Genopets, the world’s very first mobile ‘Move-to-Earn’, or ‘play-to-earn” (P2E) non-fungible token (NFT) game, has raised US$8.3 million in seed round funding to “bridge the physical and digital world(s)”, the company announced on October 18.
Genopets is an innovative game built atop the Solana (SOL) blockchain in which users can create a Genopet – an NFT connected with their fitness data. Genopets is one of three exciting P2E games launching on Solana. The game allows users to do real-world exercises to earn rewards within the game, which they can later cash out.
The funding round was co-led by Pantera Capital and Konvoy Venture (investors and board observer at Axie Infinity).
Exercise Brings Measurable Rewards
Genopets has said that the money raised in the seed round will fund its goal “to bridge the physical and digital world(s)”. The game aims to “provide income to individuals as an incentive to stay physically active”, CEO Albert Chen said in a statement.
Josh Chapman, managing partner at Konvoy Ventures, added:
Genopets is a liquid digital asset representation of a gamer’s physical activity in the real world. It sits at the intersection of gaming, play-to-earn, and physical activity. This platform connects a gamer’s real-world steps with their progression, customisation, and value creation in the Genopet universe.
Josh Chapman, managing partner, Konvoy Ventures
P2E Is a Key Force Behind the Massive Growth of NFTs
The announcement of the seed funding round comes at a time when the NFT space, and specifically the NFT-gaming industry, is exploding. Other NFT gaming platforms such as Sydney-based “Immutable” recently raised A$82 million (US$60 million) in a Series B funding round, bringing its total funding raised to A$105 million. Creators of SimCity also recently launched Proxi – a blockchain-based AI-driven game that employs NFT technology.
Paul Veradittakit, partner at Pantera Capital, had this to say about the booming NFT gaming industry:
Play-to-Earn pinpoints an intersection of gaming and blockchain that has struck a chord with users – earning real money proportional to in-game performance.
Paul Veradittakit, partner, Pantera Capital
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