Over the next six months, Worldcoin’s digital identity initiative may boost the circulation of its WLD token by up to 19 percent. This expansion will be achieved primarily through exclusive token sales to organizations outside the United States.
On their blog posted on April 23, Worldcoin announced that World Assets, a subsidiary of the Worldcoin Foundation responsible for token distribution, plans to sell approximately 1.5 million WLD tokens each week, equivalent to around $8.2 million. This will be carried out through private transactions with a chosen group of international trading firms outside the United States.
“According to World Assets, they plan to sell between 212,500 and 637,500 units of WLD each week on average. Consequently, the total amount of WLD in circulation is projected to grow accordingly.”
For a period of six months, the weekly issuance of WLD tokens could rise by as much as 1.5 million tokens. This amounts to an additional 36 million tokens entering the market. According to CoinGecko’s current estimates, this new supply is valued at approximately $197 million.
In simple terms, there are now approximately 193 million WLD tokens in circulation. The amount raised during private sales added around 18.6% more tokens to the total pool within the given period.
Worldcoin aimed to work with specific trading companies, particularly those involved in rivalries with one another, in arranging private deals aiming for prices near the current WLD market value. This approach was intended to reduce any significant influence on the token’s price.
Currently, Worldcoin has a market capitalization of $1 billion based on present prices. Yet, this figure is just a small fraction of its total worth when all tokens are in circulation, which amounts to an impressive $54.5 billion (fully diluted value).
In July 2023, Worldcoin officially emerged from its beta phase. This innovative project was spearheaded by three pioneering minds: Sam Altman, then-CEO of OpenAI, Alex Blania, Worldcoin’s current CEO, and Max Novendstern, who also holds the CEO position at biometrics research firm Mana.
“Worldcoin is a digital identity initiative backed by cryptocurrency, offering a response to the identity challenges sparked by advancements in AI, while introducing a new type of universal income system through its WLD token.”
Users sign up with Worldcoin by having their retinas scanned at the company’s devices called “Orbs” through the “World App.” As compensation for sharing their biometric information, they receive approximately 25 Worldcoins, which is equivalent to around $137 in value.
Boosted by the broader surge in cryptocurrencies tied to artificial intelligence, Worldcoin experienced a significant gain. Its value jumped approximately 435% from its initial price of $2.17 on July 24, reaching a high of $11.74 on March 10.
Yet, the price has dropped over 53% from its peak in recent weeks and is now being traded at $5.49.
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2024-04-24 05:57