Overview of the week
first level title
- U.S. stocks tumbled more than 3% after Powell stood by his stance on raising interest rates on Friday. What did he mention and how will it affect the future market?
1. Industry dynamics last week
- Crypto markets recently experienced a six-week rally, however on-chain activity remains subdued.
1. Industry dynamics last week
Macro market events occurred frequently this week, and monetary liquidity tightened overall. With the rise of oil prices, the yield of U.S. Treasury bonds broke 3%, and the hawkish remarks made by the central bank of Jackson Hole at the annual meeting, the entire encryption market has also undergone substantial adjustments. After the rebound we proposed last week, this week’s encryption The market continued to fall. As of writing, Bitcoin closed at 19960.2, a drop of 6.66% within the week, falling below the $20,000 mark. Bitcoin fell by 14% throughout August, the worst "August performance" since 2015. Ethereum performed slightly weaker than Bitcoin, closing at 1486.99, a drop of 8.29% within the week. This crypto market rebound lasted for nearly 6 weeks. Bitcoin rose from the lowest point of 17618 to the highest of 25205, an increase of 40%. Measuring the presence of retail investors, we can see that this price uptrend has not attracted a large wave of new active users, and it can also be seen from the total inflow and outflow of exchange traffic that there is no new influx of funds , indicating that the public has no speculative interest in the current market.
The economic data for 1-2 months mentioned by Powell refers to the CPI and PCE in July. The PCE data came out this week, and the result was a 6.3% month-on-month drop from 6.8% in the previous month. At the same time, the core PCE also turned downwards. Trend, the latest value of 4.6% is also lower than expected. The 2% policy target mentioned by the Fed focuses on the core PCE. The Fed may need to see a more obvious downward trend before it can relax policy. From last year to the beginning of this year, it can be seen that the delay in raising interest rates means that policy relaxation may not happen until next year.
2. Macro and technical analysis
Another noteworthy issue is that the financial report of Nvidia, the leader of the semiconductor sector, was lower than expected last week, and its operating income increased by only 3% year-on-year, which is relatively shabby for a growth stock. Among them, the revenue of the game business fell by 33% year-on-year, which is even more bearish. The company gave guidance for the third quarter, and it is expected that revenue will grow negatively. On Friday, Nvidia’s stock fell 9.3%, which was obviously oversold by the market. The decline in the graphics card business is an important reason for the pessimistic expectations of revenue, and the logic of the decline in the graphics card business comes from the decline in the demand for Ethereum mining. Not only is the advent of PoS, but the recent sharp rise in global electricity costs, accompanied by the drop in the price of Ethereum, for miners Speaking of the increasing input-output ratio, it will be a long-term negative for now. Nvidia is the most important stock in the semiconductor sector, and semiconductors are an important part of the Nasdaq, which has certain guiding significance for US stocks. There is downward pressure.
2. Macro and technical analysis
Following Powell's hawkish speech, the market fell sharply. We expect the scale of the next three interest rate hikes to be 75bp, 50bp, and 25bp.
This decline will be dominated by ETH, and the decline of BTC will be greater than that of ETH.
The hawkish speech and the expectation of the rate hike path directly led to the two-year U.S. bond rate reaching 3.47
Nasdaq broke short-term, and this round of rebound is expected to come to an end.
Arh999: 0.32, the cost performance is already in a relatively good position, and regular investment can be made.
Number of ETH currency holding addresses: The overall number of addresses has increased steadily, and the address area with currency holdings below 100 has entered the market rapidly.
3. Summary of investment and financing
1. Review of investment and financing
3. Summary of investment and financing
1. Review of investment and financing
During the reporting period, 17 investment and financing events were disclosed (a decrease of 10% month-on-month), and the financing amounted to approximately US$289 million (an increase of nearly 50% month-on-month). Compared with the US$134 million in the previous reporting period, the scale of financing has dropped significantly.
In terms of specific tracks, 11 projects (US$2.2 billion) in the Web 3.0 & NFTs track accounted for nearly 65%. Although there are not many projects in the Defi and Infrastructure tracks, the average financing scale of a single project is much higher than that of the Web 3.0 & NFTs track ;
2. Institutional involvement
Among them, Talos, an institutional-level digital asset trading platform, and TRM, which helps governments and regulatory agencies monitor asset security and anti-money laundering, became the two projects with the highest exposure rate, and won awards from traditional banks (Citi, BNY Mellon), online payment service providers (Paypal ) of all ages.
4. Encrypted ecological tracking
Last week, the market value of the NFT market did not continue to rise, and fell in sync with the cryptocurrency market over the weekend, and market sentiment also tended to be around the 10th percentile. However, the siphon effect of blue-chip projects is still strong, and the blue-chip index based on ETH rebounded sharply.
According to The Block data, as of August 24, it is expected that the NFT transaction volume in August will drop by about 45% from the previous month. million and US$13.51 million, down about 59% and 56% month-on-month, respectively.
2) Dynamic focus
Nike NFT has generated more than 185 million US dollars in revenue, ranking first in the revenue list of major brand NFT projects
The third season of The Sandbox Alpha officially opened last week. Holders of NFT series such as BAYC, Moonbirds, and World of Women can use their NFT-based avatars to play games in the third season of The Sandbox Alpha.
