Last week, Samsung Next announced it invested in GenoPets, a move-to-earn NFT game. The news comes after the startup raised $8.3 million last October, led by Konvoy Ventures and Pantera Capital, with participation by Alameda Research, Animoca Brands, and numerous others.
You’ve heard of play-to-earn games like Axie Infinity which reward gamer performance with crypto tokens. GenoPets have similarities, except that players are compensated for physically moving around. So it’s a mix of Tamagotchi, FitBit, and crypto. Another move-to-earn game, STEPN has recently hit the headlines.
Samsung for Genopets
The GenoPets game is yet to launch and will initially be free to play. So far, it has 250,000 people on its waiting list. Its business model incentivizes people to use the paid version that lets players progress faster and unlock more features.
Every player has a Genopet NFT, upgraded based on activity and can be bought and sold in the marketplace. Users also earn crypto tokens based on physical and virtual movement.
The game will include the ability to buy virtual land, Habitat NFTs, that unlock advanced gameplay and, of course, can be accepted and sold.
“We believe that adding the fun of gaming to our simple daily movements and long-term fitness goals is the key missing ingredient to getting us to enjoy working towards the thriving lifestyle that we all deserve,” said GenoPets in a blog post.
However, to endure, games will need to survive based on gameplay, not crypto tokenomics. Axie Infinity, the first big play-to-earn game, hasn’t done so well of late, with its token price peaking in November at $157 and currently now around $14. In terms of in-game transactions, it logged more than $500 million during a single day in November, although that was exceptional. Now the figure is around $2-$3 million a day, clocking 100,000 transactions daily, down from millions in November.
Both GenoPets and STEPN use the Solana blockchain.
About Genopets
Genopets is the first Move-to-Earn mobile RPG that rewards you for exercising your body, mind, and spirit through the care of your digital familiar. Transform your physical movement and cognitive exertion into in-game progression to upgrade and evolve your Genopet NFT. As you customize your Genopet in your likeness, you’ll find that it’s as rare and valuable as you are.
Enter the Battle Arena to battle other players as you sharpen your reaction time, memory, and overall cognitive skills through turn-based mini-games. Play-for-Keeps to reap wagered items and move-sets from your defeated opponents. Will you be the next Arena
Play and Earn
Sell your hard-earned Genopets NFTs in the open marketplace while you take steps to earn $KI from your Habitat. Use $KI to either craft special items to upgrade your Genopet’s aesthetics and skills or sell your $KI to other players in need of a boost. Summon your Genopet and start trading your sweat for crypto.
Social Media Platforms
https://discord.com/invite/genopets
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