NFTs, or non-fungible tokens, have given several people new ways to earn money. Even kids have made millions of dollars developing the art for, and minting, these digital assets. Not to mention, collectors have seen the values of their collections skyrocket and play-to-earn games have caught the attention of the masses.
However, today’s consumer is health conscious.
High sugar carbonated beverages have realized slowing sales growth over the past several years and money is being spent on watches and other health-tracking devices. With NFTs evolving rapidly, even finding their way into the healthcare space, it only makes sense that someone would develop a way to earn in the space based on the efforts you make to be a healthy person.
Well, that day has arrived.
Genopets Raises $8.3 Million for Move-To-Earn Tech
Genopets is a solana-based NFT game where players literally move-to-earn, and not in the digital world. The game rewards players for the steps they take in real life, and the game is gaining traction in the venture capital realm.
Recently, Konvoy Ventures and Pantera Capital worked with Alameda Research, Old Fashioned Research, Solana Capital, Xoogler Ventures, Mechanism Capital, and Animoca Brands to launch a seed round where $8.3 million was raised for the Genopets game.
So, what’s so valuable about the Genopets game?
Users allow their smartphones and fitness wearables to communicate with the Genopets platform in order to convert physical steps taken in the real world into rewards in the game, rewards that can ultimately be traded or sold, giving users the ability to generate income. In fact, CEO Albert Chen said he wants the game to give people a way to earn passive income as an incentive to stay physically active.
Moreover, users won’t have to pay to play, which is a common theme in NFT games. For example, the popular GameFi game known as Axie Infinity requires users to purchase at least three NFT characters in order to play, with each character costing hundreds or even thousands of dollars. With Genopets, the required NFTs will be free to mint.
So, there are essentially three drivers of value here:
- Move-To-Earn. The move to earn concept is one that pays consumers to stay active and healthy. This concept has already proven to be overwhelmingly valuable with companies like United Healthcare launching platforms that pay users in a healthcare savings account (HSA) to live a healthy, active lifestyle. So, there’s no question that the concept will be an attractive incentive for users.
- Gaming. Users won’t only be able to move to earn, the game will also have play-to-earn features, following an RPG-style story line. The gaming industry is one that has grown to massive proportions and is expected to continue in the upward direction.
- Free Access. Finally, the fact that the game will be free to play and required NFTs are free to mint will be another key driver for consumers to get involved.
In a statement, Paul Veradittakit, Partner at Pantera Capital, further explained the value of this type of technology, saying:
“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. This is a trend we’ve been monitoring very closely. We believe it’s going to fundamentally transform the established gaming industry and onboard millions of users into the crypto ecosystem.”
The Bottom Line
The bottom line here is simple. Technological innovation has largely changed the healthcare industry, which has led to a more health conscious population. As new, highly valuable, technologies hit the tape, it only makes sense that those that follow along the same lines will be met with high demand.
Genopets is the first NFT game that will reward users for working to live a healthy and active lifestyle. Considering the fact that the concept works in real-world applications already, it only makes sense that the Genopets platform will be an overwhelmingly successful one in the NFT space.