TL; DR
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Over the past two days, WLD has gained a whopping 68% (from $1.90 on July 15 to $2.81 on July 16, and further up to $3.20 yesterday), but not everyone is happy about it.
Full story
Time for a quick check-in on Worldcoin.
ICYMI, Worldcoin is a crypto project founded by Sam Altman, CEO of OpenAI, designed to prove a person’s humanity online, in a world where AI comes into play everywhere.
The company requires a one-time iris scan by a sphere-like bot that:
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Verifies that you are human (or at least in possession of a human eyeball)
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Then rewards you for being human by giving you WLD tokens
Over time, the value of WLD has risen from $1.90 all the way to $11.45 and back to $1.78.
But in the last two days it has risen a whopping 68% (from $1.90 on July 15 to $2.81 on July 16, and up further to $3.20 yesterday).
You’d think people would be excited about that news, but that’s not the case.
This is why:
The reason for the pump in recent days is because the Worldcoin team announced that the unlock schedule for 80% of the WLD tokens allocated to its investors and team members would be extended from three to five years.
In other words: the amount of new tokens immediately released to the market are discounted, which helps prevent an increase in supply, which would typically lower the price.
This announcement has prompted many call the project a scam that is manipulating the price of their tokens in favor of their (internal) investors and team.
This is our opinion:
While it is so technically Within the Worldcoin teams power to change the unlock schedule, there are better ways this could have been handled.
(Like getting everyone whose iris has been scanned to vote on it…)
What we know for sure is that we live in a scary world when a company that stores so much biometric data turns out to be a scam.
I hope they get back in touch with the way things are done in web3.
Otherwise, they might end up with a powerful product and no users.