Running For Money, The Fed's Predicament, & The Rise of Music NFTs

Chart of The Day: StepN Runs!

• StepN is a web3 lifestyle application that allows users to earn GST or GMT tokens while walking, jogging, or running outdoors. Over the past month, StepN has been gaining traction as more users join the “Move-to-Earn” economy. Daily depositors have soared from under 500 at the start of Feb to a new high of 3.6K yesterday.
• GMT is the governance token in StepN and GST is the game token for the ecosystem. Prices of GMT(+400%) and GST(+45%) soared as they were required to unlock new mechanics such as shoe minting and gem upgrades that boost earnings for users.
• Users will be required to own their own NFT Sneakers to participate in the Move-to-Earn application. Each NFT Sneaker is unique and determines their daily energy and token caps based on their stats, levels, and rarity. As these NFT sneakers get used, they’ll get worn out, which will require GST to repair. NFT Sneakers (when paired) can also mint shoes, and this requires GST and/or GMT tokens.
• Once your sneakers reach a certain level, they’ll unlock gem sockets. Users can enhance the stats of their sneakers by inserting the corresponding gems into the sockets.
• To check your potential earnings and simulate optimization for your NFT sneakers, visit stepn.guide.
• For the running geeks out there, you can learn more about StepN here.

Ripping Off The Rate Hike Band-Aid

[Excerpt from our Mar. 17 Market Insights]

Reading Through the Tea Leaves

• Oftentimes it seems as if complex systems (like the economy) deserve an equally complex solution when issues arise (like nosebleed inflation). But sometimes the simplest answer is the best one.
• In the case of inflation, the best deterrent for higher prices is…higher prices. At a certain point people will just stop shelling out for expensive goods and services. If wage increases were outpacing inflation, then we could sustain higher prices because people would still wind up with more money in their pocket. But they’re not. So at a certain point, higher prices will weigh on demand because people have less consumption firepower. They simply can’t afford to buy as much “stuff”. This would naturally curb demand, which in turn would put pressure on companies to reduce costs to retain business. And if they don’t, people will forego what they have to offer (or they’ll simply go elsewhere).

• The current situation obviously isn’t that simple, but it’s not that complex either. “Consumers” are already getting squeezed. And consumer sentiment is tanking.
• Powell himself suggested raising rates and reducing the Fed’s balance sheet is a solution to higher prices pressuring consumers. This means Fed officials acknowledge financial conditions are likely to tighten and economic growth is likely to slow. They’re banking on a strong labor market that’s resilient enough to handle this, but only time will tell.
• At the end of the day, we can bicker all we want about what we think the Fed should do, but all that matters is the actions policymakers actually take.
• For more, Delphi members can see our latest Market Insights here.

A Bull Case for Music NFTs: Everything You Need To Know About The Next .WAV Of On-Chain Art

[Excerpt from a Delphi Report]

• Since Beeple’s record-breaking auction, NFTs have grown synonymous with 2D visual art. Often called “JPEGs” informally, the most valuable NFT brands are overwhelmingly static images. Audio and video NFTs, by contrast, are a rounding error in terms of sales.
• But will JPEGs always rule the NFT market? It seems unlikely, especially considering today’s digital media landscape.
• For one, far more people love music than fine art. The music industry generates $57B in revenue from billions of people, with over half a billion users on paid streaming services. Fine art appears to be comparable in size at $50B in global revenue. But that’s largely supported by just 10,000 estimated art collectors who regularly buy substantially-priced works. In terms of mindshare, the difference is staggering.
• Of course, it’s not clear the NFT future will resemble today’s media landscape. But several factors—including collector culture, early adoption, and recent sales figures—suggest music NFTs, in particular, are worth watching closely. In this report, we dive into why they’re well-positioned from a collector’s perspective, as well the nascent trends we’re seeing.
• For more, visit the Music NFT Report here. It’s Free!

Video overview

Notable Tweets

Tips to Founders Raising Capital

Tips to Founders Raising Capital

Delphi has invested in over 100 projects and has seen thousands (maybe tens of thousands), so I thought it would be worth sharing some tips for founders raising capital

A thread in my opinion 🧵

— Tom Shaughnessy (@Shaughnessy119) March 21, 2022

BreederDAO Whitepaper

🚨 BREEDERDAO WHITEPAPER IS LIVE 🚨

🔗 http://whitepaper.breederdao.io

#BreederDAOWhitepaper

— BreederDAO (@BreederDAO) March 19, 2022

Post-Modern Monetary Theory

1) Between inflation and recession:

Post-Modern Monetary Theory

— SBF (@SBF_FTX) March 19, 2022