• There doesn't seem to be a correlation between the nft price and the hyperspace season. That seems to be driven more by the project itself (eg. Dokyo) as the price increase is not seen across multiple collections.
• In addition, the overall volume is largely driven by Dokyo's sales ( ~90% of total vol are from Dokyo). This also reduces our ability to analyse the impact of incentives.

On Hyperspace Seasons

• Season 1 had a high sales volume which peaked at the end of season 1, largely due to the launch of Dokyo (141k/150k avax on 24th Nov)
• Given the negative sentiment of the amount of avax rewards received from S1, S2 started with lesser volume and slowly increased over time, likely due to folks realising that S2 was very much under farmed closer to the end of the season.
• Season 3 had much higher sales volume in 2 weeks, despite the shorter duration (2 weeks vs & 4 weeks or more).
• Rewards for S3 would likely fall between 50k-60k avax given that the season volume is comparable to S2.

On Analysis Method:

• Median Price was used instead of Average to reduce the impact of high sales prices from outliers.
• Price Changes by Season (Adjusted for Avax Price) is calculated using the difference in current median price and the median price of the previous day. Since all sales are denominated in AVAX, the price fluctuation of AVAX has also been accounted for in this chart.
  (i.e. adjusted price change = nft price change - avax price change)
• Dokyo, Steady and Doggerinos were chosen for this analysis due to its consistent volume.

Total Hyperspace Rewards are: S1 ( 50k🔺), S2 (66k🔺) and S3 (TBD)