Celebrity chef Gordon Ramsay announced on Twitter that he has reached a partnership with The Sandbox. "Hell's Kitchen" will be launched in the Metaverse, where players can make virtual dishes, collect recipes and participate in competitions to become chefs. It is reported that "Hell's Kitchen" (Hell's Kitchen) is an American culinary competition reality show adapted from the British TV show of the same name, hosted by British famous chef Gordon Ramsay (Gordon Ramsay). "Hell's Kitchen" was broadcast on Fox TV in the United States on May 30, 2005, and has been broadcast for 20 seasons.
Guided by the Office of the Shanghai Municipal Digital Transformation Work Leading Group and the Information Office of the Shanghai Municipal People's Government, Bilibili designed and jointly launched the urban digital artwork "Shensheng Endless" series in conjunction with IP SHANGHAI, a Shanghai urban image resource sharing platform. Released to the whole network for free, limited to 10,000 copies. The public who meet the registration requirements can follow IP SHANGHAI from 13:00 on August 24 to 14:00 on September 9, 2022 or log in to the Bilibili APP to submit a registration appointment and obtain the relevant lottery qualifications.
Baidu Super Chain will launch the first cross-chain digital collection on August 30. Users who receive the collection can independently choose to connect the collection to other blockchain ecology through the asset components of the Baidu super chain operation platform to realize value circulation.
4. Encrypted ecological tracking
1.NFTs
1) Market overview
2) Dynamic focus
3) Key investment
NFT Genius completed a US$10.5 million Series A round of financing at a valuation of US$150 million. Dapper Labs, Spartan Labs, Commonwealth Asset Management (CWAM) and Fundamental Labs led the investment, and Spartan, One Football and Unibanco participated. NFT Genius is a company that provides NFT projects and market technology. It is developing Gaia, a Flow-based NFT secondary market. The project is powered by Dapper Wallet and accepts credit card payments to make it easier for non-encrypted native users to purchase NFT.
1) Overall review
https://www.coingecko.com/en/categories/gaming
2. GameFi blockchain games
1) Overall review
This week, mainstream tokens in the Gaming sector continued to fall with the market, and the overall decline was relatively average compared with other sectors such as public chains and DeFi. In the previous rebound, sectoral tokens generally underperformed the market, but they remained consistent with the market in the last two weeks of decline, which fully reflects the current weak growth of the game track and the lack of new models, new hotspots and new narratives. Due to the generally long development cycle of 3A-level games, it is expected that the first quarter of next year may not see improvement at the earliest.
2) Project of the week - Gallium Studios
https://www.galliumstudios.com/
Web3 game studio Gallium Studios announced the completion of $ 6 million in financing, invested by Griffin Gaming Partners. The financing will be used to expand the team and develop games based on blockchain and AI technology.
Gallium Studios was founded by game designers Will Wright and Lauren Elliott, with team members from well-known companies such as EA, Blizzard, Warner, and Pixar. Will Wright is a legendary game designer, creator of the famous games The Sims, SimCity and Spore. The Sims franchise has sold more than 200 million copies worldwide, making it one of the best-selling game franchises of all time. CEO Lauren Elliott created the detective puzzle game "Carmen Sandiego" series in 1985. This series is also a classic game. It set a sales record of 4 million copies in the 1990s. " and other cartoons, won the Grammy Award for Best Animated Screenplay. The two legendary game designers hope to use new technologies such as AI, blockchain, and NFT to explore new ways of playing next-generation simulation games, put players at the center of the game development process, and enable players to fully own their creations.
The project currently being developed by Gallium Studios is called Proxi. It is a creative game based on new technologies such as AI deep learning, neuroscience and memory data models. Its concept is interaction, connection and collection. By building mind maps and keywords In this way, the system can help players tap subconscious and deep memory, transcribe and extract concepts and keywords, and finally form it into a memory world, and the connection of countless memory worlds will form a broader world. It can be understood that Proxi is a tool that makes the player's psychology and memory a game landscape.
In addition to AI and neuroscience-related technologies, the application of blockchain and NFT is also essential. Players need blockchain technology to safely save their content and ensure control (many memories are player privacy, and players need to ensure control), while NFT allows the flow of player-generated content to be sold in the market. Proxi's mode is similar to an extension of "The Sims", helping players retain memories and develop inner identities. Proxi will be released in stages, and the current v01 version is a creator tool and community.
3. Infrastructure infrastructure:
1) Market overview
Last week, the TVL of each public chain also maintained a trend of rising and falling. The overall lock-up volume (including staking) was 67.1 billion US dollars, a 4.8% drop from last week.
Inworld AI, an AI-driven metaverse platform, announced the completion of US$50 million in Series A financing, led by Intel Capital and Section 32, Founders Fund, Accelerator Investments LLC, First Spark Ventures, Kleiner Perkins, BITKRAFT Ventures, CRV, Microsoft M12 Fund, Micron Ventures, LG Technology Ventures, SK Telecom Venture Capital, NTT Docomo Ventures, The Venture Reality Fund and others participated in the investment.
https://www.inworld.ai/
4. DAO Decentralized Autonomous Organization
Mural
It is reported that Inworld uses AI technology to build metaverse characters and endows personality, thoughts, memories and behaviors to imitate the social nature of human interaction. Its platform has been integrated with game engines (such as Unreal and Unity), and developers can easily deploy design characters to in the game environment.
https://www.mural.xyz/create-murals
4. DAO Decentralized Autonomous Organization
Mural, a DAO infrastructure tool, completed a $5.6 million seed round of financing, with investors including Galaxy Digital, Digital Currency Group, Firstminute Capital, 186 Ventures and a handful of founders.
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