One of the largest and high-profile collectors of digital gaming and art non-fungible tokens (NFTs) and metaverse space goes by the name WhaleShark. This pseudonymous buyer has never missed and has no plans of slowing down in the following years. Smaller fishes are scared out of the water whenever he jumps out of the bidding pool.
Whaleshark secured his massive collection of valuable NFTs in one strongroom called “The Vault” and created $whale to serve as a social token backed by the vault’s value. As of today, the market cap of whale tokens is higher than the doubled value of the vault.
What is $whale?
The idea of social currency has been in WhaleShark’s mind since the last quarter of 2019, thinking it’s a pretty excellent innovation to enable people to appraise what meant most to them. Perhaps attention, time, etc. He has been coordinating with Roll since the first month of 2020 and eventually decided to begin a social currency project that was backed by trust, reputation, and of course, valuable NFT assets.
$WHALE is a form of social currency created by WhaleShark, backed by rare and tangible non-fungible token (NFT) assets while substantiating scarcity by definitive restricted issuance. A maximum of 10 million dollars $whale ever made has a launch value of each being underpinned by a basket of the most popular and rarest non-fungible tokens within the industry. The Vault is the one and only dimension that determines the worth of $whale as a social currency.
Reducing daily market fluctuations is not the only goal of WhaleShake, but also to allow organic growth of coins. $Whale has no short, mid, or long-term financial liabilities, so there’s no pressure selling any NFTs in The Vault below the stellar market rate.
What makes $whale different compared to other tokens?
The competitive setting for $whale refers to cryptocurrencies, fiat, and other social currencies:
- Cryptocurrencies might have solved the matter with capped token issuance; still, their value is drawn for their level of acceptance as a speculative asset and a socially accepted currency. ETH, BTC, and any other cryptocurrencies have no ownership to assets created to their network. $Whale gives a solution for tangible assets to produce a base level value.
- For Fiat, the lack of tangible assets and the inflationary effects of printing money remains one of the biggest challenges. The value of $whale is supported by all assets within The Vault, increasing in value because of organic growth and scarcity.
- By using tangible assets to underpin the value of a currency, $whale takes the objectivity of the goal one step further while we are busy applauding the innovation of another social currency.
$Whale Basic
The current price of $whale is $21 and has a circulating supply of 5 million tokens with a fully diluted supply of 10 million tokens. As of May 2021, whale token’s market cap is at $120 million, making it one of the top five social tokens in the industry in terms of size.
$whale had huge gains since its launching in 2020. The token was launched at less than a dollar, but it’s been 20% off the high in May 2021. There was a significant spike in NFT activities in March, the market is falling, and $whale is going along with it.
Passive Income of $whale
Basically, they conduct monthly distribution of $whale under three categories — Shark, Dolphin, and Whale. These tiers are represented by a minimum token that you hold.
For example, you have to hold 19 coins each month on Dolphin, the threshold increases by one or two coins. The distribution is so good that Dolphin gets 500 coins per month split across Dolphins. If there’s no increase in the number of Dolphins, this could bring over a 30% return on your capital on an annual basis.
You also get an opportunity to earn free tokens by participating in a community and being part of their events.
Whale Vault
Whale Vault, known as “The Vault,” supports the value of whale tokens. According to nonfungible.com, as of April 2021, the total vault value is approximately 48 million dollars.
The vault has a massive concentration on NBA Top Shot, making up 77% of the entire vault. If you look at the NFT market as a whole, you will see that NBA Top Shot dominates 50% of the NFT sale. So, if you examine the bet, you will be investing in whales, you are technically investing in NBA Top Shot, and if it collapses, so will Whales. Before jumping up into Whales, you should do prior research on NBA Top Shot, what they are doing, and think of a long-term trajectory for that.
Aside from Top Shot, Whales have essentially achieved growth in everything they have invested in. However, it’s been only one year since their establishment, and there’s still no guarantee that they will be sustainable for five to ten years.
Here are the things you need to know about Whale’s Vault:
- Whale tokens have no legal claim on the vault’s asset or revenue.
- The only way to connect is through buybacks.
- $Whale can be exchanged at Hotbit, Hoo, and Bilaxy.
- Whale tokens can be swapped at Uniswap.
Buy $WHALE or Not?
Buying this token requires you to trust the person behind $whale, which may not be quite a fit for those looking for a more decentralized project. Whale tokens increased significantly, from $1 to $21, since it was launched and still holds room for growth, assuming that the NFT space will keep expanding.
Perhaps, $whale is not entirely a bad investment, but you still have to start your own NFT study, especially on NBA Top Shot which consists enormous part of Whale’s vault.
