At 9:00 on January 2, Beijing time, BitPet, the Twitter pet GameFi project on the Avalanche chain, launched its second round of white order pre-sale, with a total of 300 units. According to on-chain data, the BitPet project party 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 the day before the sale was as high as $400, about twice the public sale price.
The game has only been online for a day and a half. At present, the game’s on-chain deposits are close to 10,000 AVAX, and the loans are nearly 4,000 AVAX. In the first round of BitPet’s white order pre-sale on January 1, all mints were completed within 10 minutes. The popularity is comparable to Xpet, which exploded in the past two weeks.
At 9:00 on January 3rd, Beijing time, the BitPet project opened the last round, which is the public round of pet eggs mint.
At present, it seems that the popularity of the BitPet project is still rising: the number of Twitter users has increased from 8,000 a week ago to 26,000, and the official Discord and Telegram have nearly 30,000 users in total.
The following will introduce in detail the mechanism of BitPet and how to participate.
1. About BitPet
BitPet was first launched on the Avalanche chain and is positioned as a social game running on the entire chain. It has been less than a month since the project was established.
Players need to feed their pets, upgrade them, and earn gold through the games Twitter plug-in.
From mint pet eggs, to hatching pets, to gold farming, upgrades, etc., there will be some interesting designs in each specific game time period to increase the playability of the game and the interaction between players.
BitPet is based on browser plug-ins and Twitter social networking. There is no need for players to purchase NFTs. They only need to make gold and repay coins through pledge loans, and start playing at zero cost.
2. Economic model
Behind successful games, there are strong economic models as support.
First of all, we can see from BitPet’s economic model that it is an improved version of Xpet, which can support a longer-lasting project cycle and is more playable.
Especially for the first batch of users, they will receive huge support from the game:
1. The earlier you mint, the less AVAX you stake, that is, the less PET you need for incubation;
2. No need to purchase NFT, 0 cost mint pet eggs.
Users who enter later can also enjoy:
1. 10% invitation commission, the inviter can get 10% of the AVAX exchanged by the invitee;
2. Purchase magic potion to speed up hatching. After hatching, you can upgrade it to speed up gold mining efficiency.
In terms of tokens, there are three tokens in the game. Pets can collect the generated sparks, factory processing converts sparks into BIT tokens, and BIT can be converted into PET tokens.
Spark can be understood as an unchained game token. The hourly generation rate varies according to the level and number of pets. BIT is an infinite inflation consumption token. It is generated by processing the sparks collected by pets in the factory. Pets Upgrading requires the consumption of BIT tokens, which are continuously produced from 0, and PET serves as a deflationary governance token. It can currently be loaned out by pledging AVAX through the lending agreement within the game at a lending rate of 85%.
Generally speaking, BitPets economic model can form a very benign closed loop and achieve sustainable development of the game ecology.
Compared with Xpet, some of BitPets new gameplays provide greater rewards to early users. This social game that combines SocialFi and GameFi is very important to the user reward mechanism.
3. Game rules
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 inscriptions on the AVAX chain. The project side will not retain any NFT, and the total amount is 6969.
At the same time, the AVAX that needs to be pledged for loan pledge is divided into 3 stages. The first two stages have ended:
① Free mint: 100 NFT, providing special treatment to community supporters of the game, no mortgage required;
②WL free mint: 300 NFT, you need to pledge 1 AVAX to get PET for mint;
③Public free mint: The pledged AVAX will increase with the increase of the bonding curve. To obtain PET for incubation and gold mining, you need to pledge 3-7 AVAX to obtain PET for mint. The price increases with the number of mints.
The reason why we talk about free mint here is because the project team will open the NFT liquidity agreement in the future. Pets can be instantly traded for PET at the current market price, and PET can repay the loan agreement and withdraw the pledged AVAX.
In addition, on the morning of January 2, the official also announced that all egg holders will be airdropped with sparks equivalent to 1,000 PET per egg or white single token, which is equivalent to AVAX equivalent to 100 US dollars.
2. Gold mining/withdrawal
After the minting of BitPets pet eggs is completed, the pet eggs can be freely circulated in the secondary market NFT AMM.
There will be 14 days for hatching pet eggs to hatch. It was just mentioned that users can get 1000 sparks for each one they cast.
At the same time, the pet eggs can obtain more sparks for converting the factory into BIT, or upgrading the factory.
After the 6969 pet eggs are sold out in the later period, users who do not have pet eggs need to directly pledge 10 AVAX and obtain PET to purchase pets. Pets can obtain sparks and earn BIT at a faster speed to upgrade their pets and pets. Factory, earn more BIT and PET (specific gold mining details will be officially released soon).
In addition, when you invite a new user, you will receive 10% of the spark equal to the $AVAX staked by the new user, which is very profitable. Twitter’s treasure chest system, while promoting marketing, will also enable users to unlock special treasure chest rewards.
After the game is launched smoothly, the project team will launch a PET liquidity pool for users PET withdrawals, and launch an NFT protocol in the future for large-scale, highly liquid NFT markets. At the same time, users can release their pledges , get back AVAX and achieve 0 cost gold.
4. Development prospects
Avalanche has been making frequent moves recently, and officials have stated that they will invest US$100 million in ecological project support.
In addition, BitPet has officially established a binding cooperation with AVAV, the inscription community on Avalanche, and will work together to expand application scenarios in the future.
As for the product itself, the future vision of the game is to realize the tokenization of the value of social information, as stated on the official Twitter:
“Each insightful comment, quote-tweeting, or discovery of noteworthy content from crypto influencers and projects will earn you a spark reward. You can think of it as the more valuable content you share, the more valuable content you share, the more you earn The more sparks there are!”
In the future, the game ecosystem will also lay out multi-chain and multi-asset interaction protocols, including the NFT AMM liquidity solution protocol mentioned above that can support instant transactions of NFT and tokens, as well as cross-chain asset solutions.
5. Summary
In general, BitPet Games’ marketization actions are quite mature, including initially establishing cooperation with more than 300 KOLs and communities in China, Japan, and North America through incentive programs, linking with the AVAV community, and later transferring white orders. Voucher mechanism, Genesis NFT issuance plan, etc.
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. However, for a game that was developed and launched in just two weeks, the functions and security are pretty good.
The project is also coherent and mature about the future development of its products. It has grasped the pain point of insufficient liquidity of game assets, combined with the viral effect of social games, and proposed a vision for the tokenization of social information in the future, which is logical. and grounded narrative.
