Wednesday, July 14, 2021

My DeFi Pet and DPET Token: Should you spend and play?

The craze of these “play-to-earn” types of games has been booming as of late. Just like Axie Infinity, they have their own in-game items, characters, or currency that can be converted into online cryptocurrencies—making it optimal for people who want to earn from the safety of their home. We recently wrote about Axie Infinity is. Now, we’ll talk about My DeFi Pet, how to play it, the DPET Token, its price, the rarity of pets, and if you should play it. Will it prove to be a strong competitor to the Axie Infinity community? Or will it take over entirely? Find out more as we discuss it.

What is My Defi Pet?

My DeFi Pet was launched by the first decentralized, interoperable blockchain platform in Vietnam and South East Asia called KardiaChain in May 2021. It was developed in coordination with TopeBox, a game developer in Vietnam whose previous releases, like Sky Dancer and Thief Rivals, had millions of global downloads. My DeFi Pet brings traditional game experiences and DeFi features to NFT collectibles. They also feature their own monsters to battles that can participate in events to claim prizes per season.

My DeFi Pet is the company’s vision of a mass-adoption blockchain game. The name features the three characteristics of the game, which are “My” for personalization, “DeFi” for features integrated, and “Pet” for a pet raising game. The game revolves around engaging activities such as collecting, breeding, evolving, battling, and trading. In addition, my DeFi Pet uses the concept of “Season” to break down the game progress into smaller parts. This mechanism complements the human tendency for short-term rewards.

How does it work?

The DPET token is the main in-game currency of My DeFi Pet, which is a non-refundable functional utility token used for exchange between players of My DeFi Pet. The Tokens are used for summoning new eggs, breeding, and evolving monsters. Additionally, DPET tokens can be used to enter special events. Players can also vote for new features and settings of the game to earn special rewards through the governance system. By locking DPET tokens, players will earn voting power, allowing them to have a higher chance of winning rewards. As of writing, 1 DPET is equal to PHP 246.55. On May 8, 2021, 1 DPET was priced at PHP 30.79.

This kind of system provides a “win-win” situation as participants who contribute to the ecosystem will be compensated for their efforts. For example, users will be rewarded with DPET tokens and random rewards to encourage them to spend on activities within the system/game, which allows more adoptions, breedings, or evolution of pets—expanding the ecosystem, therefore, making it able to accommodate more people.

My DeFi Pet is a combination of top-tier traditional game developers and a leading blockchain team. Check out the structure below.

All DPET tokens and NFT tokens will be available and tradable in the cross-blockchain via Binance Smart Chain and KardiaChain. Furthermore, due to the non-invasive and connectivity of KardiaChain, it can offer the game to other blockchain communities such as Ethereum and Polkadot.

How to get started

You Can find the game on its official My Defi Pet website. Note that the game does not need to be installed as it is just a browser game. To get started, below is a step-by-step guide:

1. Download the digital wallet called MetaMask.

2. Create a Binance account for the purchase of BNB coins.

3. Once BNB coins have been purchased, it can then be transferred to your MetaMask.

4. From MetaMask, your BNB coins should be swapped to DPET tokens using PancakeSwap. Note that your MetaMask must be connected to PancakeSwap in order to proceed.

5. Finally, head over to the My DeFi Pet website and click “On BSC Chain” then connect your MetaMask and hit “Refresh”.

How to play and earn in My DeFi Pet

Familiar with Facebook’s old Farmville browser game? Well, My DeFi Pet gives off that vibe as it greets players with an overview of their pets in their “farm”—frolicking around in their spaces. Now you need monsters to start off, and monster eggs can be bought with DPET tokens.

Once you have your monster, you can start to increase its stats and level by feeding them. This is where the Farmville aspect kicks in. To get food for your monster, you must grow fruits and vegetables on the farm field which can then be harvested to make your little monster grow big and strong. Once you attain more monsters, from either more egg purchases or breeding, you can repeat the process until you have an unstoppable armada of strong monsters.

At the time of writing, players can earn in two ways. The first one is selling earned DPET tokens from in-game quests or fights from other monsters or pet masters, which can then be converted via PancakeSwap. Note that the battle feature is still not available, but may go live soon.

The second method, according to the White paper of My DeFi Pet, is auctioning monsters you have been feeding. If you have a high-level or rare monster, you can sell it to bidders who may want it.

I said that there are two ways to earn, but there is a third one that leans towards the difficult side, which is trying out for the Season Rewards. For example, the first season reward is priced at USD 100,000 which is locked for DPET teams in a smart contract, and the tentative requirement for that team is to have 10 legendary pets with maxed-out levels. So players really have to gun it to meet the requirements just to have a chance in winning the prize pool—exciting.

Should I Jump in on the craze?

The Whitepaper provided by My DeFi Pet states its risks:

• Competitors – The rapid increase of other decentralized applications and networks that can possibly steal potential DPET users.

• Loss of Talent – The development of My DeFi Pet depends on the continuous cooperation of technical teams and consultants. The possible loss of these talents may affect the game’s development, which stunts features that can further improve the game.

• Security Weakness – The involvement of Hackers or other malicious groups that attempt to interfere with DPET tokens or the game itself with a variety of malware or service denial attacks to name a few.

The reason why people are jumping in this boat is because of its price, since the game only launched in May of 2021, the prices of DPET Tokens to attain monster eggs and have them breed are currently low compared to other games like Axie Infinity. Like any cryptocurrency endeavor, you should do your research about it before spending. It may still be a game, but since you will be throwing in real money, as we advised before with Axie, it would be best to use funds you’re ready to lose.

And there you have it, a brief overview of what My DeFi Pet is. Do you think it can gain massive popularity just like Axie Infinity? Possibly taking the title of “Best play-to-earn NFT game”? We just have to wait and see. So what do you think about this? Feel free to share your thoughts on this in the comments below.

Source: My DeFi Pet, APNews, My DeFi Pet White paper, coingecko

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