State of the Market:
7,953,933 packs sold from Chaos Legion
Rewards cards at .03
Lowest common from the set .03
Lowest rare from the set .12
This is 100% a buyer's market.* I think the SL population reacts a little late on news. How long did we know the waka promotion was coming, yet in my opinion, the SPS spike in price came very late.
We know the additional set, riftwatchers, in which only SPS can be used to purchase it, is coming. Land is about to come out, yet, we have seen it's price fall under 400.00 a plot.
That feeling of the day of release or very close to it, suddenly it hits the folks that they should own some of this. Right at that moment, it's too late though, the market has already moved and it happened that fast.
Impatience is bringing Chaos Legion cards, land, DEC, and SPS prices lower.
The real question you should be asking yourself is there any way in heck that Splinterlands doesn't sell it's Chaos Legion packs out?
Answer: Near Impossible*
How much time it takes, is up to debate of course.
Guys does it make any sense to sell a card from a 4.00 pack for .03 and .12?
I give this information out freely. For real, I could just continue to buy these cards at these prices. Also, how many people were out there in the SPS frenzy period that we're saying to themselves darn wish I had been here earlier. Well, now is your ground floor here again staring you right in the face.
There are two other things that play into market that are not limited to Splinterlands, but apply to cryptocurrency in general.
The purpose of bitcoin is to decentralize the monetary system and provide
an electronic digital currency. A community upholds it and this is why some people will never sell some of their bitcoin no matter what the price. It is that valuable to them. The near opposite of purpose/community is bitcoin is just something to speculate on and sell.
It's because of the blockchain, hive, and technology community mindset that the owner of
Splinterlands says things like "One of the biggest things going for this game is it's a blockchain game."
You'll read things on the Splinterlands website such as "Splinterlands is not an investment, it's a lifestyle."
Speculation also faces off against actual development. It is here that we must consider how far something is developed, it's potential to develop, and how long it will take to develop.
The 2018 cryptocurrency crash was a massive price correction because price was so far ahead of the actual understanding of bitcoin and real community(agreed value)
There also wasn't enough development to support it's price
I've noticed Splinterlands has done a ton of new hiring supporting development, it has it's own mobile app, a highly anticipated land release is coming in quarter 2, work on SPS validators, and SPS staking on players is on the way.
Your State of the Market is Now Complete
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*This is not financial advice
I am not a financial advisor