A few days ago, the Wall Street Journal revealed that the a16z crypto fund evaporated about 40% of its value in the year’s first half. Similarly, in the secondary market, the overall performance of the cryptocurrency market is far worse than in 2021.
There are only a few notable projects, such as APT (Aptos), OP (Optimism), GLMR (Moonbeam), etc., that have attracted more and more people’s attention in the secondary market this year. At the same time, fan tokens became a separate big track that started to explode ahead of the World Cup.
In 2021, several tracks like Public Chain, DeFi, NFT, GamFi, Metaverse, Meme, etc., exploded across the board. In the secondary market, projects like SHIB, GALA, AXS, SAND, MATIC, LUNA, FTM, SOL, ONE, and MANA all performed well, with the highest ROI reaching a staggering 16,000% or more. The average return has also reached 6600%.
Nevertheless, many projects in 2022 still have relatively impressive performance in the secondary market. M-Research statistics show that as of October 27, 150 of MEXC 2022 debut projects have increased by more than 10%, including 65 projects with an increase of 10%-100%, 86 projects with an increase of more than 100%, and the highest increase of individual projects between 166% and 479900%.
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In 2022, among the top 20 projects with the first token increase of MEXC, the highest increase is between 2020% and 479900%, the current increase is between 14% and 60908%, and the average highest increase is 5605%. Among them, GameFi projects have the largest number, with a total of 7 projects, followed by the number of NFT projects with three.
Table：M-Research
Suppose the number of counted projects is expanded to 150 (an increase of more than 10%). In that case, GameFi and NFT are still the best-performing tracks this year, including 29 NFT projects, accounting for 19.3%, and 25 GameFi projects, accounting for 16%. Secondly, although the number of outbreaks in the DeFi track is not as good as that of NFT and GameFi, it still reaches 18, accounting for 12%.
Among them, GameFi projects do not only include the game category, but the X2E category has not only become one of the hottest tracks in 2022 and is tied with the game category in terms of number and upward performance.
Graph：M-Research
As the 2022 World Cup in Qatar is approaching, fan tokens have become a separate track. They have performed well, such as LAZIO (S.S. Lazio Fan Token) with a maximum gain of over 814%, SNFT (The Spanish National Football Team Fan Token) with the highest rise of 2075%, and ITA ( The Italian Football Federation Fan Token) had the highest increase of 4550%.
Note: M-Research previously counted the number of online fan tokens as 17. Now it’s 18 plus the recently launched ITA.
Therefore, fan tokens are also favored by major mainstream exchanges. MEXC and Binance are the platforms with the most online fan tokens. They are classified according to the issuing platform (chain), namely the Chiliz, Bitci, and BSC series. Among them, MEXC has 18 listed fan tokens, of which five will be launched in 2022. The rest will be launched in 2020-2021.
Compared with 2021, there are few popular new infrastructure projects in the secondary market this year. There are only a few projects, such as OP, APT, GLMR, and EVMO, with only a few projects like OP, APT, GLMR, and EVMO, focusing on Layer2 of Ethereum, the new public chain, and the cross-chain ecology.
Meme projects that broke out in 2022, such as SHIT, THE, CAW, etc., only SHIT has a maximum increase of 5,600%, and the overall performance is not as good as 2021, while last year’s SHIB, PEOPLE, and SOS all had the highest increase of more than 2,053%.
Table：M-Research
However, from the overall primary and secondary market popularity, many tracks and projects are still worthy of attention in 2022. Like the new public chains Aptos and Sui; the old public chains Ether2.0 and Cosmos2.0; the four Layers2 of Ether (Optimism, zkSync, StarkNet, Arbitrum); DOGE, which is constantly messing with Musk, etc.
If we divide them by the rate of increase, there are 69 MEXC debut projects with a 10%-100% increase. In terms of quantity, NFT, GameFi track, and other “blockchain+” projects (such as blockchain + medical treatment, blockchain + entertainment, blockchain + advertising, etc.). There are 81 projects with more than 100% increase, and the best performers are still NFT, GameFi, and fan token tracks.
Graph：M-Research
Overall, in 2022, the focus of infrastructure in the cryptocurrency market is still mainly on old-school projects like Ethereum 2.0, the four major Layer 2s of Ethereum, Cosmos 2.0, and Polkadot, except for a few projects with well-known institutions backing and Meta backgrounds, such as Aptos and Sui. There will be fewer and fewer opportunities for new public chains, and the focus will continue on application-layer projects on the NFT, DeFi, and GameFi tracks.
M-Research made this table in January 2022. Some of the information is out of date and is for reference only.
Conclusion
If you look back to 2021, it was the year when all the tracks in the cryptocurrency market exploded in full force. In addition to the NFT, DeFi, and GameFi tracks mentioned above, the public chain, Metaverse, and Meme were the major breakout tracks in 2021.
Previously, according to M-Research, among the top 10 projects in the network at that time, public chain projects occupied 4, such as SOL, ONE, FTM, and MATIC, and two Metaverse projects, which are SAND and MANA. Except for projects like SHIB, which have skyrocketed within half a year of launch, most projects have a specific growth period. For example, FTM was first launched on the secondary market on MEXC in June 2019, MANA was launched on the secondary market on MEXC in February 2020, and SOL was launched on the secondary market on MEXC in July 2020.
On the contrary, in 2022, the outbreak trend of new infrastructure projects and new DeFi projects is weak, and the historical rise is mainly concentrated on old projects, such as ETH, ATOM, UNI, CRV, etc.
However, the new projects in 2022 have only gone through more than half a year. Among those projects with good growth, it is not ruled out that the market will gradually eliminate some of them. Of those projects that have already broken down, it is not ruled out that some of them will explode, and the market will determine all the results to prove it. As a16z partner Chris Dixon said in an interview with the Financial Times, he prefers to see the market downturn as an investment opportunity because the economic downturn “makes Web3 investing more attractive”.
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