At 9 o’clock Beijing time on January 2, BitPet, a Twitter pet GameFi project on the Avalanche chain, opened the second round of white order pre-sales, with a total of 300. According to on-chain data, the BitPet project issued a total of nearly 500 transferable white order tokens, and 300 pet eggs were sold out within 3 minutes after the market opened.
It is understood that the secondary market price of a white single token on the day before the sale was as high as $400, about twice the public sale price.
In just one and a half days after the game was launched, the game’s on-chain deposits have approached 10,000 AVAX, loans have reached nearly 4,000 AVAX, and BitPet’s first round of white order pre-sale on January 1 was all minted within 10 minutes. The heat is comparable to that of Xpet, which exploded in the previous two weeks.
At 9 a.m. Beijing time on January 3, the BitPet project team opened the last round, which is the public round of pet egg mint.
At the moment, it seems that the BitPet project is still gaining popularity: Twitter has grown from 8,000 a week ago to 26,000 users, and the official Discord and Telegram combined have nearly 30,000 people.
Here’s a closer look at how BitPet works and how to get involved.
I. About BitPet
BitPet was first launched on the Avalanche chain and is positioned as a social game running on the whole chain, and has been developing for less than a month since the project was established.
Players need to feed their pets, level up, and play gold in the game’s Twitter plugin to earn income.
From mint eggs, to hatching pets, to gold, leveling up, and more, there will be some interesting designs in each specific playtime period to increase the playability of the game and the interactivity between players.
BitPet is based on browser plug-ins and Twitter social networks, which does not require players to buy Non-fungible Tokens, and only needs to repay gold and coins through staking and lending, and play at zero cost.
Second, the economic model
Behind the success of the game, there is a strong economic model to support it.
First of all, we can see from BitPet’s economic model that it is an improved version of Xpet, which can support a longer project cycle and is more playable.
Especially for the first batch of users, there will be great support for the game:
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The earlier the mint, the less AVAX is pledged, that is, the less PET is required for incubation;
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No need to buy Non-fungible Token, 0 cost mint pet eggs.
Post-entry users can also enjoy:
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10% REFERRAL COMMISSION, THE INVITER CAN GET 10% OF THE INVITEE’S REDEMPTION OF AVAX;
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Buy magic potions to speed up the incubation, and after hatching, you can upgrade to speed up the gold mining efficiency.
Token, there are three tokens in the game, pets can collect the sparks generated, factory processing converts sparks into BIT Token, and BIT can convert PET Token.
The spark can be understood as an unchained game token, which varies according to the level and number of pets at an hourly spawn rate, BIT is an infinitely inflationary consumption Token, generated by the sparks collected by factory processing pets, and pet upgrades need to consume BIT Token, starting from 0 to continuously produce, while PET is used as a deflationary governance Token, which can currently be pledged through the in-game lending protocol AVAX lent at a borrowing rate of 85%.
Overall, BitPet’s economic model can form a very benign closed loop and achieve the sustainable development of the game ecosystem.
Compared with Xpet, some new ways to play BitPet have greater rewards for early users, and this kind of social game that combines SocialFi and GameFi is very important for users’ reward mechanisms.
III. Rules of the Game
1, pet egg free mint
It is expected that next week, the BitPet project team will conduct a fair free mint in the form of an inscription on the AVAX chain, and the project team will not keep any Non-fungible Token, with a total amount of 6969.
AT THE SAME TIME, THE AVAX THAT NEEDS TO BE PLEDGED FOR LENDING AND STAKING IS DIVIDED INTO 3 STAGES, AND THE FIRST TWO STAGES HAVE ENDED AT PRESENT:
(1) Free mint: 100 Non-fungible Tokens, providing special treatment for community supporters of the game without collateral;
(2) WL free mint: 300 Non-fungible Tokens, you need to stake 1 AVAX to get PET to mint;
(3) Open free mint: The staked AVAX will increase with the increase of the joint curve, and to obtain PET for incubation and gold, you need to stake 3-7 AVAX to get PET to mint. The price increases with the number of mints.
The reason why it is free mint here is because the project party will open the Non-fungible Token Liquidity protocol in the future, and the pet can be traded as PET at the current market price, and the PET can repay the loan agreement and take out the pledged AVAX.
In addition, on the morning of January 2, the official also announced that all egg holders will Airdrop 1000 PET equivalent sparks per egg or per white single token, which is equivalent to 100 US dollars equivalent to AVAX.
2. Gold/withdrawal
After BitPet’s egg minting ends, the eggs can be freely circulated in Secondary Market Non-fungible Token AMM.
There will be 14 days to hatch the eggs, and it was mentioned that users can get 1000 sparks for each mint.
AT THE SAME TIME, PET EGGS CAN GET MORE SPARKS FOR FACTORY CONVERSION TO BIT, OR UPGRADE THE FACTORY.
After 6969 pet eggs are sold out in the later stage, users who do not have pet eggs need to directly pledge 10 AVAX to obtain PET, you can buy pets, and pets can earn BIT with faster speed, get sparks, upgrade pets and factories, and earn more BIT and PET (specific gold details, official coming soon).
IN ADDITION, INVITING NEW USERS WILL RECEIVE A SPARK OF 10% OF THE $AVAX EQUIVALENT OF THE NEW USER’S STAKE, WHICH IS VERY PROFITABLE. And Twitter’s treasure chest system, while marketing communication, will also enable users to unlock special treasure chest rewards.
After the game is smoothly launched, the project team will launch the PET liquidity pool for users’ PET withdrawals, and launch the Non-fungible Token protocol in the future for large-scale, high-liquidity Non-fungible Token market, at the same time, users can unpledge, get back AVAX, and achieve 0 cost gold.
Fourth, development prospects
Recently, Avalanche has made frequent moves, and the official said that it will invest 100 million US dollars to support ecological projects.
In addition, BitPet has also established a binding cooperation with AVAV, an inscription community on Avalanche, and will work together to expand application scenarios in the future.
For the product itself, the vision of the future of gaming is to realize the token of the value of social information, stated on the official Twitter:
“Every insightful comment, quoted tweet, or notable content found from Crypto Assets influencers and projects will be rewarded with a spark. You can think of it as the more valuable content you share, the more sparks you get!”
In the future, the game ecosystem will also lay out multi-chain and multi-asset interaction protocols, including the Non-fungible Token AMM Liquidity Solution Protocol that can support instant trading of Non-fungible Tokens and tokens, as well as asset Cross-Chain Interaction solutions.
V. Summary
In general, the marketization of BitPet games is quite mature and in place, including the initial cooperation with more than 300 KOLs and communities in China, Japan, and North America through incentive schemes, linkage with the AVAV community, and then to the transferable white slip voucher mechanism, and the issuance plan of genesis Non-fungible Token.
However, the product is still in its early stages, and the interactive experience is not as smooth and smooth as other games such as xpet, but as a game that was developed and launched in just two weeks, the complete features and security are not bad.
The project is also coherent and mature for the future development of its own products, grasping the pain point of insufficient liquidity of game assets, combining with the viral spread effect of social games, and putting forward the vision of future social information Token, which belongs to a logical and landing narrative.
