Published on: 12/07/2022
Move-to-earn project GenoPets receives funding from Samsung Next
Last week, Samsung Next, a subsidiary of Samsung Electronics Co., announced an investment in GenoPets, a non-fungible token-based move-to-earn game project.
The reports come after the startup raised $8.3 million from Konvoy Ventures and Pantera Capital in October, with participation from Alameda Research, Animoca Brands, and a handful of other investors.
The decision indicates that the Korean tech behemoth is looking for new NFT ventures. On July 7, Samsung Next confirmed the news on its official blog, though no details, including financial terms, were revealed.
What is GenoPets?
GenoPets is a free-to-play, move-to-earn game on the Solana blockchain. Similar to Axie Infinity, players in the game can raise virtual pets. The key difference is that GenoPets is the player’s digital fitness avatar, which can be guided through adventures by the player. The virtual pet’s size grows in proportion to the player’s daily activity — reflected through its appearance and characteristics.
By participating in a variety of physical activities, players earn points (XP), which are converted into tokens that can be redeemed for cash. According to Albert Chen, the CEO of GenoPets, the best feature players could anticipate when playing the game is passive income.
Last October, GenoPets successfully raised $8.3 million in seed funding. Although the game has yet to be released, it will initially be free to play. Currently, there are 250,000 people on the waiting list. Its business model allows players to upgrade to the paid version, allowing them to progress faster and employ more features.
A GenoPets NFT is accessible in the marketplace for players to purchase and is automatically upgraded based on activity. Users can buy virtual land, as well as Habitat NFTs, which may unlock advanced gameplay — and, of course, can be bought and sold — in the game.
The company said it seeks to incorporate not only fun into the gameplay and rewarding outcomes but also contribute to players’ health.
“We believe that adding the fun of gaming to our simple daily movements and long-term fitness goals is the key missing ingredient to getting us to enjoy working towards the thriving lifestyle that we all deserve,” GenoPets wrote in its official blog post.
Despite recent cryptocurrency volatility, Samsung believes GenoPets’ innovation has tremendous potential, according to the company’s official blog.
“We invested in Genopets because it has developed an innovative gaming model at the intersection of Web3 and connected fitness…. Despite the recent crypto headwinds, we think GenoPets offers a promising mix of fun and revenue potential,” said the Korean investment company in its official blog.
Samsung’s recent commitment in the NFT industry
Samsung’s collaboration with GenoPets is not the company’s first foray into the NFT business. Recently, the South Korean multinational explained why it decided to invest in SpiderVille on its blog — it believes that music NFTs have the potential to democratize streaming by fairly compensating artists while promoting unlimited, free streaming for listeners.
As a result, when planning its first project, Ooh La La, it concluded that SpiderVille was the best fit. The project will focus on improving the listening experience for music NFTs. Ooh La La will also feature an easy-to-use user interface for artists and customers.
In May of this year, the company also announced an investment in Yuga Labs, the makers of the famous Bored Ape Yacht Club NFTs, citing that the establishment has a bright future in the rapidly growing Web3 metaverse.