Genopets, an NFT game, has secured $8.3 million in a seed investment round (approximately Rs. 62 crores). The app, similar to Pokemon Go, was released earlier this year and pays users for the steps they take in their daily lives. Throughout the game, users collect game character NFTs and interact with them in a virtual environment. More NFTs are provided to players as the game continues, and they can be retained or exchanged.
According to CoinDesk, the fundraising round was led by Konvoy Ventures, a video game-focused venture capital firm, and was followed by Pantera Capital, Alameda Research, Old Fashion Research, and Solana Capital, among others.
When a participant joins the Solana blockchain-based game, the game pulls physical workout data from their phones or sensors and converts real steps into in-game prizes. The Solana token may be used to make purchases in this game. According to CoinMarketCap, one Solana token is now worth $156 (approximately Rs. 11,773).
NFT games are becoming more popular, thanks to the popularity of Axie Infinity. Genopets also features a fight mode, which was developed with the goal of providing “passive revenue to individuals as an incentive to be physically active,” according to CEO Albert Chen.
The free-to-play role-playing game seeks to appeal to both gamers and crypto aficionados, particularly at a time when the NFT field is gaining traction thanks to celebrities such as Snoop Dogg, Amitabh Bachchan, and Steve Harvey, among others.
Games are becoming a prominent use case for blockchain technology in the non-financial sector. Earlier this month, Sky Mavis, the Vietnamese gaming studio behind the famous NFT game Axie Infinity, secured $152 million (approximately Rs. 1,134 crores) in a Series B investment round from at least six crypto and blockchain investors.
According to a survey by research platform DappRadar, one of the driving reasons behind the fast expansion of the NFT gaming market has been the play-to-earn movement.
“We believe it’s going to radically alter the existing gaming sector and on-board millions of gamers into the crypto ecosystem,” Modesta Jurgeleviienè, Head of Finance and Research at DappRadar, said in the study.