21 sats \ 7 replies \ @kr 12 Mar \ parent \ on: AMA - Danny Diekroeger Founder of Deezy Labs - Ordinals, Lightning, and More AMA
interesting, that’s much higher than i would have thought!
why aren’t exchanges doing this sat hunting themselves?
some exchanges have expressed interest, but the big exchanges just move slowly and nobody on their teams are really looking for extra revenue opportunities.
a large exchange could probably make $10 million per year from sequestering the rare sats flowing through their platforms, but for them that apparently isn't enough to mobilize anyone to do anything.
our software is ready for them when they are ready lol
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yeah, so right now all that value is getting gobbled up by hunters like us and our customers
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what percentage of all rare sats have been discovered by this service to date?
if you can’t explicitly answer that question i’d love to get a better understanding of the rare sat market dynamics… are there 2-3 big players buying up all the rare sats? or are there lots of small players doing this too? has the value of a rare sat changed much since this sat hunting has begun?
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Around 5% of circulating rare sats have been sequestered to date. The rate of sequestering has increased over the last year as hunters have become more advanced. Additionally, new sats are always getting mined, so there is a constant stream of new sats.
The price of an uncommon sat is a good benchmark. Early last year, they were selling for over $1000, when sequestered supply was very low - there were almost no hunters. By the summer, this price came down to below $100. As ordinals came back late summer, the price of uncommons climbed as high as $350 or so, and now it is back down to about $140.
The demand comes from two groups:
- collectors who are buying to hold or speculate
- project founders who are launching a collectibles or art project, and want to inscribe their content on special sats to give it more weight in the market
These prices are subject to supply and demand. It's like numismatics.
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