Wolf Game NFTs Spark Frenzy with Sales of $52M in Five Days
Wolf Game NFTs caught fire in recent days and big names are snapping them up.
There’s a new game in town.
Wolf Game, a new play-to-earn concept that brings together NFTs and DeFi on the Ethereum blockchain, has taken crypto by storm and players can’t get enough.
The 10,000 NFTs were “stealth” dropped on Nov. 18 priced at 0.06942 ETH ($290) and quickly sold out. Minters had a 10% chance of getting a wolf, with the remainder being sheep.
The current floor price for a sheep is 3.3 ETH ($13.7K), and the cheapest wolf will set you back the princely sum of 8 ETH ($33K). The highest sale recorded so far was Wolf #2772 that changed hands for 20.5 ETH ($85K).
The collection has notched up nearly 13,000 ETH in sales volume and is currently ranked #2 on OpenSea. Data from Nansen shows steady buying over the weekend.
Let The Games Begin
What makes Wolf Game different from other NFT projects that offer staking rewards is the introduction of what the whitepaper calls ‘protocol-level risk’.
Adding a twist to the passive income model in which NFTs are staked to earn tokens, players’ in-game decisions directly impact their staking rewards, and in some cases the fate of their NFTs themselves.
Here’s how it works:
Sheep, which comprise 90% of the NFT collection, can be staked in the so-called Barn to earn $WOOL tokens. Players may harvest, or ‘shear’, their $WOOL at any time, but doing so incurs a 20% tax that is paid to wolf stakers.
Now, a player may decide that they want all their $WOOL, and they can attempt to claim it all by unstaking their sheep. But here’s the catch. There’s a 50% chance that all the $WOOL could be stolen by the wolves, to be shared among wolf stakers.
Wolves also have a 10% chance of stealing newly-bred sheep or wolves, resulting in the NFT going to a random wolf owner instead of the player who spent $WOOL to mint it.
It’s certainly a novel concept, as the NFT literally has the power to steal ERC-20 and ERC-721 tokens from other players’ wallets. Everything is done on-chain through four smart contracts that control minting, staking and breeding. The whole game can be played using Etherscan, although a UI is being made available.
The project started virtual land sales earlier today and the 20,000 plots made available were quickly claimed by holders.
Many influential NFT collectors seem to be playing the game.
The game’s success comes despite some initial troubles. Staking rewards have been paused after a bug was reported that allowed players to claim excess $WOOL tokens.
The Wolf Game team has acknowledged the problem and plans to work towards a solution in the coming days.