When it comes down to SPT, the most valuable use case it got was to be part of the SPS Airdrop. As that came closer to the end, the price continued to drop and it feels like now there is a new balance where the price reflects the current use-case. That is pretty much limited to curating the content created on Splintertalk.io so the better posts get on top. It potentially also is a tool to build a community as you can accumulate quite a big part of the tokens for not that much money which grants you the power to upvote the content of your community members. Another use case is pretty much speculating on potential future use cases which would pump the price. There is also the NFT stuff which SPT is used to pay for them but does anyone really care about that?
Personally, I don't think there will be any more use cases aside from it being a blogging curation token going forward. There just isn't enough incentive for the team to do so. Also when looking at PAL which was the first tribe token by the team behind Splinterlands, it never really continued to be supported and now with a $0.0000927 price and just a 3300$ market cap for all coins.
SPT Market Caps & Inflation
This is the overall evolution of SPT so far since I started tracking it.
| Date | Price | Market Cap | Supply |
|---|---|---|---|
| 10/02/2021 | 0.000280$ (-) | 19,318 $ | 68,905,727 SPT |
| 22/04/2021 | 0.000310$ (+10.7%) | 23,123 $ | 75,621,474 SPT (+9.74%) |
| 04/08/2021 | 0.006190$ (+2000%) | 460,895 $ | 85,561,680 SPT (+13.14%) |
| 05/09/2021 | 0.015930$ (+257%) | 1,425,000 $ | 89,454,000 SPT (+4.55%) |
| 18/02/2022 | 0.003110$ (-80.5%) | 387,350 $ | 124,550,000 SPT (+39.2%) |
| 28/07/2022 | 0.001000$ (-67.8%) | 152,244 $ | 153,782,658 SPT (+23.5%) |
| 11/02/2023 | 0.000168$ (-83.2%) | 32,183 $ | 191,566,068 SPT (+24.6%) |
The price right now is lower than where it was at the start of 2021 many months before the start of the airdrop and the token inflation remains sky-high which kind of makes it a race to the bottom. This, unless something would change to the tokenomics or if there would be an extra use case. The 32k market cap I would say just reflects the supply & demand.
Maybe an idea would be to make a proposal in order to change and improve the tokenomics so there are less incentives for everyone to just dump if further down.
Personal Approach
My approach since forever has been to keep the 2M SPT I own staked and delegated to @monster-curator for passive curation returns. This is after I took some profit way back when the token pumped (see older posts). I have continued to take profit on the earnings regularly. Right now having 2M SPT delegated (336$) earns roughly 1220 SPT on a daily basis. This over the course of a year at current prices comes down to 75$ or +22% Yield. Off course, this isn't calculating the inflation and token price drop.
Conclusion
SPT without changed tokenomics looks like it's doomed as the inflation is sky-high while the use case is rather limited. While I was willing to gamble on future use cases years ago which paid off, right now there is nothing that makes me take a gamble on it and I pretty much consider my 2M SPT stack as coins that will continue to go down in both value and returns. If something would change the better, but I'm not counting on it honestly seeing how PAL is a totally dead coin now.
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I was pretty shocked to hear the words SPT come out of Aggy's mouth a few town halls ago. It seems like it hasn't been completely forgotten. I know Nate really loves the token. Maybe years from now when they start populating land with stuff it will become valuable? Maybe?
!PGM
It would be great but at this point, I'm not counting on it anymore. The way PAL turned out is kind of my main reference right now.
I've never even heard of PAL to be honest. I just looked it up. Seems like an aggy pet project with little upside or connection to anything else more than a Splinterlands project. I personally wouldn't equate the two but at the same time, if you're holding 2 million anyway, I guess its better to just not get your hopes up. I just want to see Nate get ahold of SPT. You're probably right about the tokenomics though. This whole hive curation model is pretty untested for anything other than novelty.
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Thanks for sharing! - @alokkumar121
I have a tiny bit of that coin, I think its down like 75% or so from where I bought it lol