Still No New SPT Usecase.
Right now in Splinterlands, the supply of all the assets is simply bigger than the demand which makes it so that prices continue to dump. SPT is no exception to this as the inflation continued to be sky-high (13.2% supply increase in 5 months) while an extra use-case still needs to be given to it. What at one point was a 1.4M Overall valuation on a supply with 90M tokens in circulation now is a 22.4k overall valuation on a 242M Circulating supply. This equals a whopping 99.5% drop since the top.
Basically, all the value is being inflated away and the current use case is one that nobody really cares about. The combination of SPT having nearly no buyers while there are still many who dump at the price they are able to get it made it where it is now.
Is SPT Worth The Gamble Again ?
If anything, SPT really has got me tempted again at the current price. I still believe Splinterlands vaing a good future surviving the bear market and at some point getting hot again. Likely there will need to be 1 massively successful web 3 game before interest in Play2Earn will pick up again and Splinterlands should be one of the games all the new players will look at. I also expect at some point in time for SPT to get a use-case in the game which will make the price pump a lot without doubt.
After getting my initial stack years ago, I delegated it fully to @monster-curator which allowed me to earn passive returns which I sold up to this point systematically. I just checked and in the last couple of week since 20/10/2023 they seem to have stopped dropping for some reason I'm not aware of.
Something else that possibly could be done is to make some kind of proposal from the DAO to help support the SPT price even though I don't think many of the bigger players really care about it and it mainly benefit some of the bigger SPT holders. Right now SPT simply is not a priority in any way or form as the game has much bigger and more important problems that need to be solved first.
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%) |
| 19/05/2023 | 0.000283$ (+68.6%) | 60,410 $ | 213,239,755 SPT (+11.3%) |
| 28/10/2023 | 0.0000928$(-67.2%) | 22,400 $ | 241,374,655 SPT (+13.2%) |
So the price right now is the lowest it has ever been by quite a margin.
Personal Approach
I am keeping my 2M SPT staked and delegated to @monster-market but I would also like to find out what's up with the delegation payouts which seem to have stopped. Other than this, I likely will look to actually start buying SPT again taking the gamble at the current prices.
Conclusion
The combination of a crazy high inflation, limited to no use-case, Splinterlands suffering from the bear market in all it's assets, SPT continues to be in a race to the bottom. Based on the current market cap, I'm actually tempted to start buying some and likely will have done so by the next report on this token.
Play2Earn Games I'm Playing...
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Crypto & Blockchain-Based Bookies and Exchanges that I'm personally using with some allowing anonymous betting with no KYC or personal restrictions...
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I've noticed the lack or distributions also. WOndering what's happening. BUying now would certainly be a zig while everyone else is zagging. Could be a great move but we're going to need something incredible to dig spt back out. I can't see matt taking away from anything hes doing for the next 2 years in order to make spt valuable again. I know Nate cares about it. Maybe its a DAO move but I'm not even sure how that would work.
Do you have any ideas for ways to bring value to it?
!WINE
As far as ue cases I can remember them talking about eithe guild buildings and/or land where assets needed to be staked in order to get benefits. SPT was one of them. If that ever comes through there will be a pump for sure. Overall it's still hard to see reasons why SPT in the short-medium term would get priority over other assets in the ecosystem. SPT is one of those that when everything goes crazy it last in line is able to follow along exponentially since the overall valuation is so low making it easy to pump.
I wonder how many Splinterlands players even knows what SPT is
If you find out why, please let us know.
I'll try to keep an eye on it and if it doesn't come back within a couple of weeks I will ask around. the passive returns (which actually are just a part of the inflation to keep up with that) were the main reason I got my initial stack as the combination of exploding price selling the returns made me do well overall on SPT despite the fact that It's near worthless now and dumping it all at the top would have been a far better play. I do see an option to in a lesser way repeat this cycle but it won't work without the automated curation rewards.
I own very little SPT some 240K and thinking of adding 1 million to my stake but put my bet on GLX instead of SPT.
Still next 6 months are still full packed for team , so I do not expect any SPT development.
Yeah, it likely will take a while for SPT if it's going to pump again at all. Reminds me that I still need to claim my GLX from the last month. I can't say I'm impressed at all by what has been shown for that so far.