Battle Pets Joins the NFT Revolution With a Refined GameFi Offering

Achal Arya
April 3, 2021
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Battle Pets

Battle Pets, a next-generation Non-Fungible Token (NFT) based game built on the Binance Smart Chain (BSC) network is taking the NFT revolution to a new level with a Game Finance (GameFi) offering. According to a press release shared with Coingape, users can stake their PET Tokens, the gaming protocol’s native token, and will be entitled to earn weapons in return, this is based on the added Decentralized Finance (DeFi) elements to the Battle Pets universe, making it be a GameFi product, the perfect mixture between NFT Gaming and Decentralized Finance.

Battle Pets is a game that seeks to enthrall users by enhancing their engagements through series of activities that range from hatching, growing, and engaging in battles with the pets. Battle pets have a number of games suited to serve this purpose and they include Arena Battle, Tournaments, Siege Battle, and Evil Devil Challenge with more game modes to be rolled out in the near future.

The evolution of NFT-based gaming or innovation, in general, which began with CryptoKitties back in 2018, has led to further advances, as users aim to switch away from the skyrocketing network fees associated with the highly congested Ethereum Network. Battle Pets rose up to this challenge and designed its ecosystem around the Binance Smart Chain, an alternative DeFi chain that offers scalability, and remarkably low transaction fees.

Battle Pets Utility and General System Economics

In the Battle Pets world, there are a number of pets that can be owned, cultured, and traded, as they are an NFT asset. Owned pets have animate feelings and can find their loved ones with whom they can breed new baby pets and users can get them ready for the battle by reinforcing them with weapons. Weaponizing them will amongst many things level them up to make them stronger to ultimately win battles and any associated rewards.

The infusing of DeFi features into the Battle Pets ecosystem enhanced through the PET tokens is fueling a massive transaction count per the shared press release. The tokens have grown 20x with market capitalization topping $200 million. As seen on Coingecko, each PET token is valued at $0.649728 with barely 10% of the max supply of 200 million tokens in circulation. 

Transactions involving Battle Pets assets are also growing at a remarkable rate. There are more than 3k different pets at the moment, with more than 21,000 transactions involving pet NFTs executed currently. Per the weapons figures, close to 2,000 weapons and over 23,000 transactions have been recorded. 

At a rate of almost 200% APY, Battle Pets now offer a Liquidity Farming campaign featuring the remaining 90% of the PET tokens that are not in circulation at this time. The Pet Tokens are currently being traded on BakerySwap with a growing liquidity.


Disclaimer: Do your own research related to the promoted company or any of its affiliates or services mentioned in the article. Coingape.com does not hold any responsibility for your damage or loss.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Achal Arya is a digital product designer and an entrepreneur. He did his masters degree in design from IIT Hyderabad and has a bachelors degree in Computer Science. He works in the Web3 domain and manages new developments at CoinGape. Follow him on X at @arya_achal or reach him at achal[at]coingape.com.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.