A Deep Dive Into My DeFi Pet (DPET)
Tech Deep Dives

A Deep Dive Into My DeFi Pet (DPET)

By Andrey Sergeenkov
1mo ago
5m

CoinMarketCap takes a deep dive into My DeFi Pet, a virtual pet game that focuses on DeFi, blockchain collectibles and letting players establish their personalities.

A Deep Dive Into My DeFi Pet (DPET)

Table of Contents

The cryptocurrency space notes a growing interest in digital collectibles and decentralized finance (DeFi). Merging the best aspects of both segments results in the creation of My Defi Pet. The virtual pet game focuses on DeFi, collectibles and letting players establish their personalities. 

What Is My Defi Pet (DPET)?

Even though numerous games focus on blockchain-based collectibles, my Defi pet goes one step further. It has a set of virtual pets for players to breed, collect and evolve. Moreover, players can battle across the battle mode to earn rare rewards. The game has new seasons every so often for players to collect and maximize the season's legendary monster to earn lucrative prizes. 
As My DeFi Pet is based on blockchain technology – the Binance Smart Chain – players can trade, exchange and improve their pets to their heart's content. Enhancing a pet's special abilities is also possible with the help of the DPET token. As the in-game currency, DPET can buy most items from the game, exert governance, engage in staking, and earn more DPET by playing the game's missions and social mining aspects.

How Does My DeFi Pet Work?

Similar to other play-to-earn blockchain games, My DeFi Pet has extensive gameplay for players to enjoy. There are numerous missions and tasks to complete, combined with rotating events to maintain user engagement. Its gameplay is not too complex yet offers some competitive options for those who want an extra challenge. There is no need to download an application, as players can enjoy the game in online browser mode. An account is required to play, as is your first monster.

That monster can be acquired from the pet store as a monster egg. Once the monster hatched, players will work on its ranking and special abilities. The monster needs to be fed and taken care of, which is possible through the cultivation of food. Players can breed more species of the same monster to grow their collection or purchase more eggs from the pet store.

Players who want to use My DeFi Pet as a way to earn money can explore a few options. First, playing the game rewards DPET, which can be traded on the marketplace of various exchanges. A second option is the auctioning of monsters to other players. Finally, there are also seasonal rewards, which are a bit more time-consuming to achieve. This latter option often has some strict guidelines or requirements before players are deemed eligible for distribution. 

What Makes My DeFi Pet Unique?

Even though my DeFi Pet may seem like another traditional play-to-earn game, the concept has some unique features. First, its focus on decentralized finance, or DeFi, is rather unusual. DPET Holders can stake the tokens into pools with different returns, including new items, new eggs, or more DPET tokens. It is an intriguing way to enhance the game's economy without relying on spending DPET, but rather giving it more utility.
The social "mining" features in my DeFi Pet bring a different level of interaction to the play-to-earn model. Players can socialize in private chats or the world channel, creating a sense of community engagement. Being social can make any game much more enjoyable.

Can You Make Money With My DeFi Pet?

Players exploring the play-to-earn model of My DeFi Pet can make money in multiple ways.

The first option is to play the game, complete the missions and participate in the events. Players will gain DPET tokens and other rewards, which are tradeable through the built-in marketplace. The benefit of blockchain games is how players control all of their in-game assets and are free to use them as they see fit. That includes the buying and trading of monsters, eggs, and other items they may come across. Players can sell the DPET token through the built-in marketplace and trades on various cryptocurrency exchanges.

Completing the in-game missions and pets will make players eligible for a reward, often in DPET tokens. During the events, rewards will be bigger, but certain conditions need to be met before becoming eligible. 

The more straightforward option of making money with My DeFi Pet is by breeding new monsters and auctioning them to other players. One can breed monsters by combining any two previously owned creatures to create a new one.  The marketplace is thriving as new players flock to this play-to-earn game, ensuring there is market demand for monsters. Moreover, My DeFi pet has a player vs. player mode, in which the strongest monsters fight one another to victory. A competitive aspect is essential for any play-to-earn game.

What Is DPET Used For?

As the native in-game currency, DPET is a reward for those who play the game and a way to trade, exchange and improve one's monster collection. The breeding and evolving of Pets require DPET tokens. Monsters have multiple stages of evolution, based on their rarity. Evolved monsters can fetch a higher price on the marketplace, earning players more DPET tokens due to new appearances and enhanced statistics.

The DPET token also provides governance rights to holders. Players can vote for new features and game settings to earn special rewards. Gaining voting power requires locking DPET tokens for a specific time, however.

Staking DPET tokens through various pools gives players different in-game returns, including more tokens, eggs, and new items.

Notable Investors and Backers

My DeFi pet is backed by notable and large investors and VCs in the crypto and blockchain gaming space. Some of these include: Animoca Brands, OKEx Blockdream Ventures, DFG, Clover Ventures, Kardia Ventures, Consensus Lab and Megala Ventures.

How Does My DeFi Pet Compare With Axie Infinity?

Both games embrace the play-to-earn model, focus on monster-themed content, and offer players PvE and PvP options. There is also the common breeding and evolving mechanism, although that is a relatively common aspect of most blockchain games. Both games have an in-game currency that can be used to upgrade and evolve in-game monsters, even though Axie Infinity uses a two-token currency system rather than My DeFi Pet's single token. 

Moreover, the option to stake DPET tokens to earn in-game rewards differentiates between both games. Axie Infinity lets players trade items freely but does not offer an option to earn such rewards unless there is a special event.

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