Marketvaluation or bookvalue for shares was and is always a topic of intense discussion, due to the lack of liquidity. For crypto we are going straight into a new area for the most things, and also for this metric in my opinion. Whether I have Facebook (Meta) shares or not, I can use their service and my appearance their is not linked in any way to the amount of my skin in that game. This will (has) totally change with crypto. You did not mention the amount of HIVE that Splinterlands has accumulated in your little spreadsheet. In the not to distant future that may contribute a lot to the value of a project and simultaneously/vice-versa may stabilize the underlying chain. It is not only an investment, as it comes with a lot of utility (voting power, witnesses voting power, RC, account creation tokens, interest) building the kind of interdependence that is essential to a developed ecosystem.
Thank you for your regular food for thoughts - it is easy to miss the potential impact of the epic changes we are all part of on a day to day basis.
Well the value of the $HIVE held by Splinterlands is contrained in the overall MC for Hive. So that is factored in there.
Could that have an even greater impact upon the project? Certainly. However, we are going to see, in my opinion, values for $HIVE jumping simply because of the need for RCs.
It all factors in.
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