Move-to-Earn NFT Game Genopets Raises Millions in Seed Funding Round


NFT game Xenopets has raised $8.3 million (approximately Rs 62 crore) in a seed funding round. The game was introduced earlier this year, and it rewards players for the steps they take in real life, much like in Pokémon Go. During the game, players mint game character NFTs and play with them in a virtual habitat. As the game progresses, more NFTs are offered to players, and these can be held or traded.

The funding round was led by a video-game dedicated venture firm called Convoy Ventures, followed by other companies including Pantera Capital, Alameda Research, Old Fashion Research and Solana Capital. coindesk Quoting the company.

When a player registers for solana A blockchain-based game, it extracts physical workout data from players’ phones or wearables and converts actual steps into in-game rewards. Players can use Solana Tokens to make purchases in this game. Currently, a Solana token is trading at $156 (approximately Rs 11,773) CoinMarketCap.

nft games Axie is a growing category inspired by the success of Infinity. Genopets also has a battle mode that was created with the aim of providing “passive income as an incentive for individuals to remain physically active,” said its CEO Albert Chen.

The free-to-play role-playing game aims to attract both gaming and crypto enthusiasts – especially at a time when the NFT space is gaining popularity with the likes of internationally renowned celebrities Snoop Dogg, Amitabh Bachchan and Steve Harvey among others.

In the NFT space, games are emerging as a popular use case for blockchain technology. Earlier in October, Vietnamese gaming studio Sky Mavis – which created the popular NFT game Axi Infinity – raised $152 million (about Rs 1,134 crore) from at least six crypto and blockchain investors in a Series B funding round.

according to a report good By research platform DappRadar, the play-to-earn movement has been one of the major forces behind the rapid growth of the NFT gaming space.

“This is a trend we are monitoring very closely; we believe it is going to fundamentally change the established gaming industry and the millions of users in the crypto ecosystem,” said Finance and Research at DappRadar. The head of Modesta Jurgelvienne said in the report.

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