Investment Research Analysis of the Solana Ecosystem “Move-to-Earn” GameFi Project, Genopets (GENE)

1. Project introduction

Genopets is Solana’s ecosystem first mobile GameFi.

In the Genopets universe, players can freely mint NFT animals called Genopets with generative features that can undergo 77 levels of upgrade and 12 stages of material evolution. Genopet can be customized endlessly to make it unique.

Genopet grows and evolves based on the XP (experience) gained by players when battling, fighting solo PvE bosses, taking the Genopet on walks, and going on after-dinner jogs.

Similar to Axie (AXS), Genopets uses a two-currency model: GENE and KI. First, GENE, like AXS, is a governance token that represents ownership in Genoverse and allows the holder to vote for future gameplay or stake GENE for a reward. KI is similar to SLP, an in-game reward token that can be used to purchase/craft habitats, accelerate Genopets’ evolutions, and other combat items.

The dual-income economic model of Genopets is that free players can upgrade Genopets to improve its market value for selling; Paid players have a habitat system that allows them to earn in-game perks such as crafting, renting, buying and selling crystals and new habitats, as well as additional KI.

In terms of game mechanism, Genopets utilizes the blockchain’s Play-to-Earn mechanism. Players’ data is tracked when the players wear the devices during sports, which translates into a Move-to-Earn incentive mechanism. As such, players can earn tokens by running, training Genopets, and battling.

2. Tokenomics

The total supply of the governance token GENE is 100 million, and is distributed as follows:

32.5% for private sale, 1-year lock-up period, which will be unlocked linearly over 1 year;

1.5% for public sale, unlocked;

25% is assigned to core teams and project advisors with a 1-year lock-up period and will be unlocked linearly over 3 years.

41% were allocated to the community and for game rewards, released linearly over 5 years.

Details of the release can be found in the following figure:

3. Secondary Market

Genopets will launch during the phase 2 of the MEXC Global Launchpad , releasing 250,000 GENEs. The snapshots of the MX held by users will be taken at 00:00 on November 12 to 23:59 on November 16, and the lots are drawn at 16:00 on November 17 to 15:59 on November 18. The users who won can get GENE at the price of 0.8USDT.

GENE was officially listed on MEXC at 20:00 on November 18, commencing GENE/USDT transactions.

4. Funding situation

In October, Genopets completed a $8.3 million USD seed funding round. The lead investors are Yield Guild Games, Konvoy Ventures, Pantera Capital etc. The participating investors are Old Fashion Research, Alameda Research, Solana Capital, Xoogler Ventures, Mechanism Capital, Collab Currency, Animoca Brands, OliveX, Hyper, CMT Digital, DeFi Alliance, Eniac Ventures, CMS Holdings, Merit Circle, Merit Circle, Bitscale Capital, Infinity Ventures Crypto, Evernew Capital, etc.

5. Practical Value

GENE is mainly used to participate in voting governance, staking and other incentives. Looking at the distribution of token, 57.5% of GENE is held by investment institutions, teams, and project advisor. Therefore, the attention should be paid to the unlocking time and selling pressure for this part of the token.

Note: This article is for information sharing only and does not constitute any investment advice. Please be vigilant against any risk of the cryptocurrency market.