First Ever ‘Move-to-Earn’ NFT Game Raises $8.3M Seed Funding
Genopets, a Solana-based NFT and first ever “move-to-earn” game sucessfully raised from Konvoy Ventures, Animoca Brands, etc.
By Shiela Bertillo
Genopets, a Solana-based NFT and first ever “move-to-earn” game, which rewards its players for the steps they take in real life, has successfully raised $8.3 million in a seed funding round, the company announced last week.
Konvoy Ventures, a venture capital fund dedicated to esports and video gaming, and Pantera Capital, a blockchain and cryptocurrency-focused investments firm, led the round along with investments from Alameda Research, Old Fashion Research, Solana Capital, Xoogler Ventures, Mechanism Capital, Yield Guild Games, and Animoca Brands.
The move-to-earn concept of the game functions by taking data from the users’ phones and wearable fitness devices to convert steps taken in the physical world into rewards within the game.
Albert Chen, Genopets CEO, stated in a media release that he wants the game to provide “passive income to individuals as an incentive to stay physically active.”
Moreover, the NFTs required to start playing Genopets will be free to mint.
After minting, players can now choose to purchase a virtual “habitat” for their characters to advance the earning process. A marketplace of additional NFT items would be open once the habitat is purchased.
According to Chen’s interview with Coindesk, he noted that by combining free-to-play and play-to-earn style gameplay, Genopets is looking to bridge the gap between crypto and non-crypto gamers to attract a mainstream audience.
Moreover, with “move-to-earn” style games, the company also foresees future partnerships with wearable tech companies.
“Play-to-earn pinpointed an intersection of gaming and blockchain that has struck a chord with users: earning real money proportional to in-game performance,” said Pantera Capital Partner Paul Veradittakit.
Veradittakit also noted Pantera is monitoring this play-to-earn trend “very closely.”
“We believe it’s going to fundamentally transform the established gaming industry and onboard millions of users into the crypto ecosystem,” he added.
This article is published on BitPinas: First Ever ‘Move-to-Earn’ NFT Game Raises $8.3M Seed Funding
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