Move over, Axie Infinity. A new play to earn (P2E) platform is definitely creating much more buzz lately, and taking in millions in trading volume even without launching any official gameplay yet.
Wolf Game has become the center of attention in the P2E space in the past week with its non-fungible tokens (NFTs) in the form of sheep and wolves raking in over $2.8 million in trading volume, DappRadar noted in a report. In addition, its land plot NFTs generated even higher, with nearly $8 million traded.
Talk about Wolf Game peaked over the past seven days, with crypto influencers on Twitter, such as Gary Vee and Beanie.eth tweeted about the game. But what made this P2E title so attractive that it has already made more than $10 million in total trading volume based on nothing but a mere concept?
Wolf Game: A Mix of NFTs and DeFi Mechanics that Involves Risk
Wolf Game combines NFTs and decentralized finance (DeFi) mechanics to offers passive income to participants. A key characteristic in Wolf Game is that it gives emphasis on risk in decision making.
This is what differentiates Wolf Game from other P2E offerings: players need to calculate the percentage of risk involved. As such, the higher the risk, the higher the reward, DappRadar added.
The game has two main characters: sheep and wolves, which are mintable ERC-721 NFTs on the Ethereum blockchain. These NFTs' minting process likewise carries the concept of risk. To mint these NFTs, participants would need WOOL tokens. The price for the NFTs like sheep or wolves increases, depending on the minting stage.
As the minting process goes on, participants do not have an idea if they'll get a wolf or a sheep. Getting a wolf has a 10 percent chance, with predators playing an important role in the game.
In the game, sheep live happily in the metaverse farm called the Barn, and owners gather WOOL tokens to wager their sheep NFTs. Outside the Barn, however, a pack of wolves is looking for ways to get to the sheep. The safeguard their sheep, owners need to pay WOOL tax to the wolves. These wolves would receive 30 percent of all WOOL proceeds as they get to the Barn.
There's a catch to this, however. If you carry a wolf NFT, you can also take advantage of that possibility that your wolf would steal a sheep for you, given that wolves' tendency to steal things.
Wolves and sheep NFT's genesis drop allows collectors to mint NFTs for 0.069420 ETH. Currently, the cheapest sheep on the secondary market is 3.99 ETH, which is around $16.656, DapRadar further noted. Wolves are more costly, with its cheapest NFT on sale for $35.774.
In addition, there are land deed NFTs to serve as "boosters" for sheep owners or farmers. Each land NFT is distinct and carry different acreage and capabilities. It allows players to cultivate assets and improve performance. How it is distributed serves as an important factor in the success of the project.
Using and Earning WOOL in Breeding Sheep, Wolves and Cultivate Resources
WOOL is the native utility and governance ERC-20 token for the game. It is the ecosystem's precious resource. The token is used to plot the future of the game, breed Sheep or Wolves, and grow your resources. As you stake sheep NFTs, you would earn passive income in WOOL. The same goes for wolf NFTs, which earns a passive income in WOOL taxes. Currently, one WOOL token is worth $0.16.
In the metaverse Barn, a congregating "flock" of Sheep produce a healthy supply of WOOL. These Sheep huddle together and are regularly sheared to farm the WOOL, Morioh.com explained. With more WOOL, farmers can buy more Sheep. But lurking outside the Barn are those creatures most feared by the Sheep - the Wolves.
These wolves are always on the hunt for Sheep and their precious WOOL. They would try and take them with whatever means necessary. They could kidnap Sheep, or seize them unaware and pocket their WOOL. Because of this, farmers would strike a deal with the Wolves: pay them a tax on all WOOL production. In exchange, the Wolves won't attack the Sheep that are safely located in the Barn.
Players must take note that as a Sheep leaves the Barn or new Sheep are born, the Wolves won't stop at trying to get them and their corresponding WOOL.
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