NFT’s are something that not many people understand. Standing for Non-fungible tokens, they have been a hot topic in the past few months. WallStreetBets is one of the companies out there that has specialized in employing the powers of NFTs.
WallStreetBets came into the spotlight in January after retail investors active on the site banded together and sparked a strong rise in the share price of video game retailer GameStop, squeezing hedge funds shorting so-called ‘meme stocks’. The NFT collection aims to address the cultural issues exposed by the situation along with providing utility to the holders in the form of a decentralized derivatives exchange and a play-to-earn card game with an investing theme.
Wsbets.art is an PFP NFT collection with core focus of the project on the utility of the underlying NFTs. Unlike some other collections on the market, behind the 4,000 tokens lies access to the upcoming applications developed by their team and partners, by giving the holders tokens of other WallStreetBets projects, e.g. additional NFT drop, P2E and DEX.
The team at WallStreeBets’ team is aiming to push the boundaries of the NFT world while providing their owners with unprecedented incentives, while maintaining the integrity of the community created by the GameStop movement. However, their journey was not without struggles. There were many obstacles they had to overcome to reach success.
However, this is only one of the ways that they are doing their best to differentiate themselves from other businesses in the NFTs world. Their NFTs are also filled with references to the WallStreetBets history since it’s creation. Despite the subreddit growing rapidly after the GameStop coverage, they tried to preserve the spirit of the original community filled with retail traders taking extreme risks and overleveraging themselves (hence the name). Additionally, to capture the attention of the general NFT community aim to provide maximum utility and value, along with exciting artwork.
Their biggest obstacle, like with many other businesses, was assembling the right team that would work for their needs and work well together. This is a typical challenge that many businesses struggle with. Thankfully, the WallStreetBets team was able to get past this and become a successful business.
The founder of WallStreetBets is Raymond Ahn. Raymond and his team have a number of exciting plans and projects for the upcoming year and the close of 2021. Raymond details them below:
“We are planning on releasing multiple complementary projects to the WallStreetBets collection. After RobinHood halted selling, launch of the Wall Street Bets derivatives DEX is a natural next step. 20% of the exchange’s token supply will be distributed to the holders. Additionally, Wall Street Ape will be a collection of 1,000 NFTs generated from 200 unique traits with 200 reserved for holders of 5 or more pieces of the genesis NFT collection. Finally, a Play-2-Earn investing game on the blockchain.”
To find out more about WallStreetBets, check out their website here.