New GameFi Project: Fren Pet on Base - Is this the Next Axie Infinity?

All eyes in gameFi are on Coinbase, as new users will soon be gaining 1-click access to the Base chain – amid the onboard hype, Fren Pet on Base is emerging as a favorite to be the next $10Bn gaming coin.

Everyone is eagerly waiting to see which gaming project will emerge as the next Axie Infinity, and one of the top contenders is Fren Pet (FP), a project built on the Base network.

When you heard mom shout your full name, but you are 100 points away for next gatcha.@frenpetonbase pic.twitter.com/t38yc2Vzru

— rektmerev.eth 🟣 (@RektmeRev) April 23, 2024

It is a tokenized version of Tamagotchi and comes with extremely bullish tokenomics that have investors believing they have found the next Axie Infinity.

Uncovering GameFi on BASE: History of Axie Infinity

To remind you of how successful Axie (AXS) was, it launched with an $860k token sale and its price peaked at $165 in early November 2021.

Axie’s market cap was a massive $10Bn, placing it within the top 25 tokens on the market at that time.

The Axie Infinity NFTs that were part of the game processed over $2b in transaction volume, with one Axie land NFT selling for a whopping $1.5m.

At its peak, Axie was processing $42m of in-game volume and had 1.8m daily active users, with players paying over $100 to buy the NFTs just to start playing the game. So far, Fren Pet has peaked at 1.5k users at the beginning of April.

(Top Tokens 2021)

Gaming in crypto is currently quiet, with meme coins leading the charge. However, once the attention cycle picks up and retail money flows back into the market, we can expect violent moves up with little to no warning.

This is especially true for the gaming side of crypto, as it is an easy sector for retail investors to connect with.

Here’s Why Fren Pet Could Be The Next GameFi Hot Shot on BASE

The Fren Pet team chose well by building on Base. The extremely low gas fees are one key reason, with the other being the easy access to Coinbase’s 100m users.

The Coinbase Smart Wallet is coming very soon, which will enable Coinbase users to trade on-chain on Base with a click of a button.

Users won’t need to leave the Coinbase UI to do so, making the wallet super normie-friendly.

Its in the metrics anon. Show me a web3 game with such adoption + deflationary tokenomics + rev share. $FP https://t.co/N6YYN33W7w pic.twitter.com/RvcNgtpEul

— doc🃏 (@jkrdoc) April 22, 2024

The amount of retail investors that stick to CEX’s due to fear of navigating wallets, interacting with DEX’s, and signing transactions will all be able to get involved on-chain without needing to worry about any of these things.

Since Fren Pet was launched, activity within the game has been strongly correlated with Base gas fees.

On the day that Base increased its gas target by 50%, Fren Pet in-game transactions recovered to around the previous ATH and has since surpassed that.

The lower the fees, the lower the barrier for entry. This opens Fren Pet up to an audience that never got a chance with Axie, such as lower-income, third-world countries.

Due to the many actions that are performed within the game, it is essential to have low transaction fees. They are key for user rewards to be profitable.

The Bottom Line: Bullish GameFi Tokenomics Supercharge FP Market Position

Fren Pet’s tokenomics are also noteworthy in comparison to many gaming crypto projects. Over 5 million FP has been spent in-game on Fren Pet as of today.

At the current price of $8.50, that’s over $42.5m of total in-game FP volume.

Axie was processing that amount in one day at its peak, showing how much room a project such as Fren Pet has to grow.

One major difference between Axie and Fren Pet is that Fren Pet is deflationary, while 49% of the AXS supply was used for incentives, 90% of FP used in-game is burned, and Fren Pet also has no investor allocations, with 100% of the supply in circulation.

This means whales and VCs are having to buy FP on the market at the same price as everyone else – positioning FP as a best crypto to buy.

we love frenpet

— jesse.base.eth (@jessepollak) March 3, 2024

The recipe for success when building a play-to-earn game on the blockchain is straightforward: a low barrier for entry combined with a genuinely fun game to play. Fren Pet seemingly has both.

Base is the go-to chain for cheap transactions in 2024, and Fren Pet has built a Tamagotchi-style game that gives off pure nostalgic hits for ’90s and early noughties kids.

Fren Pet is currently trading at a market cap of $53m and processing over $400k in daily volume. You can find FP on Base network DEXs such as Uniswap, Baseswap, and Aerodrome.

Don’t rule out a Coinbase listing in the near future, as Coinbase will be looking to highlight the best projects built on the Base network. It also helps that the creator of Base is a big fan of the project!

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer

Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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