Worldcoin to Increase Token Supply by 19% in Next Six Months

Author: Tom Mitchelhill, CoinTelegraph; Compiler: Baishui, Golden Finance

Digital identity project Worldcoin will increase the supply of its WLD token by up to 19% over the next six months through a large number of private sales to non-US institutions.

In an April 23 blog post, Worldcoin said that World Assets (the Worldcoin Foundation subsidiary responsible for token issuance) will sell up to 1.5 million WLDs per week, worth about $8.2 million, through a series of "private placements to selected institutions."

Worldcoin will increase the supply of its WLD tokens over the next six months. Source: Worldcoin 

“World Assets expects to sell an average of 500,000 to 1.5 million WLD per week,” Worldcoin wrote. “The circulating supply of WLD will increase accordingly.”

According to CoinGecko, the addition of 1.5 million WLD tokens per week over six months equates to an additional supply of 36 million tokens on the market, currently valued at around $197 million.

With a circulating supply of 193 million WLD tokens, the private sale represents an 18.6% increase in the total available supply over the same period.

Worldcoin noted that it will negotiate with individual trading firms, especially those that compete with each other, to execute the private sale as close to the “prevailing [WLD] market price” as possible to help minimize potential price impacts on the token.

At current prices, Worldcoin has a market cap of $1 billion. However, that pales in comparison to its fully diluted value (FDV) of $54.5 billion — which would be its total value if all tokens were in circulation.

Worldcoin was ranked the sixth largest cryptocurrency by FDV. Source: Coingecko

Worldcoin launched its beta version in July 2023 and was founded by OpenAI CEO Sam Altman, current Wolrdcoin CEO Alex Blania, and Max Novendstern, who is also CEO of biometric research company Mana.

Worldcoin is a cryptocurrency-based digital identity project that is marketed as providing a solution to the identity problems brought on by the rapid development of artificial intelligence and introducing a novel universal basic income model through its native WLD token.

Worldcoin users register their identities on the company’s “World App” by scanning their retinas on machines the company calls “Orbs.” In exchange for their biometric data, users receive approximately 25 Worldcoin — currently valued at around $137.

Driven by a sharp rally in the prices of AI-related cryptocurrency projects, Worldcoin surged 435% from its launch price of $2.17 on July 24 to a peak of $11.74 on March 10.

Worldcoin has grown by more than 450% in six months. Source: Coingecko

However, its price has fallen by more than 53% from its all-time high in the past few weeks and is currently changing hands for $5.49.