Overview
GenoPets is an NFT based move to earn game that rewards players with crypto tokens for physically challenging tasks like running, cycling, etc. Readers might be familiar with a competitor of GenoPets called STEPN, which popularized the move-to-earn model in the industry. However, what makes GenoPets different from its competitors is its adoption of the digital pet trope introduced by games like Tamagotchi and Aavegotchi. Players join the game by acquiring a digital pet called a Genopet, whose growth and value are inherently linked to their owner. This means that your digital pet will grow more powerful and valuable as you take on more and more challenging physical tasks.
GamePlay
In game mechanics to keep an eye on
Energy
Energy(E) is the official in-game currency of the Genoverse, meaning that players would need to perform every significant action within the game, such as:
- Nurture(feed, train) their digital pet.
- Harvest KI(token)
- Craft in-game items
- Take part in PvE gameplay.
Note that E is not a crypto token and is not tracked on-chain. That’s why it can neither be bought nor sold(at least in its base form) but only be earned through hard work and active living.
Mood and Nurture:
Mood plainly refers to the emotional state of a genopet which depends on the level of nurturing actions performed by its owner. A genopet's mood is affected by the nurture and care it receives on a daily basis.These pets are designed in a way that they process energy more efficiently when their mood is elevated and vice versa. which incentivises the player strategically to build a connection with and take care of their digital pet.
The mood of a genopet depends on three elements.
Nutrition: This accounts for ⅖ of a genopet’s mood. A well-fed pet is understandably in a good mood. Player action that increase nutrition is Feeding
Joy: This accounts for ⅖ of your digital pet’s mood in genoverse. Play with your digital pet to increase its Joy levels.
Love: Love accounts for the remaining 20% of the genopet’s mood. Petting your genopet will increase the love quotient.
Leveling up your Genopet
Your digital pet’s rarity, evolution, value, and combat strength in PvP games are tracked through levels and stages. There are 12 stages and 78 levels of Genopet evolution in the game. To level your genopet, collect energy by performing physical activities and convert them into XP points.
Different things you can do in the Genoverse
Move-to-Play
The primary objective of GenoPets is to gamify your lifestyle and reward you for living more actively. The game keeps track of your steps and converts them into ‘Energy’ which is then used to evolve your digital (geno)pet. A pretty standard move-to-earn dynamic gets interesting when it's linked with the evolution of a digital representation of your spirit animal. You get to take care of and watch your spirit animal grow more powerful with every step you take.
Nurture & Evolution
Training and nurturing your genopet is the second important pillar of gameplay. The developers leveraged the digital pet trope after observing in games like Pokemon, Tamagotchi, Digimon etc., that players are much more engaged with a game if they have a personal connection with a character. Genopets has minigames that involve playing, showing affection, and feeding your digital pet. These sub-games earn the player XP points and 'elevate the mood’ of the GenoPet. According to the developers, XP is a state in the Genopet’s metadata which directly increases the in-game capabilities and rarity of the digital pet based on the player’s actions
Terraforming Habitats and Rental
It’s astounding how many gaming genres are present in the Genoverse. The game has taken the virtual land trade mechanics from metaverse platforms like Sandbox and Dectraland and integrated it into its own plot. In Genoverse, players can terraform land plots called "habitats" and sell or rent them to other users. These virtual land plots are essential pieces of the gameplay as they are used to convert energy into KI tokens and craft in-game items such as power-ups, skins, NFTs, etc. The owner of the plot withholds the right to collect royalties and rent from the occupant.
Player vs. Player matches
The game will eventually come with a battle system wherein players around the world can enter Axie-like matches with their Genopet. Winning in these matches will depend on the overall XP and level ups a player has achieved for their digital pet by living an active lifestyle. We believe that introducing a competitive aspect to this game will likely attract and retain a lot of players.
Tokenomics and Utility
Similar to many web3 games, Genopets has a dual-token economy. Its tokens are $KI and $GENE.
