Discover Genopets's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Genopets?

Genopets (GENE) is a governance and staking token for the world's first move-to-earn NFT game built on the Solana blockchain. It allows players to earn rewards by completing specific missions, participating in community events, and staking tokens. The token can be used to breed new creatures, trade NFTs, and access exclusive content within the game. Additionally, it serves as a governance token, granting holders voting rights and influencing key decisions in the game's development.

How is Genopets used?

The Genopets (GENE) token is a governance, staking, and utility token within the Genopets ecosystem. It serves several purposes:

  1. Governance and Staking: GENE tokens are used for governance voting rights, seasonal drops, and staking for rewards and in-game perks. Staking GENE tokens provides benefits such as access to future seasonal NFT drops, reward pool GENE tokens, private beta access, and energy boosts in-game.

  2. In-Game Crafting: GENE tokens are used for crafting valuable items within the game. Players can leverage the creation of rare in-game items and power-ups by purchasing playable items with KI tokens or crafting them using Crystal Refinement. These items can then be traded as NFTs using GENE tokens.

  3. Marketplace Transactions: GENE tokens are used to buy and sell characters (pets), accessories, and weapons within the Genopets marketplace. Players can earn GENE tokens by selling rare items and then exchange them on external cryptocurrency platforms.

  1. Backing Qubits: As part of the Tokenomics Revamp, GENE will become the backing currency of Qubits, connecting in-app demand directly to the governance token. This means that whenever a player buys or spends Qubits, GENE will be involved in the transaction.

  2. Earning and Trading: GENE tokens can be earned by playing the game, completing specific missions, and participating in community events. They can then be traded on external cryptocurrency exchanges as speculative assets or used for various purposes within the ecosystem.

How do I store Genopets?

To store Genopets (GENE) tokens, you have two primary options:

  1. Store on an Exchange:

    • Holding your GENE tokens on a centralized exchange (CEX) provides easy access to various investment products and features like spot and futures trading, staking, and lending. The exchange will securely manage your funds, but ensure you choose an exchange with robust security measures to protect your assets.
  2. Use Non-Custodial Wallets:

    • For enhanced security and control, you can withdraw your GENE tokens to a non-custodial wallet. This option grants you complete control over your private keys, allowing you to use hardware wallets, Web3 wallets, or paper wallets. However, this method may be less convenient for frequent trading or utilizing your assets for other purposes.

How to buy Genopets?

To buy Genopets (GENE) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reliable and trustworthy crypto exchange that supports Genopets (GENE) purchases. Popular options include CoinEx, Bybit, MEXC, and KuCoin. Consider the ease of use, fee structure, and supported payment methods when choosing an exchange.

  2. Create an Account: Enter the required information and set a secure password. Enable two-factor authentication (2FA) to add an extra layer of security to your account.

  3. Verify Your Identity: Complete Know-Your-Customer (KYC) verification, which may require providing government-issued identification documents. This step ensures the security and legitimacy of your account.

  1. Add a Payment Method: Follow the exchange's instructions to add a credit/debit card, bank account, or other supported payment method. The required information may vary depending on your bank's security requirements.

  2. Buy Genopets (GENE): Once your account is set up and funded, you can purchase Genopets (GENE) tokens. You can use fiat currency to buy a stablecoin like USDT and then trade it for GENE on the spot market.

  3. Store Your Tokens: After purchasing GENE, you can store them in your exchange wallet or transfer them to a personal crypto wallet for added security.

  1. Monitor and Manage Your Investment: Use tools like CoinCodex to track your Genopets investment performance and set price alerts to stay informed about market changes.

Remember to research and compare fees, security features, and supported currencies before choosing an exchange, as these factors can significantly impact your investment experience.

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History of Genopets

Genopets (GENE) is a cryptocurrency token native to the "move-to-earn" game Genopets, built on the Solana blockchain. The game revolutionizes the concept of active lifestyle gamification by tracking users' steps and rewarding them with crypto for physical activity. Genopets has gained significant popularity, becoming the #1 game on the Solana blockchain.

The token, GENE, serves as a governance and staking token, allowing holders to participate in the game's design and earn rewards. It is used to craft in-game NFTs and provides exclusive access to new content and community perks.

Genopets was first announced on October 18, 2021, and has since raised $8.3 million. The game's staking program was developed in collaboration with CoinFabrik, a blockchain development company, starting in February 2022. This partnership has continued to grow, with CoinFabrik handling the development, testing, and documentation of all blockchain-related features for Genopets.

In 2024, the Genopets team proposed a Tokenomics Revamp to align incentives, simplify on-chain mechanics, and reward early adopters. This revamp includes initiatives such as making GENE the backing currency of Qubits, reworking the Energy system, and simplifying the Harvesting mechanism.

Throughout its history, Genopets has evolved to provide a more immersive experience for its players, with a focus on promoting an active lifestyle and rewarding users with crypto.

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How Genopets works

Genopets is a blockchain-based game that combines physical activity with play-to-earn economics. It operates on the Solana blockchain and uses two tokens: GENE and KI. Here's how it works:

  • GENE Token: This is the primary governance and staking token. It is traded on external exchanges and serves several purposes:

    • Governance: GENE holders can vote on the project's development.
    • Staking: Users can stake GENE to earn rewards and participate in beta testing.
    • Crafting: GENE is used to craft new habitats and increase the daily pet upgrade limit.
    • VIP Content: GENE holders gain access to advanced features and VIP content.
  • KI Token: This is the in-game currency, earned through physical activity and battles. KI is used for trading items within the game and cannot be exchanged for GENE.

