Per a recent press release, MicroPets, one of the famous crypto projects on Binance Smart Chain [BSC], has revamped its existing reward system. With the overhaul done, MicroPets recorded a massive surge—a 100% price rise.
Since its inception, MicroPets has given out over $10.5 million worth of $PETS—its native token—to its 68,000 holders across the world. While a massive price rise has been recorded in the last couple of weeks, the constant rewards have affected the price of $PETS, therefore prompting the need for a better structure that will not only cater to community members but will drive the token as it seeks to rank as one of the top cryptocurrencies.
Described as a game-changer by community members, as revealed by the aforementioned source, the revamp takes a different approach, one that intermixes BNB rewards and NFT burning.
BNB Rewards and NFT Burning
The team has introduced two distinct pools—Unevolved and Evolved. The former allows investors to receive rewards in $PETS, albeit at a closely and firmly controlled quantity monthly. The latter, on the other hand, enables investors to receive BNB as a reward while offering them the opportunity to buy $PETS with BNB without tax. This will help investors DCA [dollar cost average] their earned BNB with a 0% buy tax, in the process pumping the chart.
Another of its revamp techniques adopted, as revealed by the press release, is the Evolution process. The MicroPets incentivizes holders, in a bid to get them to get them to burn NFTs. Each user is awarded two NFTs and will have to burn one. Once that is done, it enters a 14 days incubation period. This will promote the reduction in NFT supply, low demand for rewards, thanks to the incubation period, and most importantly, a great pump.
Walking an untraveled road, MicroPets introduces a system that will offer data-driven statistics as it seeks to measure rewards, metrics, and investment rates. An unprecedented feature in the billion-dollar space, MicroPets is positioning itself as a pioneer of data-driven DeFi.
Embracing the nonpareil level of transparency offered by data-driven statistics, the MicroPets founding team will adopt this metric to reward community members.
A Newfangled Approach to P2E Gaming Reward System
In the last couple of months, the concept of play-to-earn [P2E] has become widespread with a ton of gaming and NFT platforms incorporating this reward system into their projects. The problem, however, with these P2E-based projects is that they, most of the time, dig up their graves with unsustainable reward structures. Opting for a unique approach, MicroPets Runner, a P2E gaming platform scheduled for launch before the end of Q1 of 2022, will leverage P2E as a marketing funnel.
The team will hope to attract new users with the promise of free pets while guiding them through the entire purchase process as they work to secure their first paid MicroPet.
How exactly is this a unique system?
According to the press release, the MicroPets team will set up a shop that is powered by a smart contract and refreshed every 30 days. It will house 3D NFTs as well as other amazing assets gamers can claim in addition to a raffle ticket system that will allow small-scale investors to get in and earn as well.
Secondly, the team will commingle both aspects of Web2 and Web3, ergo creating a system that doesn't pressure holders to sell.
With exchange listings and metaverse expansion all set to be rolled out by the MicroPets team, the revamp of its existing reward system will set this project on the path of sustainability and, in turn, success.