Whale: Create the "Satoshi Nakamoto Consensus" in the NFT world

Original author: Leo Young

Original source: Lianwen

The rise of the NFT concept has made the encrypted world a vast sky where those wild imaginations can fly freely. As a way to build a personal brand and develop a community, social tokens are gradually being explored in various ways. The social token Whale, founded by anonymous NFT collector WhaleShark  in May this year, is one of the newcomers.

For most people, art collection is out of reach, high prices, identification and other thresholds will discourage many people, and become an activity that a few people can participate in. What Whale wants to do is to allow ordinary people to participate in art investment and enjoy the benefits of art appreciation.

Secured social token

Since the establishment of the Bretton Woods system, modern currencies have abandoned gold standard. The legal currency guaranteed by government credit abandons value anchoring and issuance restrictions. Since the Covid-19 epidemic this year, the world's major economies have turned on the horsepower of their money printing machines. The United States has launched a $6 trillion economic stimulus plan, while the European Central Bank has also launched a two trillion euro economic rescue plan. "Out of thin air" poured into the market.

WHALE as a social token solves the problem of lack of real asset support for funds. WHALE takes a tangible NFT with scarcity as collateral to ensure its stable value.

All WhaleShark's NFT art collections are stored in an account called "the vault" (the vault), and this account is the key to supporting the value of WHALE. The "Vault" is currently one of the most valuable accounts in the field of NFT collections. All personal purchases of Whaleshark will be deposited into the "Vault".

"Vault" will look for NFT projects with the most potential and long-term value in the industry, Acquire the most valuable and scarce NFT works of these projects, hold them for a long time, and continue to buy them. The "Vault" collection has covered almost all the works of well-known digital artists, such as Pak, Hackatao, and Coldie. Recently, I purchased Pak's work "Terminus I" for 40 ETH, and purchased the work "BioNet Baby" by Chinese artist Zheng Xiuli for 50 ETH.

Zheng Xiuli's "BioNet Baby"

With the rapid growth of the NFT market, the collection of "Vault" has become more and more abundant, which also makes the Whale project The possibility of failure or token devaluation further decreases, and the potential for appreciation becomes more desirable.

According to the audit report released by Nonfungible in September, the current total value of the "vault" has reached 3957 ETH, which is about 1.24 million US dollars, a month-on-month increase of 49.3%.

According to the total amount, the top three collections are from The Sandbox, accounting for 49%, and SuperRare, accounting for 15% , MakersPlace and God Unchained accounted for 7% each. The top three by value come from SuperRare with 37%, God Unchained with 15%, and CryptoVoxels with 13%.

Portfolio value increased, nearly 165% between August and September.

Economic Model

The total issuance of WHALE is 10 million pieces, of which 4 million pieces Reserved for community rewards, 50,000 coins are released every month for a total of 80 months. Another 1 million will be used to reward the founding partners of the project. The remaining 5 million tokens are temporarily managed by WhaleShark, and the usage will be determined by the Whale DAO community as the community matures.

Among them, 50,000 WHALE per month are used for treasury NFT acquisitions, bonuses, team salaries, community activities, etc. The latest distribution plan cancels the WHALE repurchase plan, of which 15,000 WHALEs are used for bonuses, 10,000 are used for operations, 5,000 are used for events and airdrops, and 20,000 are used for liquidity mining / HODL to Play (H2P).

WhaleShark has no plans to sell tokens. All WHALE tokens are distributed to community users, liquidity providers, partners, and contributors in the form of airdrops. The purpose of token distribution is to distribute tokens to the most suitable people who continue to pay attention to the project and make continuous contributions to the community. Let tokens be the best glue in the community.

