Original author: nobody (Twitter: @defioasis)
Research on the Survival Status of NFT Trading Platforms (1): The Battle for the Leader in the Post-Royalty War Era
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Disclosure: The author holds NFT platform tokens and other related assets as an individual investor, and has no interest in any platform or project party.
Disclosure: The author holds NFT platform tokens and other related assets as an individual investor, and has no interest in any platform or project party.
LooksRare and X2Y2 are the representatives of the transaction mining model, and they are also the earliest practitioners and continue to this day. The distinctive feature of the transaction mining platform is that the unit price of each transaction is extremely high. In the bear market, this feature is also deeply reflected in the very few users, but it supports a huge platform transaction volume. @SeaLaunch_ data shows that for a period of time in April, the average transaction volume of LooksRare once exceeded 100 ETH. Even under normal circumstances, the average transaction volume of LooksRare and X2Y2 is between 20-30 ETH. This is almost 40-60 times that of OpenSea.
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Data source: https://dune.com/sealaunch/NFT? undefined=&Select+Timeframe_ef 4 aff= 365+days
The wash-trade of transaction mining is not as complicated as Blur, and most of the big players back and forth in several wallets under their control. As long as the subsidized Token can cover the platform fees paid in advance, it will be profitable. Moreover, the subsidy is settled in the account on a daily basis. After receiving the Token, there will hardly be too much loyalty. When you get it, sell it to recover the cost first, and then weigh whether to continue to sell the profit or pledge to reinvest. @hildobby_ The data panel shows that in the trading volume of last week (4.10-4.16), the cumulative trading volume of LooksRare was $47,903,449, and wash-trade accounted for 45.6%; the cumulative trading volume of X2Y2 was $36,039, 982, wash-trade accounted for 69.6%. This kind of wash-trade-based trading mining activity has brought continuous selling pressure to the platform Token in the sluggish demand of the bear market. LOOKS and X2Y2 have performed indescribably for a long time in the past, especially for X2Y2, which lacks market makers Even more disaster.
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Data source: https://dune.com/hildobby/nfts-wash-trading
The price of Token has fallen for a long time without support, which has brought a lot of negative emotions and FUD to the community, which is especially evident in the community where the Chinese are the main positions. However, even if it falls, unless the project party reshape the token economics, it will be difficult to abandon this transaction mining model immediately in the short term, because the source of income of the project party is almost entirely dependent on the fees captured by the retained pledged Token . Therefore, if you fail to reshape the utility of Token in terms of token economics, and blindly cancel transaction mining, you will undoubtedly cut off your source of income.
In the context of internal and external troubles, the two may be heading for different paths. X2Y2 is rethinking market positioning, shifting from a single spot trading platform to a full financial ecology based on NFT. X2Y2 Loan is the first step and an important layout in NFTFI. Currently in the field of NFT lending, X2Y2 Loan occupies about 10% -15% of the market share. The second step is to expand allies and expand the ecological function circle with X2Y2 as the core. Dew, a Polygon-based trading aggregator for NFT Traders, is the first partner, and it is expected that more partners representing a certain NFT segment will join in the future. NFT futures contract trading may also be introduced in the future. However, due to the lack of communication with community users, users may not be able to understand the change in strategic thinking, resulting in a large number of community FUD, which is something that the X2Y2 team urgently needs to reverse.
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Data source: https://dune.com/yaloong/x2y2-loan
