Will xPet, which allows users to earn money by raising pets while browsing Twitter, set off the explosion of SocialGameFi?

Recently, xPet, a pet game on the Arbitrum chain that directly parasitizes the Twitter platform through a browser plug-in, has gone viral on Twitter.

Its slogan is simply "Raise pets and make money on Twitter", which can be described as a combination of Socialfi+GameFi.

What is xPet? How to play?

xPet is an Arbitrum chain pet game that is parasitic on the Twitter platform. It is similar to QQ Pets. By feeding pets, pets earn tokens by engaging in production activities.

It only takes two steps to get a pet: 1. Install the plug-in https://xpet.tech on your PC browser; 2. Log in with Twitter authorization and fill in the invitation code: xpet_7ae971c6.

After claiming a pet, the pet can generate BERRY, which will be automatically converted into BPET and earn income. Every few hours, the pet will lose health points, and users need to feed them to keep them in good condition. In addition, they need to clean and give injections to keep the pet healthy. Users can also upgrade their pets themselves or directly buy high-level pets. The higher the pet level, the faster it generates BERRY.

Quest: You can get a novice treasure chest by completing the novice task. In addition, there are daily tasks. After completing the daily tasks, you can get 2 treasure chests, which contain BPET tokens, food, brooms, needles, shields, etc.

Because xPet allows pet games to be played directly on the Twitter interface through a plug-in, coupled with a daily treasure chest mode, xPet has become a viral phenomenon on Twitter, the largest social media platform.

In order to get the treasure chest, the official xPet Twitter account has received 11,000 replies, 14,000 retweets, and 14,000 likes.

When the pet is upgraded to level 7, the Farm can be opened . The farm can earn extra rewards to enhance the pet's ability. When the pet is upgraded to level 10, the factory will also be opened . After the factory is upgraded, the efficiency will be improved, and the conversion of BERRY into BPET will also be accelerated. This mechanism design encourages players to consume BPET to increase the level of their pets in order to obtain higher benefits.

Users can directly use BPET tokens to purchase food and pets in the Store. The Store is a trading platform built specifically for players to participate in the trading of virtual pets. A transaction fee of 0.5% is charged for each transaction . The transaction fee will be accumulated in a dedicated reward fund, which is used for reinvestment to enrich the xPet experience, which can take the form of events, giveaways, or other community-centric activities.

In addition, xPet also boosts revenue from friends invited through social networking through a tiered system.

Four token designs: ETH, XPET, BPET, BERRY

There are three tokens in the xPet game: XPET, BPET, and BERRY. Together with ETH, the xPet system has a total of four tokens.

Let’s first take a look at the gameplay of the four tokens designed by xPet:

Lending: xPet has introduced a lending mechanism, where users can borrow XPET with ETH as collateral, with a collateral rate of 90%. As of press time, 1 ETH can be borrowed for 17,793.4 XPET. XPET can be exchanged for the pledged ETH at any time.

Conversion: The conversion system provided by the platform enables users to exchange between XPET and BPET assets. The conversion ratio of XPET and BPET is 1:1.

It is worth noting that its conversion time is affected by the number of conversion orders queued in the system, and xPet adopts a queuing mechanism for conversion.

Production: Pets produce BERRY, which can be converted into BPET.

Staking: Allows users to put their BPET tokens to work and earn additional BPET interest, with 30, 60 and 120 day staking periods corresponding to 20%, 40% and 60% annual interest rates (APR) respectively, with longer staking periods having higher APRs. BPET rewards can be claimed at any time, but staked funds need to wait until a specified period before they can be claimed.

In summary, the gameplay of the four tokens is : pledge ETH to borrow XPET; XPET can be exchanged for BPET; users use XPET or BPET to raise, upgrade, and purchase pets; high-level pets produce BERRY or BPET to gain income; BPET is pledged.

The above mechanism may be able to get xPet's Ponzi flywheel going.

Conclusion

From the mechanisms of parasitizing on Twitter through browser plug-ins, opening treasure chests every day, graded invitations, raising pets with tokens to earn income, etc., we can see that xPet is not just SocialFi or GameFi, but a combination of SocialFi+GameFi. Perhaps it can be called SocialGameFi.

The pet games selected by xPet look cute and interesting at first glance. Coupled with its various clever mechanisms, xPet does have the potential to break out of the circle in the short term.

But will it be able to ignite SocialGameFi? Or will it be like many other popular standalone SocialFi and GameFi that are ultimately ignored? It remains to be seen.

Article updated at 15:00 on December 2, 2023:

The Golden Finance reporter started playing xPET around 15:00 on December 1, and upgraded his pet to level 3 by using BPET obtained from opening treasure chests. As of 15:00 on December 2, he had obtained 230 BPETs, worth US$23.