Werewolf exchange is the newest hit in the world of Non-fungible tokens (NFTs), a sector of the crypto industry that became the biggest trend of the year. As of the last several weeks, NFTs exploded so much that it seems that all artists, celebrities, and even various groups and organizations are tokenizing their assets to offer NFTs to their communities. Even Francis Ngannou, the newly-crowned UFC Heavyweight Champion, said that he earned more through NFTs than the UFC Title fight.
However, unlike your typical NFTs where people would just tokenize ownership of a song, artwork, or even a tweet (yes, that happened too), the Werewolf exchange created NFTs for gamification purposes. The exchange created a digital version of our world, and inhabited it with werewolves.
Three types of werewolves, to be exact, each of which corresponds to one of three type of NFT tokens. That way, you get Alpha, Beta, and Omega werewolf assets, and Alpha, Beta, and Omega werewolves. Alphas come with the territories, where one werewolf leads a territory and its pack. The said pack is made up of Beta werewolves, which are weaker, and basically followers, similarly to how things work in a regular wolf pack. Omega werewolves are the loaners, the outcasts — those without a pack or an allegiance. They are the weakest of the bunch because of the fact that they are alone, although they are still quite powerful.
The company also has a Werewolf Coin (WWC), which can be used for staking, and two ways to earn them would be to get them as staking rewards, or to buy them via an IBCO (Initial Bonding Curve Offering), which started on January 22nd, and it revolves around buying WOLF token in exchange for Ethereum.
Werewolf exchange has quite a unique approach to NFTs and the way you handle them. How did you get to the idea of Werewolf Assets?
We are fascinated by Werewolf mythological theories. So, we decided to bring the concept to the DeFi ecosystem to make it more exciting. The team worked on to create a connection between mythology and blockchain gaming platform to make it interesting for the community. People can join the myth and stake their WOLF token on a Full Moon pool to earn Werewolf Coin (WWC).
Well, it seems that the community loves it. How can they use their Werewolf NFTs after purchasing them?
We primarily have three types of Werewolf Assets as Alpha, Beta and Omega Assets. We are building a gaming platform where NFT holders can fight with other NFT holders over ownership of Territory as well as getting hold of oppositions Werewolf asset which they used in fight.
How many of each type of Werewolves are there?
The total number Alpha Werewolf will be the total number of Territories/States on the planet as each Alpha will own a single territory. On Werewolf Platform when Beta Werewolf born in specific territory that Beta will be assigned to the Alpha Werewolf of that territory by default. Each such territory will contain many Beta Werewolves with same Alpha Werewolf as their leader. Unlike Beta Werewolf When an Omega Werewolf is born in a specific territory then by default it won’t be assigned to the Alpha Werewolf of that territory but in each such territory many Omega Werewolves can be born.
Tell us about the Werewolf coin. What is it?
Werewolf Coin is the ERC-20 utility token accepted across the Werewolf finance platform. Here, token is mostly used for to trade (Buy and Sell) NFT assets, grants rewards to those who staked their wolf tokens into the staking pool, and available for swap within Werewolf decentralized exchange.
How does it fit in with the NFTs?
For now, we have enabled purchase of Alpha NFT with Werewolf Coin (WWC)
How does Werewolf staking work?
Visit this link for explanation https://werewolfexchange.medium.com/werewolf-staking-70b7c91fe6a0
We really like the idea of staking rewards on nights with the full moon. Do the rewards grow if you stake longer?
Yes, WWC reward increases with every next full moon. With every next full moon, the rate at which you are getting WWC will increase. For e.g., if someone stake WOLF Tokens in June and December’s Full Moon Pool simultaneously, the rate at which they are getting WWC out of December Full Moon Pool is greater than that of the June’s Full Moon Pool.
Formula for the same is (amount/totalsupply) * ((Now-startTime)/TotalDays)
Rewards of WWC will be updated real time on user’s dashboard and he/she can claim the reward anytime.
Tell us a bit about IBCO, and how it differs from other token sale models?
Initial Bonding Curve Offering participants will be able to invest Ethereum (ETH) in the official website https://werewolf.exchange and receive the WOLF Token to their wallet immediately.
In the Werewolf IBCO when you buy a token, each subsequent buyer will have to pay a slightly higher price for each WOLF token. As more individuals are interested in the project and start investing in the WOLF token, the value of each token progressively increases along the bonding curve. This gives you the first-mover advantage.
The cost of each WOLF token is settled by the bonding curve which depends on the total supply of the token and reserve ratio, and whatever Ethereum is paid into the curve or contract to buy Wolf token, this is deposited or stored in the BCO.
Wolf Token is the Standard ERC-20 Token smart contract with Name, symbol, and initial supply function with collateral Ethereum to mint more Wolf Token in the market supply.
Unlimited supply: There is no limit to the number of Wolf tokens that can be minted through a contract.
Predetermined price: The buy and sell price of Wolf tokens increases and decreases with the number of tokens minted and burned, respectively.
Wolf token price. The price of token n is less than token n+1 and more than token n-1.
Instant liquidity. Tokens can be bought or sold instantaneously at any time, the bonding curve acts as an automated market maker. The bonding curve contract performs as the counterparty of the transaction and continuously holds enough ETH (Liquidity) in reserve to buy the WOLF tokens back. So, users don’t have to worry about their locked liquidity.
A bonding curve is a mathematical curve that defines a relationship between price and token supply. Bonding curve offering is a smart contract created to give tokens a market by making buy and sell functions. To buy WOLF tokens, the user needs to send Ethereum (ETH) to the born (Mint) function (with this function Wolves are taking birth) which calculates the average price of the token determined by the smart contract by following the linear curve formula. The sell function works in reverse: first, the user needs to take the bonding contract with permission to take the number of tokens you want to sell (ERC20.approve() ), and then you trigger the function to take those tokens from the user. The contract will calculate the current average selling price, and the user will send the correct amount of Ethereum (ETH) to your wallet. Token prices increase and decrease as they are purchased and sold from the contract, respectively.
This Werewolf IBCO helps investors to gain governance over the Defi ecosystem, the Werewolf IBCO smart contract algorithm allows to create an Automatic Market Maker
(AMM) and remaining 100% collateralized at all times. Bonding curve participants can essentially buy and sell tokens back at any time at Werewolf official website (https://werewolf.exchange), for a fair and transparent means of distributing governance rights.
Back to the NFTs — how many of them were sold by now?
We have just started our NFT Sell. Till now there are 2 Alpha and 2 Beta NFT got minted in 4 different territories
Lastly, can you tell us about the company’s plans for the future?
We are focusing on launching of an Exchange where people can trade their WWC with other Crypto Tokens and building a gaming platform where NFT holders can fight with other NFT holders over ownership of Territory as well as getting hold of oppositions Werewolf asset which they used in fight. We also aim to build Werewolf Payment Gateway and Werewolf Auth in which people can use Werewolf NFT as Login service. Last but not the least, Ecommerce Platform is also on our list. Our developers are working hard to make it possible by the end of year 2021.
Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.