At 9:00 on January 2nd, Beijing time, BitPet, a GameFi project on the Avalanche chain, started the second round of whitelist presale with a total of 300 pets. According to on-chain data, the BitPet project team distributed nearly 500 transferable whitelist tokens, and 300 pet eggs were sold out within 3 minutes of opening.
It is reported that the day before the sale, the secondary market price of a whitelist token was as high as $400, about twice the public sale price.
Just a day and a half after the game went online, the on-chain deposits for the game have reached nearly 10,000 AVAX, with borrowing close to 4,000 AVAX. In the first round of BitPet's whitelist presale on January 1st, all pets were minted within 10 minutes. The popularity is comparable to the previous two weeks' hit, Xpet.
At 9:00 on January 3rd, Beijing time, the BitPet project team opened the final round, which is the public round of pet egg minting.
It seems that the popularity of the BitPet project is still on the rise: the number of Twitter users has increased from 8,000 a week ago to 26,000, and the total number of users on the official Discord and Telegram is close to 30,000.
The following will provide a detailed introduction to the mechanics, gameplay, and participation methods of BitPet.
1. About BitPet
BitPet was first launched on the Avalanche chain and is positioned as a social game running on the entire chain, from the project's inception to the present in less than a month.
Players need to feed, upgrade, and earn income from pets in the game's Twitter plugin.
From minting pet eggs to hatching pets, and then to earning income through gameplay and upgrades, there are interesting designs within specific game time cycles to increase the game's playability and player interaction.
BitPet is based on a browser plugin and Twitter social foundation, and players do not need to purchase NFTs. They can earn income through staking and borrowing, with zero cost to start playing.
2. Economic Model
Successful games are supported by strong economic models.
Firstly, from BitPet's economic model, we can see that it is an improved version of Xpet, supporting a longer project cycle and stronger playability.
Especially for the first batch of users, they will receive significant support from the game:
The earlier the minting, the less AVAX staking required, meaning fewer PET needed for hatching.
No need to purchase NFTs, minting pet eggs at zero cost.
Later users can also enjoy:
10% referral commission, where the referrer can receive 10% of the AVAX exchanged by the invitee.
Purchase magic potions to speed up hatching and increase gameplay efficiency after hatching.
In terms of tokens, the game has three tokens: pets generate sparks, the factory processes sparks into BIT tokens, and BIT tokens can be converted into PET tokens.
Sparks can be understood as an off-chain game token, with the production rate varying based on the level and quantity of pets. BIT is an inflationary consumption token, generated through the factory processing of sparks collected by pets. Upgrading pets also requires consuming BIT tokens, starting from zero and continuously producing, while PET serves as a deflationary governance token. Currently, it can be borrowed at an 85% loan-to-value ratio through the in-game lending protocol by staking AVAX.
Overall, BitPet's economic model can form a very benign closed loop, achieving sustainable development of the game ecosystem.
Compared to Xpet, BitPet's new gameplay offers greater rewards for early users. This combination of SocialFi and GameFi in a social game makes the user reward mechanism very important.
3. Game Rules
1. Free Minting of Pet Eggs
It is expected that next week, the BitPet project team will conduct fair free minting on the AVAX chain in the form of inscriptions, with a total of 6969 NFTs. The project team will not reserve any NFTs.
At the same time, the staking required for lending will be divided into 3 stages, with the first two stages already completed:
① Free minting: 100 NFTs, providing special treatment for game community supporters, with no staking required.
② WL free minting: 300 NFTs, requiring staking 1 AVAX to obtain PET for minting.
③ Public free minting: The staked AVAX will increase with the increase of the joint curve, and obtaining PET for hatching and gameplay will require staking 3-7 AVAX to mint. The price will increase with the increase in the number of mints.
The reason it is called free minting is that the project team will subsequently open an NFT liquidity protocol, allowing pets to be traded for PET at the current market price, and PET can be used to repay the lending protocol and withdraw staked AVAX.
In addition, on the morning of January 2nd, the official announcement stated that all egg holders will receive airdrops of 1000 sparks equivalent to 100 USD worth of AVAX for each egg or each whitelist token.
2. Gameplay/Earning
After the minting of BitPet's pet eggs is completed, the pet eggs can freely circulate in the secondary market NFT AMM.
There will be a 14-day period for hatching pet eggs, and as mentioned earlier, users will receive 1000 sparks for each minted egg.
At the same time, pet eggs can earn more sparks for processing into BIT at the factory, or for upgrading the factory.
After the sale of the 6969 pet eggs, users without pet eggs will need to stake 10 AVAX directly to obtain PET, which can be used to purchase pets. Pets can earn BIT at a faster rate, allowing users to upgrade pets and the factory to earn more BIT and PET (specific gameplay details will be released by the official soon).
In addition, inviting new users will earn the inviter 10% of the sparks equivalent to the staked $AVAX of the new user, which is very profitable. The Twitter treasure chest system, in addition to marketing and promotion, will also unlock special treasure chest rewards for users.
After the game is smoothly launched, the project team will launch the PET liquidity pool for users to withdraw PET, and in the future, an NFT protocol will be introduced for a large-scale, high-liquidity NFT market. Users can also unstake and withdraw AVAX, achieving zero-cost gameplay.
4. Development Prospects
Recently, Avalanche has been very active, with the official statement that they will invest $100 million to support ecological projects.
In addition, the BitPet team has established a binding partnership with the AVAV community on Avalanche, and will work together in the future to expand application scenarios.
For the product itself, the game's future vision is to tokenize the value of social information, as stated on the official Twitter:
"Insightful comments, quoted tweets, or noteworthy content from cryptocurrency influencers and projects will be rewarded with sparks. The more valuable content you share, the more sparks you will receive!"
The game ecosystem will also layout multi-chain and multi-asset interaction protocols, including the NFT AMM liquidity resolution protocol that supports instant trading of NFTs and tokens, as well as cross-chain asset solutions.
5. Conclusion
Overall, BitPet's market actions are quite mature and well-planned, including the initial establishment of partnerships with over 300 KOLs and communities in China, Japan, and North America through incentive programs, collaboration with the AVAV community, and the subsequent transferable whitelist token mechanism and Genesis NFT issuance plan.
However, the product is still in its early stages, and the interactive experience is not as smooth as other games like Xpet, but for a game that has been developed and launched in just two weeks, the completeness and security of its various functions are quite good.
The project's narrative about the future development of its product is coherent and mature, addressing the pain point of the lack of game asset liquidity, combining it with the viral spread effect of social games, and proposing a vision for the tokenization of social information in the future, which is a logical and practical narrative.
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