• Sat. Jan 28th, 2023

Samsung is eyeing NFT.Investing in the game ‘Genopet’


Jul 10, 2022

Samsung Next, a subsidiary specializing in investment of Samsung Electronics, has invested in Genofet, an irreplaceable token (NFT) game production company. It is interpreted that Samsung Electronics is seeing new business opportunities in related fields by investing in game-related NFT companies following music.

According to the industry on the 10th, Samsung Next announced on the 7th (local time) that it has invested in Genofet, a startup that allows users to monetize their assets through NFT games. Users will have a virtual pet called Genopet, which is the same as the game name. In other words, a game that raises chicks, such as Tamagochi, is played on a blockchain-based web 3.0 (decentralized web).

Genofett advocates a game of ‘move and earn NFT’. By performing physical activities, users can purchase various items necessary to raise pets. It is a method of securing ‘energy’ needed for games after measuring the number of steps of users in connection with the smartphone’s pedometer function. Genofet will be released this summer, with more than 250,000 people waiting on the list.

Samsung Next decided to invest in the SAFT method of separating the time when the investment is made and when the token is delivered to the investor. It did not elaborate on the size of the investment. Samsung Next said, “Genopet has developed an innovative game model that connects connected fitness based on Web 3.0. Although there is a cold wind in the virtual currency market, Genopet has both fun and profitability.”

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