Podcast: Powell Suggests Tapering, NFTs Boom, and Layer 1 Wars Heat Up

Get your macro fix with Blockworks’ own Mike Ippolito and Tyler Neville.

August 28, 2021 11:53 am

In the weekly roundup episode of Blockworks’ podcast “On the Margin,” Michael Ippolito, co-founder, sits down with Economic Strategist Tyler Neville to talk about rising wages, home prices, the impact of Powell’s suggestion to taper, the booming NFT market, and the layer 1 wars that are starting to heat up.

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“On the Margin” is a two-part show. Once a week, Mike interviews industry experts, and then at the end of the week he is joined by a co-host where they break down the top crypto and macro stories. Episodes go live every Wednesday and Saturday morning.

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ZORA: Fundamental Divergence

We believe that few tokens at the application layer are diverging more from fundamentals than ZORA. Its fully-diluted P/S sits at 90x, pricing significant growth despite a consistent decline in weekly revenues since late July. We foresee an 80% decrease in protocol net margins due to a recent update to the fee structure that reduces trading fees from 3% to 1%, while boosting creators’ portion of the fee split. ZORA’s supply overhang also represents a near-term headwind, with 45% of ZORA’s supply (4.5B tokens or $350M at current prices) earmarked for the team & investors beginning to unlock on October 23, 2025 (36-month linear vesting schedule).

by Carlos Gonzalez Campo