Wolf Game NFTs Spark Craze As Sales Surpass $52M In Five Days

There is a new nonfungible token (NFT) game in town and it seems to be taking the gaming world by storm. Wolf Game is a new play-to-earn (P2E) concept that is designed to integrate NFTs and decentralized finance (DeFi) on the Ethereum blockchain. The new game appears to have taken the cryptocurrency world by storm and the players cannot get enough of it.

The 10,000 nonfungible tokens were ‘stealth’ plunged on November 18 priced at 0.06942 ETH ($290) and rapidly sold out. Minters had a 10% chance of getting a wolf, with the remainder being sheep. Currently, the floor price for a sheep is 3.3 ETH ($13.7K), while the cheapest wolf is expected to cost a princely sum of 8 ETH ($33K).

So far, the highest sale recorded was Wolf #2772 that changed hands for a sum of around 20.5 ETH ($85K).

This collection has notched up almost 13,000 ETH in sales volume and is now ranked #2 on OpenSea. Data acquired from Nansen indicates that there is steady buying over the weekend.

Let The Wolf Game Begin

What seems to make the Wolf Game quite different from the other NFT projects is that it provides staking rewards. Notably, the introduction of its whitepaper calls the staking rewards ‘protocol-level risk’.

This model adds a twist to the passive income where nonfungible tokens are staked to earn tokens. The players’ in-game decisions directly affect their staking rewards and in some cases the fate of their nonfungible tokens themselves.

How It Works

Sheep that comprises 90% of the nonfungible token collection, can be staked in the so-called Barn to earn some $WOOL tokens. Players can harvest or ‘shear’ their $WOOL at any given time, but doing that incurs a 20% tax that is then paid to the wolf stakers.

Currently, a player can decide that they want all of their $WOOL, and they can try to claim all of it by unstaking their sheep. However, there is a catch. There is a 50% probability that all the $WOOL may be stolen by the wolves for sharing among the wolf stakers.

The wolves also have a 10% chance of stealing newly-bred sheep or wolves. This theft results in the NFT going to a random wolf owner as opposed to the player that spent $WOOL to mint it.

It is a novel concept since the NFTs in this game have the power to steal ERC-20 and ERC-721 tokens from the other players’ wallets. Everything in this game happens on-chain through four smart contracts that control staking, minting, and breeding.

The entire game can be played using Etherscan, even though a UI is being made available. This project launched virtual land sales earlier in the day and the 20,000 plots made available were rapidly claimed by the holders.

Many of the influential NFT collectors appear to be playing the game.

The game’s success comes despite some of the initial troubles. Staking rewards have now been paused after a bug was reported that enabled players to claim excess $WOOL tokens.

The Wolf Game team has acknowledged the issues that came up and now plans to work towards a solution in the coming days.