DQMonthly: January Edition
Hello Questers,
2023 has started off with a bang in the crypto world. January has been a wild ride in the crypto world and boy oh boy, what a way to kick off 2023! The crypto market has been on fire, with Bitcoin soaring by a whopping 40% and the alts following suit. It’s like the Degenerates have forgotten all about the tear-jerking bear market of 2022 and are already dreaming of a new bull cycle. But let’s not get too ahead of ourselves, it could just be a trap. Who knows, right?
Anyways, there’s been so much more happening in the crypto world than just the market rallies. Have you heard about Metamask’s new staking feature through its dapp? Or how about Amazon’s entry into the NFT space? And let’s not forget the projects that have taken Crypto Twitter by storm, like Yuga Labs’ Donkey Doosh and Sewer Pass.
New trends are emerging like RWA (Real World Assets). So look forward to RWA projects in next few months like Centrifuge (CFG), Maple (MPL), TueFi (TRU), Goldfinch (GFI), Credix.
What happened
Top events of web3 which dominated the news in january
- China Launches State-Sanctioned Digital Asset Trading Platform
China has launched a national trading venue for digital assets, with a focus on standardising the trading process to reduce speculation and support the development of the metaverse. - From $1.5B to $0, Crypto Payments Platform Wyre Shuts Down
- Lens Protocol launches token-gated publications
- MetaMask introduces liquid staking in dapp for an easy and convenient way to stake ETH
- Ava Labs Joins Forces with Amazon Web Services to Boost Blockchain Adoption
AWS supports Avalanche’s infrastructure and dApp ecosystem, including one-click node deployment, through the AWS Marketplace - FTX recovers over $5B in customer assets
- Coinbase Follows Kraken to Japan Exit
“Due to market conditions, our company has made the difficult decision to halt operations in Japan and to conduct a complete review of our business in the country,” the exchange said - Crypto Lender Genesis Files for Bankruptcy, Ensnared by FTX Collapse
- The world’s first blockchain-powered election just happened in a war-torn, poor country
- Robinhood Rolls Out Its MetaMask Wallet Competitor to 1 Million Users
The company launched the Robinhood Wallet, a smartphone app that allows users to swap and transfer crypto, and view owned NFTs and crypto.
- L’Oréal’s NYX Makeup Brand to Launch DAO, Ethereum NFTs to ‘Redefine Beauty’
The NFTs will allow customers to own a digital certificate of authenticity for their products, with the aim of promoting transparency and sustainability in the beauty industry. - Kevin Rose’s NFT Wallet With 40 High-Value Collectibles Hacked
The incident highlights the importance of proper security measures for NFT storage and highlights the need for better NFT wallet security. - The Pedigree brand launches the Fosterverse™ program, calling on users to foster dogs virtually and combat pet homelessness
Gaming World
Updates & Top News of Web3 Gaming
- Axie Infinity launched the ability to buy, sell, and equip Axie accessories.
- Mark Wahlberg and Dwayne ‘The Rock’ Johnson Partner With GALA games
- Yuga Labs launched its new Dookey Dash game
- InfiniGods debuts ancient Greece-themed first game, InfiniMerge
- Sorare rolled out a new Capped Mode competitions
- Axie Infinity published its January Dev Update and introduced the Budget Axie Challenge
- Twitch Co-Founder’s Gaming NFT Marketplace Expands to Polygon Network
- Guild of Guardians partners with 8 esports teams (Team Liquid, Cloud 9, etc.)
NFT Arena
Top News of NFT’s fast moving market
- TOP 20 BIGGEST NFT Sale:
- Developer of ‘Mutant Ape Planet’ NFTs Arrested, Charged With Fraud for Alleged $2.9M Rug Pull
- Polygon Paid y00ts NFT Collection $3 Million to Leave Solana
- Kevin Rose Gets Scammed For Millions Worth Of NFTs
- Nouns Comic! is now available for preordering.
Due for release: 26 Apr 2023. - Decentraland published 2023 Manifesto: Year of the Creators, a post on its plans for the year.
- Rarible Unveils NFT Marketplace Builder That’s 100% Free
- Doodles announced plans to 1) acquire animation studio Golden Wolf and 2) migrate its upcoming Doodles 2 collection to Flow.
