DISCLOSURES: THE AUTHOR(S) OF THIS REPORT MAY PERSONALLY HOLD MATERIAL POSITIONS IN ETH. THE AUTHORS HAVE NOT PURCHASED OR SOLD ANY TOKEN FOR WHICH THE AUTHORS HAD MATERIAL NON-PUBLIC INFORMATION WHILE RESEARCHING OR DRAFTING THIS REPORT. THESE STATEMENTS ARE MADE CONSISTENT WITH DELPHI’S COMMITMENT TO TRANSPARENCY AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE OR SELL ANY TOKEN, OR TO USE ANY PROTOCOL. THE CONTENT OF THIS REPORT REFLECTS THE OPINIONS OF ITS AUTHORS AND IS PRESENTED FOR INFORMATIONAL PURPOSES ONLY. THIS IS NOT AND SHOULD NOT BE CONSTRUED TO BE INVESTMENT ADVICE.
OUR AFFILIATE DELPHI VENTURES LLC MAY HAVE INVESTMENTS IN ASSETS OR PROTOCOLS IDENTIFIED IN THIS REPORT INCLUDING BUT NOT LIMITED TO ETH. THESE DISCLOSURES ARE SOLELY THE RESPONSIBILITY OF DELPHI VENTURES.
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Competitors in the tokenized NFT marketplace race are still relatively scarce, with a handful seeking to dethrone OpenSea. Although LooksRare and X2Y2 drew first blood by releasing governance tokens, their effectiveness remains to be seen during the current bear market. The question of whether token rewards can sufficiently attract sticky users — especially amid wash trading concerns and turbulent market conditions — remains.
This report will cover how these platforms have fared since inception and compare their performance in their quest to become the go-to NFT platform.
For the purpose of this report, we will define what wash trading entails. Please be advised that these definitions may differ from other reports, as the data charted here specifically reflects the following definitions. Wash trading is defined by:
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