It has been almost two weeks since I put my GLG assets for sale but up until today, I have only recorded $1.9 worth of sales. This has been a very disappointing turnout but it is understandable.
The 24-hour trading activity typically hovers between $50-300 and I think that's fair value considering most of the assets being traded are technically useless.
The launch of the game will inevitably lead to increased demand for cards and packs, as well but until then, we will have to accept this amount of daily trading activity. It is far from ideal but it is what we have and what we have to work with.
At the time of writing, each GLG pack costs around $2.1; a dramatic drop from the original purchasing price of $5 and a GLGT. It is rather fascinating to note that the price of packs actually dropped instead of moving the other way.
Packs enable you to earn GLX token from staking at a decent rate. The passive income from staking packs will compensate for the value you lose when they hit the secondary market.
Opening packs, on the other hand, offers very little value when you consider the languid pace of trading activities in the NFT marketplace. This realisation now leads to questioning my decision to open packs in the first place.
Hodl vs Staking
The major reason behind opening all those packs was the increased chance of finding a gold foil. At the time of writing, I have 52 Gold foils in my collection but there's but it does seem like there's barely any short-term demand for the assets.
The likely scenario is that in the long run, most of the gold foils in my collection will more than make up for the short-term discomfort they've caused. However, this is something I really should have considered before opening packs because of my short-term needs.
I was hoping that there would be more demand for Gold foils and I could even cross over to the Green side of the chart if I made a small number of sales. Sadly, that hasn't been the case, and for now, I'm stuck holding these assets until the game is launched.
The Townhall meeting scheduled for tomorrow will most likely give us a precise launch date or at least nudge us in that direction. This news could in turn have a positive impact on the demand for NFTs, and hopefully, gold foils leading the way.
Posted Using LeoFinance Alpha
