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Preface, STEPN - fading star of M2E
What are Genopets?
Primary Game Elements
Profitability of Past GENO Events
Economy
Getting ready for the game's release
Instead of Conclusion
There aren’t many people who don’t know about STEPN, its rapid success, and rapid fall into oblivion. STEPN achieved mass adoption not only among crypto natives but among normies who barely know anything about crypto. STEPN has been discussed everywhere; If you are anything like me, you must have had friends and acquaintances asking if you are familiar with such an incredible game where you get paid for walking. Maybe some of you were making fun of them or teasing them in some way, but from my point of view, it was an incredible PR move; people started talking about the crypto-game outside of usual crypto circles. Try to remember at least one equally sensational game. Axie Infinity? Maybe, but obviously not at such a scale and it was mostly contained to South East Asia. Any way you look at it, STEPN has popularized crypto among normies on a scale that was never seen before. When looking into Genopets, I’ll be frequently making STEPN analogies.
I think it is essential to touch upon why STEPN's assets started to fall, and the project itself looks like a fading star. The obvious ponzinomics to attract users is the main underlying reason. However, what tipped the economy into goblin mode was the official withdrawal from China and subsequent rush to exit that naturally destroyed all speculative premium.
While STEPN team may have failed at creating a semi-sustainable economy, those who got in early have been incredibly profitable (and fit heh). Of course, ponzinomics are not an inherently bad thing, most crypto-gaming projects are heavily incentivizing usage to attract users in hopes of tweaking the economy later to achieve sustainability. It’s a tough balance act no doubt. At least this kind of marketing transfers most of the value into (early) users’ hands. Ponzinomics is a friend if you are early. Moving on to the fun part, let’s take a look at the game.
Genopets is a M2E project whose primary goal is to motivate players to live a healthy lifestyle. Sounds familiar, doesn't it? Like all M2E games, Genopets seeks to put this trend in people's minds. But will they succeed with the current market situation, and what will happen with the game after a couple of months?
Let's start taking the game apart. As you have already realized, Genopets is a game where primary goal is to walk. For walking, you will get energy, which you can then exchange for $KI tokens.
Konvoy and Pantera are leading investors. They have invested in many other leading crypto projects, such as Near, Oasis, FTX, Coinbase, Cosmos, Arbitrum, and many others. Animoca Brands is a legendary gaming/metaverse VC (although they do quite a bit of spraying and praying). The game has raised about $8.3 million in total. All in all, GENO has strong backing from venture capital firms.
Genopet is your NFT pet that everyone gets for free. You can evolve it and then sell it to players who want to get more energy for fewer steps. The Genopet develops with XP, and its evolution is guided and accelerated with refined crystals.
$GENE is a fungible governance and staking token that represents ownership in Genoverse. As a $GENE token holder, you vote on the future of gameplay.
A $KI token is a fungible in-game reward token that you earn when you purchase a Habitat. Use $KI to develop your Genopet, alchemize crystals, generate new Habitats, and fight other players. The KI token growth is primarily a function of demand for lands. It all depends on the market and the available features when the game launches. At the launch of the game, there will be 90,000,000 KI tokens; this will be enough to fully upgrade 2,000 lands. Judge for yourself.
XP, or experience points, are the unit of measurement that you will be using to track your in-game progress and the growth of your Genopet NFT. Rewards are story advancement, aesthetic customizations, performance upgrades, and, of course, the evolution of your Genopet.
Refined crystals are NFTs that you create using $GENE and $KI to guide the evolution of a Genopet. Crystals come in different forms, and each plays a unique role in affecting your pet's evolution. For example, use a fire crystal during evolution to change your Genopet's elemental genotype to fire and give it a flaming appearance and fiery attacks.
Habitat is where your Genopet lives and grows. It can be created using $GENE, $KI, and crystals. In addition, Habitats enhance your experience, unlock your ability to create exquisite crystals directly, and earn you daily $KI. In other words, this is what will bring you your primary earnings. Habitats are also called lands.
Let’s take a retrospective look at how much one could have earned in Genopets by participating in the events:
Egg distribution event. You could have received eggs for invites on Discord. Nice and easy! After the trading of eggs started, you could sell every egg for $2k-$5k, that’s pretty good, right?
