Samsung Next invests in move-to-earn Genopets

The investment comes in the form of a post-seed round SAFT (Simple Agreement for Future Tokens), with the amount invested remaining unknown.

Jul 11, 2022
by Dragan
Samsung Next invests in move-to-earn Genopets
News

Investment company Samsung Next has announced that they have invested in the free-to-play move-to-earn Solana-based game, Genopets.

The investment comes in the form of a post-seed round SAFT (Simple Agreement for Future Tokens). Neither the investment group nor the game developers disclosed the amount that is in question. Whatever the amount, it’s certainly a nice boost for the developers of the move-to-earn title, who managed to raise a significant sum of $8.3 million in a seed round back in October last year, which was led by Konvoy Ventures and Pantera Capital, with Animoca Brands, Alameda Research and more investors participating.

In the firm’s blog post they detail the reasons behind investing post-round, saying that they think the free-to-play crypto game features a promising blend of fun and revenue potential while noting things such as team experience and the studio’s goal of “tying the viability of its economy to building a marketplace, rather than just relying on player growth to drive new revenue” being key reasons to support the NFT game.

Genopets already has more than 250k players signed up on a beta waitlist ahead of the game’s summer launch. In this free mobile RPG, players have their own customizable virtual pet called a Genopet, which they can grow by being physically active every day. Players can buy a Habitat, which is an NFT home for the virtual pets that unlocks the ability to craft various in-game items, as well as the option to earn the game’s $KI token from the daily steps taken each day. There is also another token called $GENE, which is a governance and utility cryptocurrency that can provide those holding enough tokens VIP priority access to upcoming game content while also allowing holders to vote on various different in-game features.

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