The Solana-based move-to-earn game Genopets has raised $8.3 million in a seed funding round, which include Konvoy Ventures, Pantera Capital, Animoca Brands, Yield Guild Games and several other investment companies. Genopets wants to bring play-to-earn mechanics into the realm of wearable technology.
In Genopets everybody can mint their first NFT pet for free and then participate in the game’s economy. By being active players can level up their pets, increasing their rarity and unlocking skills and attributes. Ultimately players can resell their upgraded pets, which of course can with benefits in the game as well.
Free players can earn from the game simply by levelling up their pet and then selling it. This make Genopets a move-to-earn game, or play-to-earn combined with physical movement. However, if you don’t want to sell it, you can buy a Habitat NFT to showcase your pet. These paid players earn KI tokens for their daily active use. These players can also generate and craft in-game items, each of them an NFT. Players can use these items to enhance their Genopets.
How does it work?
Genopets uses data tracked by a smartphone or fitness wearable to level up a Genopet NFT in the game. Players can then summon their pet, and quest in the Genoverse to explore hidden lands, find loot, craft items and battle with other players. This also means that gamers can walk around, level up their NFT and then sell their progress on the public marketplace. That’s why they embrace the term: move-to-earn.
The play-to-earn economy of Genopets consists out of four elements:
- GENE token – the governance and staking token for Genopets
- KI token – the reward and utility token
- XP – a state in the Genopet NFT meta data which can increase through activity
- Gene Crystals – NFTs crafted from GENE and KI to accelerate and direct to evolution of a Genopet
Habitats are procedurally generated NFTs players can purchase through the Genopets Marketplace. However, they can also craft these using GENE tokens, KI tokens, and Gene Crystals. In addition, Habitats boost the XP a Genopet can earn, and unlock the ability to craft Gene Crystals while earning passive income in KI tokens. The Habitats seem to be the big investment opportunity in this game, while crafting Gene Crystals can become a metaverse profession.
Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, started the Play to Earn Online Magazine in early 2020.