Genesis pets sale for the $GENE token lock. Offloading your pet at the top would have netted you $3k or more.
Hunt for crystals or gold. This event gave a lot of people an opportunity to earn about $1k and more for the completion of quests. It was a bit tricky as one had to think and look for answers all over the internet.
Well, as with many things it’s all obvious in retrospect (personally I missed the whole thing entirely). The point I’m trying to make here is that engaging with GENE events so far has been profitable and fun.
Let's take a look at their economics:
The game will evolve in two directions:
Pay-to-play (land purchase). You buy land and start walking. As a reward for each step, you will receive energy, which you can then exchange for $KI tokens using your land. We are going to talk about lands a bit later, now let's move on.
Free-to-play is a way that suits absolutely everyone. Your task is to walk daily, get energy, and upgrade your Genopet. You can sell the upgraded pet on the market to other players who don't want to walk a lot or wait for the PVE/PVP mode, which we'll get into later.
Selling $KI tokens
Selling crystals
Upgrading a pet and then selling it
Land Crafting
Many of those who decided to join and are already waiting for the launch came from STEPN; in other words, they are already familiar with the mechanics and are just waiting for the game's launch. If you take the STEPN analogy, the land in Genopets is a sneaker from STEPN. Without it, you won't have access to the exchange of energy into $KI tokens.
Lands have 3 levels, and your income is directly proportional to the level of your land. The higher the level, the more $KI tokens you will receive. Income also depends on whether you have genesis land or not.
Currently, there are only genesis lands on the market. Later you’ll be able to use your Genesis Land to craft a 2nd generation of lands, however, Genesis land will remain superior in benefits. Genesis land also provides a bonus to farming. Owners of such lands can craft crystals of all types. In addition, the land has a lifetime, at the end of which your land will need to be repaired; it also requires $KI tokens. The higher the level of your land, the more it costs to repair and the more endurance it has.
Crafting in-game items will be essential for progression. Again drawing an analogy with STEPN, crafting sneakers has been in demand and profitable for a long time. The same is likely to be the case in Genopets.
The crafting system in Genopets looks much more complicated than the one in STEPN. To craft land, you need $KI, $GENE, three crystals of the same type, and a terraformed seed. The seed decides the level of your land. The higher the level of the seed, the more expensive the land will be in tokens. Players can obtain these seeds by upgrading the land to level 3. This way, you get seeds that you need to craft lands and the ability to collect up to 3 crystals per day => increasing your earnings.
In addition to this, there will be land rentals in the game. Perhaps free-to-play will go beyond pet upgrading.
In addition to the usual walking, devs will be implementing PVP. There isn’t too much information about the economic side of PVP but it’ll likely be high-stakes competition for experienced users. I’d speculate PVP will be launched closer to winter to create additional gameplay mechanics during cold weather when people are less inclined to walk.
I believe PVP will be a catalyst for the 2nd wave of popularity. I’d suggest looking into buying high-level Genopets closer to the date of PVP release.
What can you do now to start playing the game immediately? Basically, everything is simple - get into the beta test. Although it should be noted that earning potential is non-existent at the current stage and there will be wipes. However, it is still a great chance to learn about the gameplay and get rewarded for bug hunting.
You can get into beta through the following ways:
Buy Habitat
Buy a pet
Get a DNA role on their discord channel. To do this, you need to get a level 10 for chatting, then pass the test, and then a moderator will manually verify your account.
Stake $GENE tokens
And the fifth way is for those who participated in the crystal hunt. The top 1000 users are entitled to beta access
In addition to accessing the beta, it might be a good idea to collect a full set for head start. The optimal loadout is currently three lands, one genesis pet, $GENE and $KI tokens, and crystals. If you are short on budget, you can do just fine with a single land plot.
Genopets is definitely a promising project that has been delivering on its promises. However, the most important part (launching the game) is still ahead. It remains to be seen if Genopets will be fun/profitable/popular. Closer to the game launch, I’ll release an expanded version of this guide with concrete game strategies. Stay tuned!
P.S. By the powers given to me by me, I devoid myself of any responsibility for potential financial losses. DYOR.
