Let It Burn, $WOOL Sinks Emerge
Wolf Game will implement token burns for multiple in-game actions later this week as a result of the latest $WOOL governance vote.
The Deets
- Token burns include: Change Communities, Use a Farmer, Attempt to Steal, Loot, and Sabotage
- Change communities costs 100 $WOOL, while all others require 200
- Burned WOOL reduces overall supply
The Details
WOOL token holders, through the WOOL Governance process, recently voted to initiate substantial token burns for various in-game actions. These burns will impact multiple aspects of gameplay, with 100 WOOL burned for Change Communities, 200 WOOL for Use a Farmer, Attempt to Steal, Loot, and Sabotage. This decision, driven by the community, demonstrates how WOOL Governance allows players to actively influence and enhance their gaming experience.
The token burns are not only a reflection of player preferences but also have the potential to impact WOOL's overall value. As tokens are burned, the total supply decreases, which could lead to an increase in the value of the remaining tokens.
📊 By The Numbers
Wolf Game assets have been sliding downward over the last few months, after spiking in activity and excitement around the launch of the full game at the end of 2022.
While $WOOL is up almost seven percent at $0.01, the Wolf Game ecosystem token is down 34 percent in the last month and nearly 90 percent in the last year according to data provided by CoinGecko.
Similarly, the price of Wolf Game's main collection NFTs continues to slide. The price of sheep, make up the floor of the collection, has fallen steadliy and is also down 34 percent over the last month.
❗️Why It Matters
Disparaged by many as "silly," the $WOOL governance token is working as excpected, allowing active community members and players to have a say over the future of the game. While the decisions may seem rather inconsequential now, the WOOL token burn decision could lead to a notable reduction of token supply over time, potentially influencing the value of $WOOL and creating a unique interplay between the game's economy and player actions.
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