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Wulfz is a collection of 5,555 pixelated ERC-721 NFTs backed by one of the strongest communities in the space: The Pack. Wulfz traits are inspired by pop culture, anime, movies, and television.
Although I've already written about Wulfz (click here to see my first article) and my love for the artwork and community, today I'll be tailoring this article on the future of Wulfz. Recent developments have made me more confident than ever about the project.
So what changed? Isn't the roadmap still the same as before?
As I've been preaching since the start of my degen NFT career, dev teams must be transparent to the community supporting the project in order to succeed.
Without transparency, there is a lack of trust. Without trust, people become skeptical about the project.
Once this occurs, holders list, sell, and dip. Say goodbye to the backbone of your collection.
No community causes no longevity in the project. It's as simple as that. Who wants to invest in an initiative in which the owners could scam you within seconds?
Enter the recent developments in the Wulfz Discord. Since the start, the dev team has been promoting a staking feature for Wulfz holders.
Staking is sought after within the NFT industry. For the most part, this mechanic causes what's known as a supply shock.
Degens like myself buy into the collection for the sole purpose of staking their NFT, earning some sort of passive reward (either monetary or non-monetary).
Thus, investors aren't only incentivized to hold for the potential of future monetary gains (aka a pump), but they're also staking for concrete rewards.
Simply put, they're staking for passive income. More NFTs staked in a collection lead to a higher number of holders.
A higher amount of holders = More unlisted NFTs.
More unlisted NFTs = A lower outstanding supply.
You can see where I'm getting at here. If you've learned the basics of economics, demand and supply share an inverse relationship. Hence, as supply drops, demand soars. The price skyrockets, taking us to the moon 🚀
Well, that's what we dream about. Most of the time it doesn't skyrocket, but the price tends to go up after staking is introduced.
With Wulfz, we already knew the team was working towards an easy-to-use staking mechanic. The community was ecstatic about it.
Just remember: $AWOO coins earned from staking aren't monetary tokens.
Instead, you can collect $AWOO with the prospects of merging your OG Wulfz with a Pupz to create a legendary Alpha Wulfz: An animated Wulfz available to all holders who are willing to stick with the team.
Ok cool. Again, we knew about this already. So what changed?
Gas prices have been incredibly high for the past couple of days. The $LOOKS airdrop probably had something to do with it. So the devs, thinking that they were putting the community first, decided to scrap the idea of staking, opting to give passive $AWOO to holders.
No staking would be needed. You would think the Pack would be happy about this decision. No need to pay gas fees for staking your Wulfz. True passive income! LFG 🔥
The problem is that without staking, there is less of a supply shock. I mean, you could even argue there isn't a supply shock at all.
Why do I say this? Well, if holders are required to pay for gas fees every time they stake/unstake, then what would be the point of staking your Wulfz for a short period of time?
It doesn't make sense. Overall, you're losing money due to absurd gas fees, even if you're earning $AWOO. So, staking with high gas fees encourages the Pack to stake their Wulfz for a longer timeframe, thus offsetting the deposit and withdrawal fee. Now THIS works.
The devs didn't think this through. They thought they were putting the community first by eliminating gas fees altogether.
But like any human, they made a mistake.
And guess what? Some people were furious. Paper hands left, not believing in the project anymore. How could the devs not consult with their most vital asset: the Pack?