Join Delphi Research today and immediately get access to our full Member Portal!
Join Delphi Research today and immediately get access to our full Member Portal!
Back

DeFi and NFTs: Signs of Growth and Speculation

Jul 27, 2021 · 4 min read

By Ashwath Balakrishnan, and Jeremy Ong

Market Update

After retracing a decent chunk of its rally last night, BTC has been pushing back up to the $38,000 mark. ETH is closely following BTC, as are other crypto assets. Overall, sentiment is recovering as the Fear & Greed index begins to rise out of a state of abject fear.

NFT + Gaming Outperforms And An 8x

Axie Infinity and AXS have been the talk of the town for the last month. AXS has greatly outperformed the broader crypto market, even creating momentum for other tokens in the same category. AXS, SAND, and FLOW have in particular had a fantastic July, but AXS’s outperformance versus SAND and FLOW is also remarkable. Technically, only SAND is comparable to Axie as a play-to-earn crypto game that utilizes NFTs. But crypto runs on narratives, which allowed other tokens that are related to NFTs to find a strong bid. MANA and ENJ are up 29% and 21% respectively in July.

Delphi Dailys are absolutely free to read on our portal and get in your inbox - you just need to sign up with your email!

Sign Up For Free