Create a sticky enough community

HODL to Play (H2P) is an incentive game that encourages currency holdings and focuses on long-term value. According to the amount of currency held, there are three corresponding community identities: "Dolphin", "Shark" and "Whale" (Whale). Each status has exclusive benefits. Dolphin, for example, can regularly participate in the WHALE Poker poker game. "Shark" and above can participate in Bermuda social games. There are exclusive groups for different identities, and different amounts of tokens can be distributed and exclusive information can be obtained.

To obtain the above three identities, users need to hold a certain amount of money. The current required holdings are 12 ("dolphin"), 300 ("shark"), 600 ("whales") WHALEs, and the amount of coins held is required to increase every month.

Whale also works with other communities. For example, if you cooperate with Hackatao, you can enter the #Hackatao channel with a "whale" status or hold 1000 MORK of Hackatao tokens to enjoy airdrops, art appreciation, artist cooperation, discounts and other rights. Also partnered with ALEX for community engagement.

In addition, the project will also issue rewards to users who provide liquidity for the fund pool. The total monthly bonus for participating in liquidity mining is 8,000 WHALE. Users can choose different fund pools to provide liquidity to participate in mining according to the amount of funds and transaction pairs.

In addition, artists can also mortgage NFT works to the "vault" and sell them at WHALE prices. The project will distribute a total of 2,000 WHALE rewards to ten artists every month.

"Nakamoto Consensus" in the NFT world

If the proof of work POW is The basis of the "Satoshi Nakamoto Consensus", then WHALE may become the "Satoshi Nakamoto Consensus" in the NFT world.

The value of WHALE is based on four points:

The value of the "vault";

Community recognition;

Brand awareness;

Token functionality.

Whale develops from the three dimensions of users, artists, and assets to improve community recognition and brand communication. The team's continuous innovation and abundant resources will be the source of continuous development of the community.

With the rich collection of "Vault" and the increasing proportion of high-quality collections in the field of digital art, Whale "Vault" will not only become the vane of the development of encrypted art, WHALE is more likely to become the base currency for encrypted art transactions.

In the long run, the value of WHALE tokens will increase as the value and income of the "vault" increase. There are reasonable valuation targets, and the degree of token dispersion is high. The community stickiness is strong, and the volatility of the token market will be reduced. It can be used as a store of value (SoV), a medium of exchange (MoE), and a unit of account (UoA). The goal of WHALE is to become a token for transferring value between NFT collectors, creators and enthusiasts. It may even become an anchor asset for personalized social tokens.

In the future, the value of the "vault" will not only come from the value of the collection, but as the derivatives market continues to iterate, art derivatives on the chain will bring more expectations value. Artists will bring more value to the community.

The security of the "vault" and the identity of WhaleShark

The "vault" will be exchanged in the future An open and transparent community DAO, but currently hosted by the Whale team. Multiple layers of security are in place, with managers located in multiple countries. In order to prevent malicious attacks and acquisitions, the specific process participants are kept secret. If there is any accident with the custodian, senior members of the community will work together to restore the "vault".

WhaleShark identity verified by ten members of the community. Personal disclosure started to get involved in the field of encrypted assets in 2012, and has 17 years of experience in the fields of artificial intelligence, retail, traditional finance and brand management.

The community in Why WHALE was founded ” mentioned in the article that the purpose of creating WHALE is to share value, explore curiosity about NFT and create value. Sharing and creating value is also the original intention of Satoshi Nakamoto to create Bitcoin.

Future Opportunities and Challenges

The rapid development of blockchain, NFT and digital art The combination is most likely to introduce new users first, and cross into other fields. The addition of more artists will attract fans of artists to pay attention to the field of NFT and encrypted assets. Crypto art is also the field with the most compliance and the least regulatory pressure. The infrastructure is perfect, the number of individual artists is increasing, the content is rich, and the community is developing. We expect WHALE to continue to bring surprises.

At the same time, it will also face market tests. For example, the "Vault" collection is mainly denominated in ETH, and its value will fluctuate with the price of ETH. How to accurately capture the actual value and how to manage assets through DAO are the challenges that need to be faced in the future.

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