Like every other newly adopted technology, the cryptocurrency and blockchain industry has been continually striving to achieve mass adoption since Bitcoin’s creation about twelve years ago.
However, at this point, obviously, the average Joe doesn’t have to know the intricacies and technicalities of blockchain before using cryptocurrencies. In fact, by the simple act of simplifying the process, cryptocurrency-related startups enjoy a more significant probability of attracting mass use.
With that point in mind, several companies have taken up the initiative to create innovations to simplify everything in this emerging industry. And gamification is one the most used technique to engage a wide range of audiences. Gamification is merely adopting rewards and incentives to foster engagement of a particular platform, wolvesofswallstreet.finance in this case.
In this review we will discuss all you need to know about Wolves of Walls Street (WOWS), their integration of NFTs (Non-Fungible Tokens) and SFTs (Semi-Fungible Tokens) into decentralized finance (DeFi), how the platform works, cryptofolio and choice of art, as well as their latest campaign.
With no further ado, let’s dive in to it.
What is Wolves Of Wall Street?
As a crypto enthusiast, almost everyone knows that the core of DeFi is trading. This project simulates Wall Street, which inhabits the US financial center where everyone wants to become the Wall Street wolf.
Wolves of Wall Street is an innovation that aims to integrate gamification into DeFi/NFT by emphasizing solid farming, lending interests, and market-making fees. This project’s core is arguably the world’s first implementation of SFTs (Semi Fungible Token) as mini DAOs (Decentralized Autonomous Organization). Everyone can trade by farming and staking on this platform with their unique contact profiles.
Why Wolves of Wall Street?
We took the time to go through this project, and here are some of the reasons we think are promising. One of the most significant upsides is that the platform allows anyone who uses NFTs to carry out decentralized staking and farming. Your SFTs aren’t locked into any platform, and with a sustainable period, it will keep trading the assigned values with the most profitable approach.
Also, we must mention that the UX is fantastic — built in a way to ensure maximum functionality, which may include trading and purchasing SFTs and creating LP tokens.
In essence, what actually matters is that your Semi-Fungible tokens will keep increasing in value via rewards and gamification.
The Integration of NFTs into DeFi
Often described as collectibles, NFTs are usually mined as ERC–721 tokens. Owing to their uniqueness, you can easily mint them with artworks of appropriate rarities, as long as they are collectible. However, NFT are collectibles, and that is their limit — collectibles. The range of functions they can serve is limited to that tag as they aren’t currencies/fungible. Hence, they cannot fully carry out the required tasks.
Because of the limitations of NFTs, another token format, ERC–1155, was created. This token format, otherwise called the SFTs (Semi Fungible Tokens), can simultaneously act as both fungible and currency. Wolves of Wall Street is one of the projects aiming to establish SFTs into the DeFi space. And we believe they are going about this exceptionally well.
The approach they used was adopting the ERC-1155 token and expanding its use-case further to enhance the SFTs complex decentralized and DAO features while giving it a unique performance metric when released on Yearn. In essence, your SFTs are the DAO on this platform, which has unique capabilities that tally with their rarity. So, whenever you purchase one, you have a unique profit level.
With the SFTs, you can carry out decentralized farming and staking, which implies that your wallet isn’t attached to any platform and will keep gaining values via rewards, rarity, demand, profit-seeking, enhancements, and gamification. In summary, your SFTs are your currency that determines your identity and level.
How Does it Work
Figuratively, anyone would want to become the Wolf of Wall Street. However, literally, you can, and that is the essence of this project. Wolves of Wall Street have two distinct factions: the stable coin farmers and the liquidity providers.
The liquidity providers (LP wolves) are a set of individuals who hodl and provide a liquidity pool. Just as movies and fables depict this set of people, they are cunning and profit-hungry individuals. The second category, the coin farmers, is the Good Bois (or Bois/Dogs). They are the framework that holds and balances coin liquidity and target long-term success.
The whole gamification idea behind this project centers on the interaction between the wolves and the dogs. The dogs are relatively strong, want to earn but aren’t always very beneficial to the project. This annoys the wolves, and so, they go on some kind of corporate raiding.
