help of storytelling and Easter eggs, to set up suspense and leave a lot of room for imagination to the community. The launch of the new game has also attracted the attention of the entire network. At the same time, there are additional rights and empowerments for BAYC/MAYC/BAKC and APE tokens. This has also attracted many users to tap the investment opportunities of this game.
Key project: Azuki officially enters the metaverse: important clues in the virtual city "Hilumia"
#1 Ember Square
In the last weekly report, we mentioned that the nft blue-chip project Azuki announced the official launch of the virtual city "Hilumia" built by the community on the occasion of its 1st anniversary, although this public information did not mention the financing status and The status of the currency issuance, and some rewards in the form of short positions like last year, etc., but we will still share with you the innovations that the project party may launch based on this virtual city and their worldview.
#2 Slowpokes Toy Haven
Azuki's Dream Town "Hilumia" Introduction:
#3 9 Lives Arcade
Hilumia presents itself as a very dreamy small town with 10 main interactive locations that clearly show what each location does and what plans are being implemented.
#4 Golden Skate Park
A design store featuring the latest designs and styles from every corner of Hilumia, the place to discover current and future trends. Combining Azuki's recent series of cooperation with fashion brands, such as launching limited edition clothing with Japanese street brand AMBUSH, cooperating with Meta Street Market to launch XNOR-Assassins virtual sneakers, and Azuki's PBT technology (physical bond token, used to support some reality We can also boldly guess that in the future Azuki metaverse, NFT related to virtual fashion will be an important part of Azuki's development.
A toy store, originally a stall selling red beans and plush toys, also corresponds to Azuki’s airdrop project Beanz, (After the metaverse news came out, the floor price of Azuki’s airdrop project Beanz began to rise, with a 24-hour increase of 69%) This place should also produce other high-quality toy nft projects in the future, or launch some new Azuki airdrops or derivative projects, and the toy store may also be the location of mint.
A gaming arcade, this is a place where fans of classic old games can connect with lovers of modern games. Players can experience the metaverse in the game every day, and regular tournament events are held. From here we can foresee that Azuki is likely to release a game platform. At present, the entire building appearance and logo are designed with the theme of cats.
In the community of skateboard enthusiasts, azuki held an offline gold skateboard exhibition in Hong Kong before, and then held a total of 9 gold skateboard auctions online. The highest transaction price exceeded 400 eth. It seems that this is not very useful. After the Golden Skateboard Collection House is likely to host many metaverse experiences related to graffiti and street sports, it can be said that Azuki is slowly enriching its story, and is building the metaverse ecology step by step according to its original roadmap.
There are still many areas and venues under construction in the city that have not displayed design drawings, such as MODA. Later, some artistic creations or artworks in the azuki community should be stored, because the secondary creation community of azuki is very active and rich. There is also #Love Island, a peach heart-shaped building, which may be used for online social and matching experiences. What is shown so far is only part of azuki's world view.
Azuki's Metaverse Trilogy
Immediately after July last year, Azuki's official website World section added a "The Ruins" game interface, but it has not yet shown more functions. At that time, the function only supported Azuki holders to display their profile homepage, which contained the NFT they held, the NFT airdrops they participated in, and other activities. Azuki officials also stated at the time that the personal data setting function is just the beginning, and will follow the development of the community to explore more innovations, such as IP interaction, community interaction and other functions.
The Hilumia launched today is the third display under the World section. We have also seen in the past year that Azuki has integrated the products and technology updates launched in the past to start a new narrative.
We have also seen that azuki's community atmosphere, user creations, and the development of future stories are all growing upwards, and we can also see that Azuki is making some interesting attempts and innovations. However, on the first anniversary of the project, the azuki community did not bring too many substantive and surprising things to the holders and players, which inevitably disappointed the holders, so we are also looking forward to the fourth stage of the project in the Metaverse development and construction.
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2. GameFi blockchain games
1) Overall review
Overall, the Gamefi industry as a whole continues to pick up. In terms of token prices, 80% of the top ten chain games by market value have achieved positive growth, and the upward momentum has begun to slow down compared with the first half of the month. Among them, after leading the rise last week, TreasureDao Token continued to lead the rise this week, with a price increase of 72.71%, and an increase of 228.2% in the past 30 days (Treasure DAO announced that it will soon launch MagicSwap V2 to support asset transactions within the ecosystem;
Judging by the amount of contract interactions on the chain, 70% of the top ten chain games have achieved positive growth. Among them, WAM increased by 123% year-on-year. (WAM 3.0 version will be released in February, introducing AI technology)2) Project of the week: WAM
WAM App is an active mobile leisure chain game platform. Developers can launch their own games into WAM App. Players can get rewards by playing games. At the same time, the platform also encourages users to socialize and build their own fan communities. In addition, WAM App also encourages players to promote in order to get more benefits.
According to the official introduction,
Creator Tools：
At present, the WAM platform already has 45 chain game products.
