MicroPets is a popular cryptocurrency project on the Binance Smart Chain, with more than 68,000 holders. They have announced a major overhaul to their rewards program. MicroPets’ price has increased by more than 100% in a very short time, despite the changes only being implemented.
Rewards
MicroPets, like nearly all NFT staking projects out there, rewarded its native asset ($PETS). In just three months, the team has given out $10.5MM in rewards since its inception. Despite the team reaching an all-time high of $207million market cap, the selling pressure that rewards created was a constant drain on price.
These new rewards changes have changed the game and were hailed as genius by their community members. Instead of focusing on $PETS tokens, the team decided to combine NFT burning and BNB rewards.
Two pools were created by the MicroPets team: evolved and unevolved. Investors who opt to receive $PETS benefits receive a strictly controlled amount on a monthly basis. The evolved pool allows users to receive BNB rewards and the option to purchase $PETS tokens with BNB tax-free. This green wall allows investors to dollar cost average their BNB rewards and receive a 0% tax buy tax while pumping the chart.
Evolution
The team knew that there was a high supply of NFT so they incentivize users to start the evolution process by giving them an NFT. The user pairs an NFT with another NFT of equal or greater rarity and then the NFT goes into a 14-day incubation period. The user then collects the Evolved NFT, which is then entered into the BNB stake pool.
What did the result look like? A decrease in NFT supply, lower reward demand due to incubation, and a tremendous pump. This is especially true when you consider that the team has already put 800 BNB into the Evolution pool in the first 30 days. The 85% reinvestment rate for BNB rewards as of the writing of this article is an amazing metric.
Data-Driven decisions
Another key role has been added to the team to help them analyze their blockchain data and provide live statistics on everything, from pet prices to reinvestment rates and rewards, as well as all financial decisions. This is an uncommon sight in Decentralized Finance (DeFi), but it puts MicroPets in a league of its own. This level of transparency is rare.
The team intends to use these key metrics as a reward system for the right actions. This will ensure a review of the community every 30 days with goals and performance goals.
P2E Innovation
MicroPets Runner will be available this quarter. It is being developed by a renowned mobile app development company. The MicroPets team recognized that almost every P2E game is financially dependent on its rewards system and has chosen a different approach. The team will use P2E to attract new users and provide starter pets for free, kind of like free spins on a slot machine. They will also guide them through the buying process, helping them acquire their first MicroPet.
This is how it works. The shop will be updated every 30 days and powered by smart contracts. The shop will offer 3D NFTs and other items that players can claim, as well as a raffle ticket system that allows smaller investors to have fun and potentially make a profit.
The team will bring together the best of Web 2.0 and Web3.0 to create a rewards system that does not lead to excessive selling pressure, while also providing a monthly draw for players who visit the shop.
Metaverse Expansion
The MicroPets team is currently working to tell the story using an award-winning animation studio.
Petropolis will allow MicroPets investors to use their 3D NFT portfolios and land assets in a community-driven economy and ecosystem, powered by the Petropolis token. Six different land types are planned, each with its own city, gathering and crafting resources, and much more.
Upcoming Exchange Listings
Additional exchange listings are also scheduled to coincide with major releases of the MicroPets Project and their upcoming P2E Game. The MicroPets team found a partner who is guiding them on an exchange blitz that will help the project rise up the different exchange tiers. This will increase visibility and awareness in key markets such as China.
Conclusion
With the recent changes to rewards systems, the MicroPets team looks poised for great success. The community’s enthusiasm has been evident in the chart and the resulting price action. The future looks bright and full of opportunity, thanks to all that MicroPets has been doing.
About MicroPets
MicroPets took the most popular memes from the crypto space, such as Doge and Floki, to make them into 3D NFTs. On PancakeSwap, users can purchase MicroPets tokens, then visit their custom-built app and purchase a crate. Each crate contains a random 3D NFT with a unique rarity and staking multiplier. The NFTs that are rarer will bring you more rewards. A renowned app development company is currently developing a Play-To-Earn game (P2E) that will be released this quarter. The team has sold thousands of 3D NFTs so far.