Preface, STEPN - fading star of M2E
What are Genopets?
Primary Game Elements
Profitability of Past GENO Events
Economy
Getting ready for the game's release
Instead of Conclusion
There aren’t many people who don’t know about STEPN, its rapid success, and rapid fall into oblivion. STEPN achieved mass adoption not only among crypto natives but among normies who barely know anything about crypto. STEPN has been discussed everywhere; If you are anything like me, you must have had friends and acquaintances asking if you are familiar with such an incredible game where you get paid for walking. Maybe some of you were making fun of them or teasing them in some way, but from my point of view, it was an incredible PR move; people started talking about the crypto-game outside of usual crypto circles. Try to remember at least one equally sensational game. Axie Infinity? Maybe, but obviously not at such a scale and it was mostly contained to South East Asia. Any way you look at it, STEPN has popularized crypto among normies on a scale that was never seen before. When looking into Genopets, I’ll be frequently making STEPN analogies.
I think it is essential to touch upon why STEPN's assets started to fall, and the project itself looks like a fading star. The obvious ponzinomics to attract users is the main underlying reason. However, what tipped the economy into goblin mode was the official withdrawal from China and subsequent rush to exit that naturally destroyed all speculative premium.
While STEPN team may have failed at creating a semi-sustainable economy, those who got in early have been incredibly profitable (and fit heh). Of course, ponzinomics are not an inherently bad thing, most crypto-gaming projects are heavily incentivizing usage to attract users in hopes of tweaking the economy later to achieve sustainability. It’s a tough balance act no doubt. At least this kind of marketing transfers most of the value into (early) users’ hands. Ponzinomics is a friend if you are early. Moving on to the fun part, let’s take a look at the game.
Genopets is a M2E project whose primary goal is to motivate players to live a healthy lifestyle. Sounds familiar, doesn't it? Like all M2E games, Genopets seeks to put this trend in people's minds. But will they succeed with the current market situation, and what will happen with the game after a couple of months?
Let's start taking the game apart. As you have already realized, Genopets is a game where primary goal is to walk. For walking, you will get energy, which you can then exchange for $KI tokens.
Konvoy and Pantera are leading investors. They have invested in many other leading crypto projects, such as Near, Oasis, FTX, Coinbase, Cosmos, Arbitrum, and many others. Animoca Brands is a legendary gaming/metaverse VC (although they do quite a bit of spraying and praying). The game has raised about $8.3 million in total. All in all, GENO has strong backing from venture capital firms.
Genopet is your NFT pet that everyone gets for free. You can evolve it and then sell it to players who want to get more energy for fewer steps. The Genopet develops with XP, and its evolution is guided and accelerated with refined crystals.
$GENE is a fungible governance and staking token that represents ownership in Genoverse. As a $GENE token holder, you vote on the future of gameplay.
A $KI token is a fungible in-game reward token that you earn when you purchase a Habitat. Use $KI to develop your Genopet, alchemize crystals, generate new Habitats, and fight other players. The KI token growth is primarily a function of demand for lands. It all depends on the market and the available features when the game launches. At the launch of the game, there will be 90,000,000 KI tokens; this will be enough to fully upgrade 2,000 lands. Judge for yourself.
XP, or experience points, are the unit of measurement that you will be using to track your in-game progress and the growth of your Genopet NFT. Rewards are story advancement, aesthetic customizations, performance upgrades, and, of course, the evolution of your Genopet.
Refined crystals are NFTs that you create using $GENE and $KI to guide the evolution of a Genopet. Crystals come in different forms, and each plays a unique role in affecting your pet's evolution. For example, use a fire crystal during evolution to change your Genopet's elemental genotype to fire and give it a flaming appearance and fiery attacks.
Habitat is where your Genopet lives and grows. It can be created using $GENE, $KI, and crystals. In addition, Habitats enhance your experience, unlock your ability to create exquisite crystals directly, and earn you daily $KI. In other words, this is what will bring you your primary earnings. Habitats are also called lands.
Let’s take a retrospective look at how much one could have earned in Genopets by participating in the events:
Egg distribution event. You could have received eggs for invites on Discord. Nice and easy! After the trading of eggs started, you could sell every egg for $2k-$5k, that’s pretty good, right?