Games + Social:WAM has also added social functions. In WAM, players have their own personal pages and can communicate with their friends in the APP. At the same time, the APP can be ranked according to the level and level of the individual playing games.
Players on WAM.app can create their own private tournaments where they can invite friends or members of their community to participate. Tournament organizers will be rewarded with more WAM tokens.Advantages:
User data:
team:WAM was established in 2019 and attracted 2.5 million users within 45 days of its launch, gaining a high degree of attention. In August 2022, WAM will become the number one gaming app on the BNB chain. Since the launch of P2E, the transactions in the WAM app have exceeded 1 million times, becoming a star project on the BNB Chain. Google store downloads 50 W+. Since January, the number of listing visitors on Google Play has grown by 31% to 253,308 visitors.
Recently, the interaction data on the WAM chain has risen sharply. As of January 20, transaction volume has surged 66,725% to 18.71k in the past few weeks. This increase could be attributed to the end-of-season settlement of the 1-year tournament, which rewarded over 3300 players, including merchandise prizes and $WAM. And judging from the past 30 days, all data have achieved relatively high growth.
team:
Token:
Summarize:
In the past month, the token price has risen sharply by 40% with the rebound of the gamefi sector, but compared with other projects of gamefi (such as magic and gala), the rise is average;
3. Web3 Social & DID & DAO
Tokens are almost fully unlocked;
Summarize:
On the whole, the activity of WAM on the chain has increased significantly recently. In addition, the WAM 3.0 version will be launched in February. Combined with AI technology, it is expected to bring players a better experience and further promote innovation. You can keep an eye on the performance of WAM tokens.
Web3 social is more valuable than web2 social
1/Value of a social network = number of individuals in the network x average value of individuals x average physical distance between individuals
2/In the Web2 world, the real social radius is relatively small, mostly with acquaintances, and a little more with strangers in the same city. There are not so many commercial elements of social networking, and there are relatively few international elements.
3/ The social networking of Web3 is often accompanied by commercial activities, because blockchain technology allows capital and human capital to circulate globally at a lower cost. So more globalization means greater social radius and physical distance, more social topological relationships, and higher individual value (because it is closer to business)
4/ Therefore, the social network value of Web3 is theoretically far greater than the social network value of Web2. Compared with the social networking of acquaintances and strangers in the same city of Web2, Web3 is a business-oriented social networking of strangers on a global scale. From the perspective of the demand side, the real new social needs and opportunities generated after the birth of blockchain technology.
The infrastructure of web3 social networking still needs to be improved
5/ How do social relationships of global strangers form? If the social relationship of Web2 is formed by families, schools, and enterprises, then the social relationship of strangers in Web3 depends on communities, DAOs, events, and cooperation between communities. There are various scenes around the community first, and then there are business-oriented social relationships of strangers
6/ At present, there is no platform that can well meet this new social demand. Although Discord is the closest, it is actually very inconsistent with the spirit of Web3, because it is too private, it is not conducive to cooperation between communities, it does not emphasize individuals, the amount of personal profile information is extremely barren, the user experience is poor, and the ability to accumulate content is poor. are very detrimental to the establishment and management of social relationships with strangers around the world
7/ To meet this new demand, both Web2 and Web3 infrastructures are required. Complete Web3ization is a kind of ideological inertia and ignorance of the real needs of users. Web2 is the Internet of information, which requires a certain degree of centralization. Because the social network itself requires centralized information and resource replacement, this has not changed in human society for thousands of years. Web3 is the Internet of Value, responsible for value transfer and chaining of social assets.
Web3's socialfi's fi may be fulfilled on NFT
8/ Web2 is often criticized for several points, such as information sovereignty, account controllability, information distribution circle, and interest sharing rights. It is already remarkable that each individual problem can be partially solved, and there is no need to subvert it all at once. Users need to have their own right to choose. Some users are particularly concerned about a certain point, and can selectively upload important information and social relationships at the expense of convenience and low cost.
9/ If fi is only x to earn in a narrow sense, then social and fi are inherently contradictory. People and content with real social value will not spend time and energy for petty profits, and robots and speculators accumulated by masturbation will not significantly increase the value of social networks. In a broad sense, fi should refer to the ability to transfer value in social networks and share the rights and interests of value networks. From this perspective, fi is meaningful.
11/ Instant messaging is not the best entry point for Web3 social networking, because many apps of Web2 have already solved it very well, and there is no need to add more things to the snake. On the contrary, the form of forums in ancient times is more suitable for this kind of content precipitation. It’s just that compared with the original forum back then, there are now new technologies such as personal information flow, tag classification, algorithm distribution, community distribution, etc., which will greatly increase the efficiency of information distribution.
about Us
12/ In the era of mobile Internet, one of the important reasons for the demise of forums is that the monetization efficiency of the community is too low. The existence of the Web3 value Internet makes the realization path of the community shorter. With more efficient content distribution efficiency, Web3 will usher in a community renaissance.
