WHALE Token And The Rise of Nonfungible Liquidity Mining
The evolution of crypto primitives is happening at breakneck speed. Primitives like liquidity mining and social currencies – tokens representing individuals and human capital – are gaining popularity and now converging. One social token, WHALE now has a market cap of $16 million backed by a $1 million portfolio of nonfungible tokens (NFTS). WHALE has introduced liquidity mining in the form of NFTs where creators can now stake their talents for tokens.
The WHALE Token’s Tale
The $WHALE token is a social token, created by WhaleShark, one of the largest individual buyers of NFTs in the crypto market. WHALE tokens are indirectly underpinned by all of WhaleShark’s NFT assets, which are held in an address known as “The Vault” and are actively managed by WhaleShark.
A recent audit by the Nonfungible team revealed that WhaleShark’s Vault holds over 3200 NFT assets across 45 projects totaling about $1 million. More impressively, the total value of the assets in the vault has grown 26% over the past month.
While WHALE doesn’t have an explicit claim to the NFTs inside the Vault, a majority of the NFTs are assets in the Vault were deposited by Captain Ahab WhaleShark who has an incentive to grow the value of WHALE. Additionally, WhaleShark has added some features to his personal token with the goal of providing greater utility and decentralizing ownership over time.
WHALE tokens derive utility from the following:
Mason was a Senior Research Analyst at Messari focused on Web3 protocols and cryptoassets. Before Messari, Mason worked at ConsenSys as a Content Marketer focused on marketing strategy. Mason obtained his Master’s in Business Management at Hong Kong Baptist University.