- Porsche drops an NFT and it’s not doing too well
- Azuki’s twitter account was hacked
- Amazon NFT Initiative Coming Soon
- Bitcoin NFTs: Love ’Em or Hate ’Em, You Can’t Ignore ‘Em
Notable upcoming NFT sales-
1-Rug Radio PFPs | Feb 6 to Feb 8 | 690 $RUG
2-BAYC Sewer Pass | Ongoing, Until Feb 8 | Free for BAYC/MAYC holders
3-Before You Exist Everywhere by Amber Vittoria | Forever Mint | 0.008 ETH
4-Treasury | Feb 23 to March 02
Deep Dive
Submerge deeper into reports of the trending topics
- 10 Artists in the NFT Space to Follow in 2023
- How NFTs Could Upend Copyright Law
- Tarun Chitra and colleagues published a paper on how to improve the Gradual Dutch Auction model employed by Art Gobblers
- Top Metaverse Virtual Worlds for 2023
- An incomplete guide to stealth addresses -Vitalik Buterin
- DappRadar x BGA Games Report — 2022 Overview
- The Great Reset: Your 2023 Guide to Web3 Games
Technical Analysis
What indicators say about market
Bitcoin closed January 2023 with a price increase of +39.9%, which is its best monthly performance since October 2021.
February is usually a positive month for crypto with an average BTC return of 8%
Analysis: On-chain indicators suggest that Bitcoin has made it through a capitulation phase and supply-side dynamics appear to be strong. However, there are still macroeconomic headwinds that could negatively impact the price of Bitcoin and other risk assets.
With the resurgence past $23,000, Bitcoin is looking to break above the cost basis of all three cohorts, which could have a positive impact on market sentiment as most participants would no longer be underwater.
However, these indicators should be considered alongside other macroeconomic factors, such as the likelihood of a macro bear market similar to 2000–2002 or 2007–2008, and the possibility of a market-wide selloff in risk assets.
Overall, despite the positive outlook, there is still possibility that this could be another bear market rally, as Bitcoin is currently sitting below the 200-week moving average price of around $24,600. If price can sustain above $20,000 in the short-term, the bullish metrics paint a compelling sign for more long-term accumulation.
Key Levels:
- Resistance: $24,600 (200-week moving average)
- Support: $20,000
Outlook: Positive, with caution due to macroeconomic headwinds and the possibility of another bear market rally.
Well, January was a wild ride for DeQuest! We welcomed two new games to our family, Shatterpoint and Oxya Origin, and let me tell you, these games are bringing the heat to the Metaverse. We’re talking NFT-based action RPG, Play & Earn third-person shooter, and a dystopian galaxy that’s just begging to be explored.
But wait, there’s more! We’re also integrating DeQuest’s technology into these games to bring a whole new level of gamified learning and user reputation building. Realms, Soulbound Tokens, and the MetaPassport are all part of the plan, and let me tell you, the future is looking bright (and a little bit dystopian, but hey, who doesn’t love a good apocalypse?).
So buckle up, Questers, because we’re just getting started. 2023 is shaping up to be a year to remember, and DeQuest is ready to lead the charge into the Metaverse. Hang on tight, and get ready for some seriously epic gaming adventures!
DeQuest Updates
- DeQuest announces strategic partnership with SupraOracles!
DeQuest has partnered with SupraOracles to enhance the GameFi ecosystem by utilizing oracles for real-time token and NFT prices for a decentralized distribution model in the gaming space. - DeQuest has teamed up with Shatterpoint for an epic collaboration!
DeQuest has announced its partnership with Shatterpoint, a Polygon-powered action RPG mobile game, to explore the Metaverse and develop valuable and rewarding opportunities for their respective communities through DeQuest’s MetaPassport reputation layer and Shatterpoint’s NFT-based, skill-based free-to-play and Play & Own models. - DeQuest joins forces with Oxya Origin
DeQuest has partnered with Oxya Origin, a Play & Earn third-person shooter game built on Immutable X, to explore the Metaverse and provide valuable, engaging, and educational experiences for both communities by utilizing DeQuest’s reputation-building technology.
About DeQuest
DeQuest is the first platform of its kind for Metaverse users who want to understand blockchain gaming concepts, through skill level progression and guided learning. It serves as a bridge to easily track users’ knowledge and skill levels across Metaverse ecosystems, as well as their ability to carry out different jobs in the Web3 world.
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The insights, views and outlooks presented in the report are not to be taken as financial advice. DeQuest Research Analysts are not registered broker/dealers or financial advisors. DeQuest Research Analysts may hold assets mentioned in this report.