Let’s take a detailed look into them:
$GENE
Gene is the governance token of the Genopets ecosystem. These are the primary use cases of the token:
- Governance: Holders of the $GENE token will play a crucial role in deciding the future direction of the project. The developers are also going to completely decentralise the game once it achieves a critical mass.
- Staking: Staking means locking up your token within the game’s economy for a predetermined period in return for additional rewards. Stake $Gene to unlock special in-game time, private beta access, and future NFT drops.
- Enter Exclusive events: $GENE tokens will be required to participate in special partnership airdrops, tournaments, and future NFT sales.
$KI
KI is the primary utility currency of Genopets. Players transform their hard-earned energy into KI tokens through Habitats. The developers have placed a daily earning cap on the KI supply to prevent the token from hyperinflating or being abused by bot farms.
Here are some of the use cases of KI:
- TerraForm: The $KI token is required to create(mint) new habitats within the game. Players can then sell or rent these newly developed habitats to other players.
- Craft: You will need the $KI tokens to craft in-game items such as NFTs, SFTs, etc. Mix refined crystals with KI tokens to begin crafting a range of powerups and special items.
- Refine Crystals: Each habitat consists of crystals that are used for alchemy. You will need to routinely refine these crystals with KI tokens to ensure their longevity.
Note that KI tokens are burned(removed from the total supply) once they are used for any of these activities. We like that the token sink is not in bad taste and is deeply ingrained into the gameplay.
$GENE has a total supply of 100 million tokens. of which 4 million are currently in circulation. The complete supply of GENE will enter the market by 2025, according to the developers.
Demand
Despite having strong fundamentals and cleverly integrated sinks, the tokens of Genopets were not spared from the ire of the bear market. Both $GENE and $KI are down 93.20% and 87.75% from their all-time highs, respectively. However, the tokens are making a remarkable comeback even though the market has not fully recovered. To give you an idea, the KI token has risen nearly 30000% since its all-time low.The token has managed to achieve these gains within just 2 months.
Uniqueness
GenoPets has a pretty standard two-token economy model, which is used by many games in the industry. What differentiates GenoPets from other games is that it's essentially a combination of best practices from a wide range of web3 games combined into one. The developers have expertly managed to create a uniquely satisfying gaming experience by combining a range of previously separate tropes.
Stats Table
$GENE
- Current Price: $2.57
- All Time High Price: $37.79 (-93.20 %)
- All Time Low Price: $0.1234 (+2.54 %)
- Current market capitalization: $10,347,367 based on circulation supply
$KI
- Current Price: $0.0486
- All Time High Price: $0.3967 (-87.75 %)
- All Time Low Price: $0.000161 (+30076.17 %)
- Current market capitalization: not available due to contract migration.
Competition
While the move-to-earn genre is a very niche category of web3 gaming. GenoPets has some fearsome competitors, The primary one being STEPN that has sort of become a cultural phenomenon and is one of the most viral web3 projects out there.
STEPN absolutely dominates Genopets currently in terms of brand recognition, but the latter is bringing some serious heat in the upcoming months.
This is because the fundamental tokenomics of STEPN are unsustainable, there are literally no useful sinks within the game to keep the already massive supply in check. Additionally, Stepn's popularity is waning, as evidenced by the falling price of its coveted NFT sneakers, which once cost over $1000 but are now selling for $33. By comparison, the floor price of GenoPets Genesis NFT collection is 27 SOL($891).
Closing Remarks
This game asset review was really interesting to say the least, especially because of the variety and the breadth of experience that the developers have tried to encapsulate within the Genoverse. The game is in private beta right now, and we’re eagerly waiting for the public launch. However, if you’re one of the impatient ones, then head up to their website, sign up with your email, and keep an eye on the discord to get a chance to enter the private beta. We have no doubt you’ll enjoy it.
Ciao!
