ValteWed, Nov 17, 2021 5:03 PM
DeFying Gravity: Micropets Token - Meme Hype for Fun and Benefit
We continue to explore new projects of the crypto world in our regular DeFying Gravity series. And today we want to introduce to you the cutest NFT project on Binance Smart Chain. It got no chance to not be adorable as it took all the community favorite memes, tokenized and gathered in one place, but also no chance to be ignored putting their billboard just next to Space X office in California. We will see if the creators just wanna benefit from the NFT hype or the project actually makes any sense for investors.
What is Micropets?
MicroPets is a token on Binance Smart Chain that capitalizes from the recent non-fungible exposure and most of the existing meme tokens. The creators gathered the most adorable meme tokens to package them into cute NFTs so anyone can easily stake and trade them through dApp.
The project was created by a team of 30+ experts in 3D DeFi and marketing. Micropets price has seen rather imminent growth since then, making many people turn their attention towards the token. As the Whitepaper claims, the goal of the new project is to provide a “fun and engaging environment” for all memes lovers and to promote the project and build the community as well, so everyone can benefit from it while enjoying a unique and fun crypto experience.
Micropets has gone through the audit by Certic and got a security score of 89 points out of 100, which is a great result for a crypto newcomer. It also shows that the development team is taking their own project seriously and looking for quality rather than affordability as they preferred to pay more to be audited by a more truthful security company with higher standards over more cheap and easy options.
The official audit report also shows no signs of the discovered negative recognition, in fact, 100% of it is neutral and that proves its legitimacy and safety. At the same time, it has one major issue related to decentralization and privilege. It’s not critical and relevant to most of the fresh blockchain projects. But potential investors should be aware that most of the governance rights and control over the project belong to developers.
At the moment Micropets offers 15 charming 3D digital pets available — based on the 9 most popular meme coins and the puppy variations of the same token stickers. You will find tamagotchi-like Kishu Inu, Akito Inu, Hokkaido Inu, Shiba Inu, Floki, Frunkpuppy, Hoge, Doge, Baby Akito Inu, Baby Kishu Inu, Baby Floki, Baby Shiba Inu, Baby Hokkaido Inu. All of them are represented with different details and in different environments.
Micropets were created to allow special edition crates where any NFT can be created from special holiday editions to the tokens representing momentary community trends. For example, just a few days after the launch Special Halloween-themed non-fungible tokens were realized. The creators foresaw everything including the design of the memes so users can have a different experience and enjoy them the most.
Thanks to the streamlined and easy process of new NFT deployment, the average period from token ideation to deployment is just 5-7 days.
The animals look really adorable and cute, in fact, Micropets have no real utility. It’s just about speculating on NFTs, playing games and building the community. Micropets token price at the moment of publishing is $0.00001168, making it easy to enter.
Just 2 weeks after the launch Micropets partnered with a significant game manufacturer — Cubix with a goal to make a P2E game called MicroPets Runner. There, users can play with their cute NFT creatures to fight the enemies and go through numerous hurdles. Exploring the gameplay users will sometimes find MicroPet tokens and get real rewards, increase the profitability of investments or just extend the gaming experience by collecting more lives.
The magic of Micropets marketing
It can’t be ignored how much effort the team put into the marketing from the first day or even before the launch. Micropets is continuously promoted on all of the possible platforms, including huge crypto projects like BSC Scan and even the biggest social media company Facebook.
Not letting the community breathe out, the marketing crew placed their billboard facing the SpaceX Office in Hawthorne aiming to catch the attention of the main meme token supporter Elon Musk. Micropets also got their billboard on a New York City Times Square opposite the NFT.NYC Conference to make sure everyone interested in the subject is going to see it.
And the strategy worked as the number of wallets having Micropets was increasing drastically from the very beginning. After less than 2 weeks, their Twitter account had over 7000 likes. Moreover, the token is still trending on most of the platforms from Coinmarketcap to Cryptomoonshots and DEX Tools.
How does it work?
You may be wondering, where to buy Micropets coin and how to use it after. The answer is right on the surface and interaction with the meme-based project is simple. On the project landing page the button “Buy now” is within the reach. Pressing it takes you straight to the PancakeSwap, where the token can be obtained from Binance Smart Chain. As BSC allows anyone to create their own token, be certain to use the Micropets contract address matching the one from the official website to avoid fraud.
The team has created a custom dApp with many features available from the launch day. After logging in users can buy the crate for Micropets tokens. Opening the crate gives a random NFT of different rarity together with the staking rewards. The rarer the NFT, the more it costs. Everyone can stake their 3D pet to get rewarded proportionally to the staking multiplier. By the time of publishing around 1500 crates were already opened.
But now imagine you received Baby Shiba Inu instead of so much desired Doge. There is no problem with it and anyone can put their Micropet for sale on the dApp marketplace, where other users can buy them for Micropets tokens.
Micropets is a BEP-1155 standard token that has a maximum supply of 10 trillion. Right now only 50% of the coins are in circulation. This standard allows users to buy and open multiple crates in one transaction.
For every transaction (selling or buying) 7% commission is to be paid, from where:
- 2% goes to the liquidity pool;
- 5% is allocated for the marketing and manual buyback.
Thanks to the part of every transaction going to the liquidity pool makes token price less volatile. And also the manual buyback defends the key support areas.
The interesting part is that the team can manually decrease the buying tax while keeping selling tax on the same level, allowing investors to spend less buying the token during deeps.
Future of Micropets
For now, the development team only published the plans for a nearby future, covering Q4 of 2021 (the current period) and Q1 of 2022. By the end of the year, the project plans to get listed on Coinmarketcap and CoinGecko and run an extremely active marketing campaign. We should also expect to see special Christmas and New Year-themed NFTs.
The most exciting plan is the deployment of the P2E game that can push the project to new heights and attract more people to the project just for the chance to have an entertaining experience. Another anticipated feature is the farming of NFTs that will increase staking by upgrading the pets and thus contributing to the smart contract. The user will have to lock his NFT for 2 weeks to empower them.
As the used smart contract is built as a proxy contract the token can easily be expanded and upgraded in the future. The development team is open to the community suggestions and ready to bring the best of them into life, engaging people to join the project and get more and more involved. At the end of Q1 of the coming year, the team will create the Metaverse vision and expand the development strategy.
Micropets seem to be a thought-through NFT project smartly using the current crypto tendencies. The development team has proved that they can really drive the market and investors' value.
At the same time, as with all the hype projects without actual utility, there is no surety in how long it will stay on the top. In the last days, the token was losing its value which is completely normal and predictable for this kind of new projects, but no one can say for certain what will happen next.
Though, if the creators stick to the plan and realize the farming and gaming options we might have to get used to Micropets as the real market player as for many, fun and hype prevails over the serious use cases.