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Whale: the First Nft-backed Token for the Social Sphere

Non-fungible token (NFT) collector Whale token, a pseudonym, has been collecting rare and valuable NFTs since 2019. Whale Sharks project, WHALE, is scheduled to be launched in May 2020.

Whale Shark launched WHALE in order to put his passion for (and experience in) the burgeoning NFT market to use by fostering a community of like-minded NFT collectors who would eventually become active members of an NFT-centric organization. Wales hark produced the first-ever NFT-backed crypto token by using the WHALE social token and his own collection of NFTs.

WHALE PRICES RIGHT NOW

The price of whale today is $5.94, with a 24-hour trading volume of $565,064 shares traded. The price of WHALE has dropped by -3.8 percent in the previous 24 hours. There are 7.7 million WHALE coins in circulation, with a total quantity of 10 million WHALE coins in circulation. If you’re trying to buy or trade WHALE, Gate.io is the most active exchange right now, according to CoinMarketCap.

$1 whale is a social currency (cryptocurrency) that is backed by tangible and rare Non-Fungible Token (NFT) assets. It is characterized by its scarcity, which is reflected in the fact that it is issued in an extremely restricted quantity. In order to be a tangible asset backed currency, $WHALE will have one dimension of the token value attributed to its “VAULT” contents of digital art and collectibles, and another dimension of the token value ascribed to its “Vault” contents of digital art and collectibles.

The team describes the overall value proposition WHALE as consisting of the following elements: 1. The Vault; 2. The Brand; 3. The Community; 4. Leadership; and 5. Tokenomics (or token economy). Notably, the currency is now undergoing a transition to a decentralised autonomous organization (DAO) structure, under which the community will have complete authority over the $WHALE assets and revenue generation streams.

The WHALE Crypto Protocol and the WHALE Vault

WHALE occupies a middle ground between regular cryptocurrencies (whose values rise and decrease in accordance with their use and perceived market value) and stablecoins (whose values remain stable regardless of their use or perceived market value) (whose values are pegged to assets held in reserve).

In addition to NFTs kept in “The Vault,” which is a publicly audited collection of NFTs on the OpenSea NFT marketplace, WHALE is backed by ETH. It is the NFTs that are housed within The Vault that give the token with its intrinsic value at its most basic level.

whale token

As for the WHALE Vault itself, it contains thousands of rare and precious non-fungible tokens (NFTs), ranging from games, art, virtual real estate, and other collectible goods that are predicted to rise in value over time because of their scarcity. NonFungible.com conducts regular audits of the Vault, and its contents are available for public viewing on the Internet.

The Vault is currently valued at over $47.7 million USD and contains over 13,000 individual assets as of September 2021; it was once valued at around $500,000. The Vault was originally valued at around $500,000. It is anticipated that The Vault will continue to evolve over time as a result of organic development, the inclusion of new collectibles, and the maturity of the NFT market, according to the WHALE crypto project.

The WHALE Token Structure and the Governance of the DAO

Initially, WhaleShark was entirely responsible for curating the NFTs that would serve as the primary source of the WHALE token’s underlying value, and this responsibility was delegated to other parties. Following the first launch of The Vault’s crypto custody through a single centralized source, WHALE realized that it needed to migrate from this model to a decentralised autonomous organization (DAO) in order to more efficiently flourish as a project. When the WHALE community transitions to a DAO structure, they will be able to jointly determine which collectibles they want to buy, sell, and rent.

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However, due to the fledgling and ongoing development of sophisticated DAO mechanisms in the crypto sector as a whole, the platform first encountered limits and roadblocks in its journey to maturity. The mechanics of property renting and the security threats associated with dealing with high-value assets such as NFTs were among the first hurdles to overcome.

