What is My DeFi Pet?
Non-Fungible Tokens or NFTs and Decentralized Finance or DeFi are gaining traction. They both pump oxygen into the cryptocurrency industry.
Today, one of the most popular applications in Crypto is the “My DeFi Pet”. Like other games, My DeFi pet is a play-to-earn game. It allows its gamers to gain and earn income while playing and participating in-game.
Play-to-earn games have become popular in developing countries such as the Philippines, Vietnam, and other parts of South-East Asia.
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My DeFi Pet, Summon, Auction, Breeding, and Evolution
My Defi Pet is a virtual pet game that runs in the Ethereum blockchain that combines DeFi, collectibles and your very own personality.
The “My DeFi Pet” simply combines the “My” word that means your own personality, “DeFi” the decentralized finance technology in the blockchain and “Pet” where we raise pets virtually.
To sustain the ecosystem of the virtual pet raising game, gamers engage in activities such as collecting, breeding, evolving, battling with, and trading/socializing for pets.
You can obtain pets in two ways. The first is through “Summon” where a random egg is given using a certain amount of DPET token. The second is through “Auction” which allows the buyer to bid for a newborn pet.
Breeding is the combination of 2 pets that will create a new pet, inheriting the genes from its parents. These pets can be evolved when they reached certain levels and capabilities. Players can level up their pets by feeding them DPET Tokens.
Trading between players is managed through the marketplace using major web browsers.
My Defi Pet uses DPET tokens. DPET is the native digital currency of My DeFi Pet. It and can be solely used by the platform. No other coins or cryptocurrency can be used.
Furthermore, DPET Token is an NFT that’s being used as the medium of exchange between players and participants on My DeFi Pet in a decentralized manner.
Also, DPET Tokens incentivizes participants and gamers for contributing and maintaining the ecosystem of the game. This results in a win-win system where a participant is fairly compensated for its efforts.
“The DPET economics has been designed to incentivize and maximise the interaction between the players and the game. For example, users will be rewarded with DPET and random rewards to encourage them to spend on activities within the system which would promote adoption of the platform, such as spending on purchasing, breeding or evolving pets, or spending time playing games. DPET may be spend by players to significantly enhance their progress and experience in-game.”https://mydefipet.com/doc/DPET-Whitepaper-210519-clean.pdf
The Technology Behind the My DeFi Pet
My DeFi pet is the integration of top-tier traditional game developers and a leading blockchain team. Moreover, DPET tokens are available and tradable under the Binance Smart Chain and KardiaChain.
How to Earn in My DeFi Pet?
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.
You can earn DPET tokens by playing the game and completing missions. Also, the tokens are used for breeding/evolving monsters, summoning new eggs, and enter special events. You can vote for new features and settings of the game to earn special rewards through the governance system.
DeFis or Decentralized Finance are gaining popularity across the globe. Also, the best thing it offers is the cryptoprenuers can recreate a traditional financial instrument in a decentralized architecture, outside of companies’ and governments’ control.
It is controlled, not by central authorities, but a large chain, or network of computers.
The alarming risk of this play-to-earn game is that many people will not depend on the government for financial freedom. But, they mainly depend on the developers of such games since they offer a lot more than the minimum wage of a certain government, in such case, the Philippines.