Washington, USA – MicroPets, one of the most popular crypto projects on Binance Smart Chain with over 68,000 holders, has announced a massive overhaul to their rewards system. Although the changes just rolled out, MicroPets has already experienced a 100%+ increase in their price within a short period.
Rewards Changes
Like nearly every NFT staking project out there, MicroPets rewarded its native asset ($PETS). Since inception the team had given out an estimated $10.5MM in rewards–That’s just three months! Despite the team hitting an all time high of $207 million, the selling pressure from rewards was a constant drain on the price.
The new rewards changes are a game changer and have been called genius by members within their own community. The team has dramatically limited rewards in $PETS tokens and instead gone with a completely different approach that combines NFT burning with BNB rewards.
The MicroPets team created two distinct pools: Unevolved and evolved. Investors who choose to receive $PETS rewards receive a tightly controlled quantity on a monthly basis. However, with the evolved pool, users receive BNB rewards in addition to the ability to buy $PETS tokens with BNB completely tax free. The result is a green wall that enables investors to dollar cost average their BNB rewards with a 0% buy tax while helping pump the chart at the same time.
Evolution
Knowing the NFT supply was high, the team incentivizes users to burn an NFT to begin the evolution process. Pairing an NFT with one of equal or higher rarity, the user burns one of the two and the NFT enters a 14 day incubation period. After, the user collects the Evolved NFT, which then enters the BNB staking pool.
The result? A reduction in NFT supply, less reward demand due to the incubation period, and a great pump, especially when you consider the team has put 800 BNB in the Evolution pool for the first 30 days. As of this writing, the reinvestment rate of BNB rewards is 85%, which is an incredible metric.
Data-Driven Decisions
The team has also brought on another key role that will support them in analyzing their blockchain data, ensuring live statistics on everything from rewards and reinvestment rates to pet prices, in addition to all major financial decisions. Such practice is a rare sight in the world of Decentralized Finance (DeFi), yet puts MicroPets in a class of its own. This level of transparency and insights is simply very very uncommon.
In fact, the team plans to use these key metrics to reward the right actions regarding the reward systems, ensuring a 30 day review with the community with performance goals.
P2E Innovation
MicroPets Runner is due out this quarter and is developed by Cubix, a renowned app development firm. Recognizing that nearly every P2E game funds its own demise with its rewards systems, the MicroPets team has opted for an approach not yet seen in the space. Leveraging P2E as a marketing funnel, the team will draw in new users with free pets while leading them through the complete buying process as they work to acquire their first paid MicroPet.
How’s this unique? First, the team will have a shop that’s refreshed every 30 days that’s powered by smart contracts. The shop will have 3D NFT’s among other items players can claim in addition to a raffle ticket type system that enables smaller investors to still have fun and potentially earn as well!
The team will combine the best aspects of both Web 2.0 and Web 3.0, creating a rewards system that doesn’t lead to excessive selling pressure while acting as a monthly draw for players to check out the refreshed shop!
Metaverse Expansion
The MicroPets team will be building its own metaverse expansion, named Petropolis, and is already working on telling the story of that vision using award-winning animation studio, Engine House. Engine House has worked with such brands and franchises as Coca-Cola and Assassin’s Creed.
In Petropolis, MicroPets investors will be able to leverage their 3D NFT portfolio and land assets within a community-driven ecosystem and economy, all powered by the Petropolis token. Planned are six different land types, each with their own unique city, gathering & crafting resources, and more!
Upcoming Exchange Listings
Coinciding with the major upcoming releases for the MicroPets project and their upcoming P2E game are additional exchange listings. In fact, the MicroPets team has found a key partner that’s guiding them on an “exchange blitz” that’s designed to consistently move the project up the various exchange tiers, further driving visibility and awareness amongst several key markets, such as China.
Conclusion
The MicroPets team is poised for great success considering the recent changes to the rewards systems. The chart and resulting price action has spoken for itself thus far alongside the enthusiasm from the community. With everything else the team at MicroPets is working on, the future is bright and ripe with opportunity.
About MicroPets
MicroPets has taken the hottest memes in the crypto space, from Doge to Floki, and transformed them into loveable 3D NFT’s. Users purchase MicroPets tokens on PancakeSwap, visit their custom-built dApp and then purchase a crate. Inside of the crate is a random 3D NFT, each with their own unique rarity and staking multiplier. The rarer the NFT the better the rewards. The team also has an upcoming Play-To-Earn (P2E) game in development by Cubix, a renowned app development company, set for release this quarter. Thus far, the team has sold tens of thousands of 3D NFT’s.
Social Links
Telegram: https://t.me/micropets
Twitter: https://twitter.com/micropetsbsc
Instagram: https://www.instagram.com/micropets.bsc/
Media Contact
Brand: MicroPets
Contact: Matthew Johnson, PR Director
Email: marketing@micropets.io
Website: https://www.micropets.io
SOURCE: MicroPets