Although there were some concerns at the time, the transition to the WHALE DAO finally began in September 2020, with the express goal of enabling WHALE token holders to exercise collective control over the project’s community, budget, events, and the management of assets in The Vault. The WHALE DAO is a decentralised autonomous organization (DAO).

whale token

Cryptoeconomics and Distribution Model for the WHALE

WHALE tokens, which are built in accordance with the ERC-20 token standard, are principally backed by the NFT collection that is housed within The Vault. The recognition, use cases, and trading of WHALE all contribute to the secondary value of the asset. This concept is in contrast to the standard model of cryptocurrency valuation, according to which currencies — such as bitcoin (BTC) — derive their worth primarily from the social acceptance and use cases of their respective underlying networks, rather than from their own intrinsic value.

Ten million whale tokens are available for purchase, with the remaining tokens being distributed as follows:

  • One-tenth of the total is set aside for the entrepreneur and founding team (vested for 24 months beginning May 2020)
  • 10% of the total has been set aside for a private sale (vested for 20 months)
  • At a pace of 40,000 WHALE each month, 42.6 percent of the harvest is provided to the community.
  • 37.4 percent has been set aside for the WHALE Foundation and will be vested over a period of 120 months.

It is only possible to earn the WHALE tokens designated for community distribution in a few specific methods, such as by selling NFTs to the WHALE Vault in return for WHALE or by engaging in engagement activities organized by WHALE partners. Twenty-five percent of each month’s 40,000 WHALE allocated to community development is designated for team and partnership stipends, 25 percent is allocated to Whale community prizes, and the remaining 50 percent is allocated to “Hold-2-Play” awards.

Also See:Provenance Introduction to Blockchain, Governance, and Dangers

WHALE crypto holders who own a minimum threshold of required WHALE tokens are eligible to get these rewards, which entitle them to access to exclusive Discord channels as well as raffles and other promotions. The WHALE Foundation is a charitable trust with an as-yet-unnamed mission to assist underprivileged women and children throughout the world.

There are no financial liabilities or sell pressure for Whale Shark or the WHALE token, which means that the NFTs in The Vault will almost certainly only ever be sold at extremely high market pricing. The Whale Shark website says that as of September 2021, it has never resold a single NFT and has never made a single dollar in profit. Furthermore, it is claimed that all income generated by the sale of WHALE tokens are used to fund the acquisition of even more rare NFTs for The Vault.

whale token

Involvement in the WHALE Community: Advantages for WHALE Token Holders

The capacity to: As part of the project’s community-driven ethos, WHALE holders are entitled to certain platform-specific perks, which include:

  • NFTs can be rented from The Vault.
  • Select NFTs from The Vault to add to your collection.
  • Purchase special NFTs that are only available for WHALE.
  • Participate in WHALE liquidity mining in order to gain benefits.
  • Purchase WHALE cryptocurrency products, which includes both tangible and digital forms.

Participate in the project’s DAO and help to shape the Whale community’s blockchain governance by voting. Access to Whale Shark’s special membership channels, which include games, NFT airdrops, WHALE airdrops, networking possibilities, and direct lines of communication with the whale.

The WHALE group is primarily made up of early supporters of the New Frontiers of Technology movement. There were over 16,000 members of the WHALE Discord server as of September 2021, with around 4,000 distinct addresses holding WHALE coins as of the same month.

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In spite of the fact that all funds derived from market making activity are used solely to purchase more valuable NFT assets for The Vault, Whale Shark himself is alleged to be committed to using his personal WHALE token holdings to support philanthropic and other endeavors that will help grow the WHALE community as well as the NFT space in general.

The WHALE Crypto Network’s Long-Term Prospects

A unique concept, the WHALE crypto project was the first to implement it by creating an ERC-20 token that is principally backed by a portfolio of NFTs. The value of The Vault, on the other hand, is vulnerable to fluctuations because the value of NFTs can be quite volatile.

This means that although the popularity and success of the NFT phenomena is likely to be only beginning, the value of certain NFTs and the asset class as a whole may still be subject to significant volatility in the future. Having said that, WHALE does not intend to be a stablecoin, but rather an asset-backed social token powered by NFTs instead of a traditional cryptocurrency.

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