In-game economies have been around for quite some time. Every time you play a game on your smartphone, chances are there’s some kind of coin, token, or virtual cash that you play to earn in order to buy new features of the game, whether that means a new gun in a first person shooter or a new car in a racing game.
However, throughout gaming history, these economies have been built around the concept of buying in-game assets that you never actually own. After all, you can’t sell that gun or car to other players and there’s no real monetary value to the assets you purchase in the gaming economy.
NFTrade and My DeFi Pet aim to change that in a big way. According to a recent article on Medium, the two are working together to bring NFT farming and swapping to the table through a new game.
The game, known as the My DeFi Pet farm, is aimed at combining a virtual pet game with decentralized finance and player personalities. In order to reward the game’s players, My DeFi Pet will be launching a $DPET NFT farm that allows token holders to stake their tokens in order to rare, exclusive, and collectible in-game NFTs.
How the New Game Works
In the game, players will have the ability to put their idle tokens to work earning new characters for them as time passes. To do so, the player will stake his idle tokens in the My DeFi Pet farm.
Once those tokens are staked, they will be used to earn additional My DeFi Pet characters.
Importantly, the two companies want everyone that plays to be incentivised. As a result, the rewards have been designed for users of all sizes, meaning that if you’re just getting involved, you won’t have to become an OG whale before you have the ability to earn an NFT of value.
All told, there are 50 different NFT characters up for grabs. Each will have a different quantity of characters available depending on rarity and other factors.
So, how do you get your hands on these NFTs?
In the game, users will be able to stake $DPET in their farms and earn $nDPET at a rate of 5 $nDPET tokens every 24 hours for each $DPET token that’s staked. These $nDPET tokens are synthetic, non-transferable tokens that can only be used to claim My DeFi Pet NFTs within the $DPET NFT Farm.
In the release, the two partners didn’t offer any clues as to when the game will be live, only stating that once the My DeFi Pet NFT farm is live, it plans on launching the URL for easy public access.
This Is Big News for Gamers and NFT Enthusiasts
The news released surrounding the My DeFi Pet NFT farm is an important step in the right direction for both gaming enthusiasts and NFT enthusiasts. On the gaming side of the equation, countless hours are spent on playing games for nothing more than entertainment value. When the My DeFi Pet NFT farm launches, it will signify a pivotal shift in which gamers will actually have the ability to be rewarded monetarily for the time they spend playing the games they love.
The implications are also massive for the NFT community. After all, NFT utility seems to be growing on a day-to-day basis, and the announcement marks yet another valuable way in which NFTs add functionality to a process. As utility in the industry continues to grow, so too will the value of non-fungible tokens.
The Bottom Line
The bottom line here is simple. Each day, it seems as though new ways to use NFTs are coming to light, new audiences are latching onto the global craze, and even companies and political parties are diving into the fray. All of this adds up to the fact that these unique tokenized pieces of art are not only here to stay, but likely to continue climbing in value.