Some of the most popular NFT projects revolve around a play to earn system. These projects allow users to earn real money by playing a game associated with the NFT project. Wolf Game is 1 on these projects, hoping to create a play to earn system. By incorporating their own token into a strategic game, Wolf Game hopes to attract new players and create an even larger ecosystem. However, the project involves large amounts of risk with anonymous developers and rumors of exploits in the ecosystem. At the time of writing, the game has been paused. As with all crypto projects, make sure to do your own research before making any investment decisions.
Overview of Wolf Game
Wolf Game uses a unique system to power its game. If a user was lucky enough to mint an NFT for 0.069420 Ethereum (ETH), they can stake their NFT to earn a currency called WOOL. Minting an NFT means that users can purchase a random NFT from the collection at a set price.
When a user minted a Wolf Game NFT, they had a 90% chance of receiving a Sheep and a 10% chance of receiving a Wolf. As the name suggests, the wolves rule the game and are much more desired.
Users can stake their Wolf Game NFTs to earn $WOOL, an ERC-20 token. However, the system is different for Wolves and Sheep. Sheep can earn up to 10,000 WOOL (about $1200 at the time of writing) each day. WOOL can currently only be sold on Uniswap. However, there is a 50% chance that the accumulated WOOL gets stolen by a Wolf when users go to cash out. On top of this, a 20% tax is charged on sold WOOL and distributed to the Wolf holders.
Wolves automatically earn 20% of all the WOOL sold by the sheep. Wolves also have a 10% chance of stealing new mints. The more rare the Wolf is, the higher chance the holder has of stealing a new mint. Wolves are more sought after since they are more rare. This means that Wolves will sell for more on the secondary market. Sheep sell for less on the secondary market and earnings have a 50% chance of getting stolen.
However, the game can be viewed through a game theoretic lens. If all the Sheep decide to hold their WOOL, then the Wolves will not make any money. If the Sheep sell their WOOL, then the Wolves will make a sizable profit. In Wolf Game, the outcomes are mostly decided by the Sheep.
Many NFT projects have used a staking system, but Wolf Game adds an element of risk and strategy. For more information on tokenomics, checkout the wolf game whitepaper.
Wolf Game History
Wolf Game minted in November 2021 and quickly took the internet by storm. Major NFT influencers announced their support for the project and it quickly gained steam. This caused prices to soar.
The NFTs minted for around $300, but some users were able to sell them for as much as $85,500. These insane returns, combined with the support from major players in the NFT space have caused the hype surrounding the project to skyrocket.
However, the project quickly experienced technical difficulties. Minters found an exploit that allowed them to re-roll their mint until they got a wolf. However, this was quickly patched. While the issue seems to be resolved, minting was halted for the time being.
Is Wolf Game Useful?
Apart from its usage in the game, Wolf Game has no real utility. In fact, the project’s token, WOOL, also has minimal utility. The developers stated, “WOOL is built for one purpose and one purpose only: to enable you to mint more NFTs within the Wolf Game ecosystem. WOOL has no other functionality other than within the Wolf Game ecosystem, and it cannot be purchased from The Wolf Game Developers. The Wolf Game Developers do not provide or intend to provide a secondary market.”
Users will not be able to sell their wool tokens for fiat (USD). The token’s only use is to purchase more NFTs. WOOL also cannot be used to purchase NFTs until after 10,000 NFTs have been minted. With minting paused, some speculate if this will ever happen.
Where To Buy Wolf Game NFTs
As of right now, the only place to purchase a Wolf Game NFT is on the secondary market. OpenSea is a platform that houses Wolf Game and allows users to purchase NFTs from the project. However, only a handful of the NFTs are available for purchase. This is because over 90% of Wolf Game NFTs are currently staked and most of the unstaked NFTs are not listed for sale.
While there are only a few Wolf Game NFTs up for purchase, this could easily change. If the project reopens minting, users may want to purchase an NFT to flip it. Another way more NFTs could become available is if the Sheep decide to not sell their WOOL. In this situation, the value of a Wolf would become less as it is not earning any WOOL. If this happens, users may decide to sell their Wolf NFTs.
How To Store Wolf Game Safely
If you are looking to purchase a Wolf Game NFT, you will need a place to store it. A wallet is required for the buying and selling of NFTs. Wallets store the information of the NFT and allow you to prove that you are the sole owner. However, you may want a safe wallet to store your NFTs. When you own a coveted NFT such as Wolf Game, hackers may see this and try to steal the NFT from you. Because of this, safety should be considered when choosing a place to store your NFTs.
Hardware wallets are a form of wallet that re quire a physical device to be present in order to send crypto or NFTs. This is arguably the safest way to store crypto. Ledger is 1 of the best hardware wallet producers and also supports the Ethereum blockchain, which is what Wolf Game is created on. Ledger offers 2 models of hardware wallets: the Nano S and Nano X. The Nano S is designed for beginner crypto users while the Nano X is designed for more advanced users.
Wolf Game vs. Competitors
Wolf Game separates itself from the competition by creating a strategic play to earn system. Holders of Sheep can decide how much risk they are willing to take and can earn rewards based on this risk tolerance. However, other projects offer a staking system where sellable crypto is earned. WOOL cannot be sold which limits the overall utility of the project.
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