Wolf Game NFTs Spark Frenzy with Sales over $52M in a Week

There’s a new game in town and it's burning WOOL by the Wolf Town

Things move at lightning speed in NFTs and by the time you hear about the latest hot project, it often feels like you’ve already missed the boat. 

That was the case for me when I stumbled across Wolf Game early Monday, and it probably didn’t help that few influencers were bragging about the gains they’d made.

Wolf Game uses a unique system to power its game. The 10,000 NFTs were quietly 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

Who Let The Wolfs Out

Wolf Game combines NFTs, DeFi, play-to-earn, and game theory at once. Players can collect digital sheep, which can also be staked to earn a token called WOOL. However—and this is where it gets interesting—wolves can kidnap sheep and collect WOOL as a tax.

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.

That’s why some wolves have sold for as much as 20 ETH. In some ways, Wolf Game borrows from the template that early hits like Axie Infinity were modeled on—holding the NFTs allows you to breed more NFTs, and you can also collect plots of virtual land (early adopters were rewarded with a land airdrop Monday). 

Wolf Game won’t be out in full until 2022, but that obviously hasn’t stopped NFT degens from Aping in. Even with the game suffering several exploits: there was one that allowed players to claim 300x more WOOL than intended, and some creative smart contract snipers even found a way to guarantee that they got the valuable wolves at minting. It probably helped that a bunch of smart money jumped onto it early.

Minting sold out in an hour, so maybe a frenzy in the secondary market was inevitable. The Wolf Game team has acknowledged the problem and plans to work towards a solution in the coming days.

Gary Vaynerchuk @garyvee

November 22nd 2021

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With players like GaryVee, COLE, Beanie, and many other NFT Degens this looks like a winner, but don’t get REKT when you don’t have the basics yet.