Many people, including Mark Zuckerberg, think the Metaverse is the next big thing.
Zuckerberg has arrogantly renamed Facebook (FB) Meta to cash on the Metaverse. Consequently, a popular question is how do you make money in the Metaverse?
MetaPets (METAPETS) is an attempt to answer that question. The MetaPets are digital pets similar to CryptoKitties that people will breed and collect in the Metaverse. I think the MetaPets could be more popular than the CryptoKitties because there are different animals available.
The hope is that people will pay for MetaPets and NFTs of Metapets. Additionally, there will be activities for MetaPets and their owners, including dog shows and virtual milking contests for digital cows. I suppose there will be a MetaPets County Fair to show off the digital critters. Hence, MetaPets is insane, but it’s no more insane than social media.
They claim the MetaPets will be the first customizable virtual pets. Owners can pit the MetaPets against each other in games and hold training camps for them. I have to wonder if there will be MetaPet dog fighting or gladiatorial games which will not be popular or politically correct.
Can MetaPets Make Money from Mobile App Games?
To finance the MetaPets and the platforms that will create them, they will create Prize Fund Games. The games will include Telegram Games, Discord Games, Tournaments, and MetaPets App Games.
Mobile gaming apps are a lucrative business that is growing. For example, Statista estimates worldwide mobile gaming app revenue grew from $66.3 billion to $86.9 billion in 2020. Additionally, Statista projects worldwide mobile gaming app revenue will grow to $90.7 billion in 2021 and $116.4 billion in 2024.
Hence, MetaPets are a mobile app game or app game characters. Additionally, I think MetaPets could serve as an interface between the Metaverse and Mobile App Games.
Can MetaPets make money from NFT Games?
Beyond Mobile App games, nonfungible tokens (NFTs) will be a huge part of MetaPets. MetaPets will create nonfungible art to finance its platforms. They will monetize the MetaPets through an NFT marketplace for pets. Additionally, they will sell MetaPets NFT Merchandise, including toys and pet food.
They will use airdrops and NFT games to distribute and promote the NFTs. The NFT games will include a Best Pet Contest, 2D games, 3D games, augmented reality games, and tournaments.
Hence, I view MetaPets as an NFT gaming platform. Hence, MetaPets (METAPETS) could show if there is a market for NFT games and if NFT games can make money.
To promote the games, they will build a Prize Fund wallet that offers prize money. Among other things, they claim the wallet will distribute big cash prizes.
DAPPS and MetaPets
To promote the MetaPets, they will create decentralized applications (DAPPS).
The MetaPet DAPPS will include MetaPets Social Media, to connect MetaPet owners and promote them, a MetaPets Swap with low fees, Custom Pet NFT Launchpad, and a MetaPets Breeding DAPP.
The ultimate state of MetaPets will be the Metaverse. They claim the MetaPets Metaverse will include Virtual Reality Games, integrating with other Metaverse Platforms, a MetaPets VR HeadSet, and the MetaPets Custom Universe that only MetaPet owners can access. I suppose the MetaPets will live in the Custom Universe.
What Value Does MetaPets Have?
Mr. Market thinks MetaPets have some value. For instance, MetaPets (METAPETS) was CoinMarketCap’s second most trending cryptocurrency on 22 December 2021.
Conversely, MetaPets (METAPETS) was CoinMarketCap’s 3028th most valuable cryptocurrency on 22 December 2021. CoinMarketCap gave MetaPets $0.0000000001539 Coin Price, a Fully Diluted Market Cap of $15.392 million, and a $2.723 million 24-Hour Market Volume. They based these numbers on a Maximum Supply of One Trillion METAPETS.
In contrast, Coinbase gave MetaPets a $0.0000000001 Coin Price and a $2.3 million 24-Hour Market Volume on 22 December 2021. Thus, MetaPets has a tiny price.
I consider MetaPets a lousy cryptocurrency because it has a cheap price and a questionable concept. Yes, people pay money for digital pets. However, nobody knows how big the market for digital pets is.
I declare MetaPets (METAPETS) is a cryptocurrency to watch because it could show us if there is genuine interest in the Metaverse. Hence, MetaPets could show us if the Metaverse is real and if you can make money in it.
Originally published at https://marketmadhouse.com on December 22, 2021.