Here are some of the gameplays listed on the platform. If you just want to take and earn Annual Percentage Yield (APY), hold your BOIS/WOLVES cryptofolio and leave them to carry out the yearn protocol tasks. To increase profits, level up your cryptofolio by 4 either automatically, holding it over time, or expedited, by purchasing fun upgrades in the form of visually appealing theme-related NFT’s such as ‘insider trading report’ or ‘IDO announcement’. If you want to increase profits even more, go on a raid with your WOLVES. If you are still not satisfied with the profit, put your rewards in a booster and defend the pool using your BOIS. Furthermore, if you have third-party NFTs available for sale, increase their value by putting them in your cryptofolio. In essence, just do what it takes to become a crypto alpha with the steps listed on the platform.
The gamification concept and idea is worth the trial as it interprets an exciting ecosystem. We must confess, this concept is quite rare and uncommon, so we’re confident it’ll stand the test of time.
Opinion About the Cryptofolio and SFT Art
Another thing to discuss is your cryptofolio. Your cryptofolio is a token that performs the function of a portfolio for your crypto assets. It contains your Yearn contract integrations, SFT portfolios may even extend to real-life assets. SFT arts that adorn your cryptofolio differs by level. We had a glimpse of the bronze SFTs, and we would say it is incredible! What a creative way to bring NFT/SFT, DeFi, and gamification into a very secure, engaging, and profit-generating use-case.
General Reception and Perception of WOWS
This company launched a presale from 15th February 2021 till 22nd February 2021, or until any time they reached 75 ETH. The presale took place on their DApp, making 6000 WOWS available for distribution at the rate of 1 ETH to 80 WOWS. In case you’re confused, WOWS is the acronym for Wolves of Wall Street, and it is the unit of this currency. 50% of the 75 ETH went to the Uniswap liquidity pool, while the rest went into the development and marketing. They claimed that the sale returns would help them stay active and proactive with their marketing activities with campaigns, promotions, and other miscellaneous charges.
People’s response to this campaign is breathtaking. A sale scheduled for a week ended within 30 seconds! Astonishing! This indeed is a testament to the trust this project has established among crypto-enthusiasts.
And aligning with their words, after the sale, WOWS launched trading on Uniswap and created a staking platform for early adopters that haven’t purchased an LP token. Hence, those who haven’t been staking can then manually create their tokens and stake them to earn rewards in the WOWS token and maybe win some of the No1 mints of the cryptofolios.
The Recent WOW Campaign
Here is a brief overview of what the campaign encompasses. It depicts the cryptocurrency industry as a place full of wolf packs, always on the hunt for profit without direction but with hope. This journey’s ultimate goal is to become the crypto alpha, as just in real-life wolves.
Let’s break it down. This campaign required participants to create an artistic representation of the campaign phrase become crypto alpha, which might be a meme, gif, or any graphical interpretation. The reward was a price of 500 USD in ETH. The graphic must have an interpretation, some WOWS elements, contain the campaign key phrase, including wolvesofwallstreet.finance, shared on Twitter with hashtags. Twitter shares, comments, and likes are factors that make anyone stand a chance of winning.
We deduced from this campaign that it was geared towards giving back to and supporting the crypto space generally, which we believe is a commendable feat. The best approach to attract and recognize newcomers is to create a sense of mutual growth for everyone within the NFT/SFT, DeFi, and cryptocurrency space. Besides philanthropic gestures embedded in this intention, we also believe it was a strategic and reasonable approach to reach a more significant community.
Looking to the Future
Any well-informed person in the crypto and blockchain space will tell you that they are well-suited for gamification. This is because that makes it easy to increase engagement and participation. The approach of WOWS to achieving this feat is nothing less than commendable. With the creative concepts and ideas, campaigns, and the choice of tokens and arts, we can assure you that this platform is going nowhere but the top. This fact is becoming even more evident with the recent report by coinpedia on 11th March 2021: WOWS recorded a 245% impulse moving its value to about 226.72 USD.
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.