Genesis pets sale for the $GENE token lock. Offloading your pet at the top would have netted you $3k or more.
Hunt for crystals or gold. This event gave a lot of people an opportunity to earn about $1k and more for the completion of quests. It was a bit tricky as one had to think and look for answers all over the internet.
Well, as with many things it’s all obvious in retrospect (personally I missed the whole thing entirely). The point I’m trying to make here is that engaging with GENE events so far has been profitable and fun.
Let's take a look at their economics:
The game will evolve in two directions:
Pay-to-play (land purchase). You buy land and start walking. As a reward for each step, you will receive energy, which you can then exchange for $KI tokens using your land. We are going to talk about lands a bit later, now let's move on.
Free-to-play is a way that suits absolutely everyone. Your task is to walk daily, get energy, and upgrade your Genopet. You can sell the upgraded pet on the market to other players who don't want to walk a lot or wait for the PVE/PVP mode, which we'll get into later.
Selling $KI tokens
Selling crystals
Upgrading a pet and then selling it
Land Crafting
Many of those who decided to join and are already waiting for the launch came from STEPN; in other words, they are already familiar with the mechanics and are just waiting for the game's launch. If you take the STEPN analogy, the land in Genopets is a sneaker from STEPN. Without it, you won't have access to the exchange of energy into $KI tokens.
Lands have 3 levels, and your income is directly proportional to the level of your land. The higher the level, the more $KI tokens you will receive. Income also depends on whether you have genesis land or not.
Currently, there are only genesis lands on the market. Later you’ll be able to use your Genesis Land to craft a 2nd generation of lands, however, Genesis land will remain superior in benefits. Genesis land also provides a bonus to farming. Owners of such lands can craft crystals of all types. In addition, the land has a lifetime, at the end of which your land will need to be repaired; it also requires $KI tokens. The higher the level of your land, the more it costs to repair and the more endurance it has.
Crafting in-game items will be essential for progression. Again drawing an analogy with STEPN, crafting sneakers has been in demand and profitable for a long time. The same is likely to be the case in Genopets.
The crafting system in Genopets looks much more complicated than the one in STEPN. To craft land, you need $KI, $GENE, three crystals of the same type, and a terraformed seed. The seed decides the level of your land. The higher the level of the seed, the more expensive the land will be in tokens. Players can obtain these seeds by upgrading the land to level 3. This way, you get seeds that you need to craft lands and the ability to collect up to 3 crystals per day => increasing your earnings.
In addition to this, there will be land rentals in the game. Perhaps free-to-play will go beyond pet upgrading.
In addition to the usual walking, devs will be implementing PVP. There isn’t too much information about the economic side of PVP but it’ll likely be high-stakes competition for experienced users. I’d speculate PVP will be launched closer to winter to create additional gameplay mechanics during cold weather when people are less inclined to walk.
I believe PVP will be a catalyst for the 2nd wave of popularity. I’d suggest looking into buying high-level Genopets closer to the date of PVP release.
What can you do now to start playing the game immediately? Basically, everything is simple - get into the beta test. Although it should be noted that earning potential is non-existent at the current stage and there will be wipes. However, it is still a great chance to learn about the gameplay and get rewarded for bug hunting.
You can get into beta through the following ways:
Buy Habitat
Buy a pet
Get a DNA role on their discord channel. To do this, you need to get a level 10 for chatting, then pass the test, and then a moderator will manually verify your account.
Stake $GENE tokens
And the fifth way is for those who participated in the crystal hunt. The top 1000 users are entitled to beta access
In addition to accessing the beta, it might be a good idea to collect a full set for head start. The optimal loadout is currently three lands, one genesis pet, $GENE and $KI tokens, and crystals. If you are short on budget, you can do just fine with a single land plot.
Genopets is definitely a promising project that has been delivering on its promises. However, the most important part (launching the game) is still ahead. It remains to be seen if Genopets will be fun/profitable/popular. Closer to the game launch, I’ll release an expanded version of this guide with concrete game strategies. Stay tuned!
P.S. By the powers given to me by me, I devoid myself of any responsibility for potential financial losses. DYOR.
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