The Splintertalk SPT token has finally received utility with the announcement of the SPS airdrop by Splinterlands. Starting in July, held SPT will receive 0.25 SPS airdrop points per SPT. This does not mean 0.25 SPS per SPT, but with DEC pegged at 1 for 1 in SPS airdrop points, we can form a basis for valuation.
Assuming DEC is $1 per 1000, SPT should have a floor price around $0.00025. This is exactly the price on Hive Engine at the time of writing. This floor only takes into account the SPS airdrop and does not account for additional utility.
While both DEC and SPS could fluctuate and affect SPT pricing, this announcement provides a solid floor to a vastly undervalued token. While there have been promises and speculation on SPT utility in the past, this SPS airdrop valuation is an important baseline.
Moving forward, several factors should further boost SPT use and demand. First, as we have seen this past year, the market for buying SPT is incredibly thin. At the time of writing, it would be difficult and expensive to purchase even 100,000 of SPT. The supply is simply not present in the market. The large holders and delegators have allotted Monster-Curator 35M in SPT and are not selling.
In addition to curation, those who hold SPT expect further utility within the Splinterlands universe. Splinterlands cards currently have one set of skins, Splinterstorm, available through the game shop by purchase of DEC. SPT holders fully expect additional skins purchasable through SPT. With Splinterlands setting an initial valuation of SPT through the SPS airdrop, it would make sense for Legendary skins to be priced at 80,000 SPT. While players could easily earn this amount of SPT directly through Splintertalk posts, the secondary market for SPT might also be further stretched thin.
Overall, the announcement for SPS airdrop points to include SPT holdings is an excellent step forward for Splintertalk. Hopefully this is just the beginning in SPT utility in the Splinterlands universe.
