Samsung Next invests in NFT game GenoPets – Ledger Insights

Samsung Next invests in NFT game GenoPets – Ledger Insights

Last week Samsung Next announced that he had invested GenoPetsNFT for profit the game. The news comes after the startup raised $8.3 million last October, led by Konvoy Ventures and Pantera Capital, with participation from Alameda Research, Animoca Brands and numerous others.

You’ve heard of play to earn games like Axie Infinity which reward player performance with crypto tokens. GenoPets have similarities, except that players get compensated for physical movement. So it’s a mix of Tamagotchi, FitBit and crypto. Another game that moves for money DEGREE recently made headlines.

The GenoPets game has yet to launch and will initially be free to play. So far, there are 250,000 people on the waiting list. Its business model encourages people to use the paid version which allows players to progress faster and unlock more features.

Each player has a Genopet NFT, which is upgraded based on activity and can be bought and sold on the market. Users also earn crypto tokens based on physical and virtual activity.

The game will include the ability to purchase virtual land, Habitat NFTs, which unlock advanced gameplay and, of course, can be bought and sold.

“We believe that adding the fun of play to our simple daily activities and long-term fitness goals is the key missing ingredient to enjoy working toward the successful lifestyle we all deserve,” GenoPets said in a blog post.

However, in order to endure, games will need to survive based on gameplay, not crypto tokenomy. Axie Infinity, the first major monetization game, hasn’t fared so well lately, with its token price peaking in November at $157 and currently around $14. In terms of in-game transactions, it recorded more than $500 million in a single day in November, though that was exceptional. Now that figure is around $2-3 million a day, with 100,000 transactions a day, down from the millions in November.

Both GenoPets and STEPN use the Solana blockchain.

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