Last week Samsung Next announced it invested GenoPets, a move-to-earn NFT game. The news comes after the startup raised $8.3 million last October, led by Konvoy Ventures and Pantera Capital, with participation by Alameda Research, Animoca Brands and numerous others.
You’ve heard of play-to-earn games like Axie Infinity which reward gamer performance with crypto tokens. GenoPets have similarities, except players are compensated for physically moving around. So it’s a mix of Tamagotchi, FitBit and crypto. Another move-to-earn game STEPN has recently hit the headlines.
The GenoPets game is yet to launch and will initially be free to play. So far, it has 250,000 people on its waiting list. Its business model incentivizes people to use the paid version that lets players progress faster and unlock more features.
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