Genopets, a non-fungible token “move-to-earn” game based in Solana that rewards players for real-world actions, has secured $8.3 million in a seed investment round, the company said Monday.
Alameda Research, Old Fashion Research, Solana Capital, Xoogler Ventures, Mechanism Capital, and Animoca Brands were among the investors in the round, which was led by Konvoy Ventures and Pantera Capital.
The game uses data from users’ phones and wearable fitness gadgets to convert steps taken outside of the game into in-game incentives.
Passive income to players
In a news statement, Genopets Chief Executive Officer Albert Chen said the game will provide “passive revenue to individuals as an incentive to keep physically active.”
Unlike the popular GameFi title “Axie Infinity,” which requires users to buy three NFT characters for hundreds or even thousands of dollars before they can begin playing, the NFTs required to start Genopets will be free to mint.
Users can choose to purchase a virtual “home” for their avatars after minting to speed up the earning process. Following the purchase of the habitat, a marketplace with further NFT products becomes available.
Bridging the gap
Genopets hopes to bridge the gap between crypto and non-crypto gamers by merging free-to-play and play-to-earn action.
In an interview with CoinDesk, Chen said the startup anticipates potential partnerships between “move-to-earn” style games and wearable tech companies.
Pantera Capital Partner Paul Veradittakit noted that Play-to-Earn identified a confluence of gaming and blockchain that has struck a chord with users: earning real money proportional to in-game success.
“This is a pattern we’ve been keeping a careful eye on,” Veradittakit said, adding they believe it will radically alter the existing gaming sector and bring millions of new players into the crypto ecosystem.
Image courtesy of Cointelegraph News/YouTube
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