  • Move to Earn: Genopets rewards players for their physical activity by integrating step data from mobile devices and wearables. This data is used to grow and evolve the player's Genopet.
  • Nurture and Battle: Players nurture their Genopets through various actions, such as feeding and playing, which affects the pet's stats. Battles are turn-based and require players to complete mini-games to succeed.
  • Habitats and Crystals: Habitats are NFTs where Genopets live and evolve. Players can craft crystals to alter their Genopet's appearance and moves.
Earning Strategies
  • Staking: Users can stake GENE to earn rewards and participate in beta testing.
  • Active Gameplay: Players can earn KI by completing tasks and battles.
  • Buying and Selling NFTs: Players can purchase and sell Genopets, habitats, and crystals on marketplaces.
Key Features
  • Free to Play: There is no upfront cost to start playing Genopets.
  • Solana Blockchain: Genopets benefits from Solana's high throughput and low-cost transactions.
  • Wearable Integration: The game connects with popular wearables and fitness apps to track physical activity.

Overall, Genopets combines physical activity with blockchain technology to create a unique gaming experience where players can earn rewards and own in-game assets.

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Genopets's strengths

The token Genopets (GENE) has several strengths that make it an attractive investment option:

  1. Governance and Staking: GENE serves as the governance and staking token, allowing holders to participate in decision-making processes and earn rewards through staking. This mechanism provides a sense of community involvement and incentivizes users to contribute to the platform's growth.

  2. Dual Token System: Genopets operates on a dual-token system, comprising GENE and KI tokens. This setup allows for distinct functions and utilities within the game, enhancing the overall gaming experience and providing a more comprehensive ecosystem.

  3. In-Game Utility: GENE tokens can be used for crafting valuable items, participating in seasonal NFT drops, and accessing exclusive content. This utility within the game creates a strong demand for the token, which can drive up its value.

  1. Reward Mechanism: Staking GENE tokens offers various benefits, including in-game perks, private beta access, and future energy boosts. This reward system encourages users to hold and stake their tokens, which can lead to increased demand and potential price appreciation.

  2. Potential for Long-Term Growth: As the gaming platform expands and more users adopt it, the demand for GENE tokens is likely to increase, potentially driving up its value. Additionally, the token's utility beyond the gaming platform, such as access to exclusive merchandise, adds to its long-term investment potential.

These strengths highlight the token's versatility and potential for growth, making it an attractive option for investors interested in the gaming and cryptocurrency sectors.

Genopets's risks

Genopets (GENE) is a cryptocurrency that carries significant financial risks. These risks include high market risk and price volatility, which can result in substantial losses for investors. The value of GENE can fluctuate rapidly, and its price can go down as well as up, potentially leading to a loss of investment.

Additionally, GENE has received a high risk rating from InvestorsObserver analysis, indicating that it is a risky investment. This rating is based on factors such as the coin's recent price movement relative to trading volume, which suggests that the token is highly volatile.

Investors should be cautious and thoroughly understand the associated risks before investing in GENE. It is crucial to perform due diligence, consult with a financial advisor if necessary, and carefully consider one's own risk tolerance before making any investment decisions.

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Did Genopets raise funds?

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Genopets’s team

  • Albert Chen: Co-Founder, CEO, and CTO, with expertise in engineering, economics, and marketing.
  • Benjamin Tse: Co-Founder and CPO, with experience in blockchain since 2016 and expertise in product design, UI/UX, and SaaS.
  • Jay Chang: Co-Founder and CMO, with a background in marketing and community engagement.
  • Kevin Kim: COO, overseeing operational aspects of the project.
  • Austin Chen: CFO, responsible for financial management and strategy.
  • MJ Yang: Director of Engineering, leading the technical development of the project.
  • Felix Noriel: Full-Stack Engineer, contributing to the development of the platform.
  • Kevin Monfray: Full-Stack Engineer, involved in the development of the platform.
  • Ramiro: Full-Stack Engineer, working on the technical aspects of the project.
  • Loco Domo: Art Director, responsible for the visual design and aesthetics of the game.
  • Kuoloon Chong: UI/UX Designer, focusing on user interface and user experience.
  • EU: Community Lead, managing community engagement and support.
  • ALKALI: Director of Product Marketing, overseeing marketing strategies for the project.
  • MAGGIE: Marketing Graphic Designer, creating visual materials for marketing campaigns.
  • Nick Lopez: Senior Accountant, handling financial and accounting aspects.
  • Prabh Reddy: Advisor, providing strategic guidance and expertise.
  • Lee Schneider: Advisor, offering legal and financial expertise.
  • Xin Jiang: Advisor, contributing to the project's strategic development.
  • Tobias Harris: NBA Forward and Genopets holder, supporting the project's growth.
  • Keisuke Honda: Professional Footballer and Genopets holder, promoting the project.
  • AB DE Villiers: Former Captain of Brisbane Heat and Genopets holder, endorsing the project.

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