What's Driving Token Prices? November 2, 2022

Katie Talati
Nov 2, 2022

Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.

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  • LOOKS (-7.2%) - NFT trading platform Looksrare announced last week it would remove NFT royalties on its platform, following in the footsteps of Magic Eden, Sudoswap, and X2Y2. Looksrare plans to distribute 0.5% (or 25%) of its protocol fee to creators to help with this transition. Looksrare is the third-largest NFT marketplace after Opensea and X2Y2, generating $1.5B in annualized volume.

  • IMX (+0.6%) - Layer 2 scaling solution Immutable-X announced the release of Gamestop’s NFT marketplace on top of Immutable. Last year, Gamestop and Immutable-X forged a partnership that included an exchange of IMX tokens, which Gamestop immediately market-sold, crashing the price of IMX. The project also recently announced that it resold tokens that unlocked from the early private rounds to new investors, including Coinbase Ventures, Kenetic Capital, and others.

  • GMT (+3.3%) - Creators of the move-to-earn project Stepn announced this week it would be rolling out a new NFT trading marketplace that charges users a monthly subscription to trade instead of royalties and trading fees. The marketplace, called MOOAR, will be an interesting test to see if it can find product-market fit as a subscription service in Web3. At its height, Stepn had over 1M daily active users and currently has over 4.7M registered users.

  • DOGE (+83%) - In case you haven’t been following the news this week, Elon Musk officially finalized his purchase of Twitter. Speculation has brewed for some time that Musk may institute Dogecoin—the meme digital asset he has previously promoted—for micropayments as he looks to begin charging Twitter users. Yesterday morning, DOGE soared after Musk tweeted a photo of a Shiba Inu dog wearing a Twitter t-shirt next to a pumpkin with the Twitter logo.


DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."


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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

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