The First ‘Move-to-Earn’ NFT Game Raises $8.3M

The First ‘Move-to-Earn’ NFT Game Raises $8.3M

Genopets, a Solana-based non-fungible token (NFT) “move-to-earn” sport the place gamers are rewarded for the steps they soak up actual life, has raised $8.3 million in a seed funding spherical, the corporate introduced Monday.

The spherical was led by Konvoy Ventures and Pantera Capital with investments from Alameda Research, Old Fashion Research, Solana Capital, Xoogler Ventures, Mechanism Capital and Animoca Brands.

The sport pulls knowledge from customers’ telephones and wearable health units to transform steps taken within the bodily world into rewards throughout the sport. Genopets CEO Albert Chen mentioned in a press launch he desires the sport to offer “passive revenue to people as an incentive to remain bodily lively.”

Unlike the favored GameFi title “Axie Infinity,” the place customers should buy three NFT characters that may value a whole lot and even 1000’s of {dollars} earlier than beginning the sport, the NFTs required to start Genopets can be free to mint.

After minting, customers can select to buy a digital “habitat” for his or her characters to expedite the incomes course of. Once the habitat is bought, a market of further NFT gadgets turns into accessible.

By combining free-to-play and play-to-earn type gameplay, Genopets is trying to bridge the hole between crypto and non-crypto players to draw a mainstream viewers. The firm additionally foresees future partnerships between “move-to-earn” type video games and wearable tech firms, Chen instructed CoinDesk in an interview.

“Play-to-earn pinpointed an intersection of gaming and blockchain that has struck a chord with customers: incomes actual cash proportional to in-game efficiency,” mentioned Pantera Capital Partner Paul Veradittakit. “This is a development we’ve been monitoring very carefully. We imagine it’s going to essentially rework the established gaming business and onboard hundreds of thousands of customers into the crypto ecosystem.”

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