Introduction

At NovaResearch, we're excited to introduce our latest spotlight: FrenPet. This innovative indie web-based game, developed on the Base Chain by  @caduveloso and @surfcoderepeat, redefines digital asset interaction in the gaming world. FrenPet isn't just a game; it's a journey into true blockchain ownership. We're committed to expanding the game's features weekly, as long as our community remains engaged and enthusiastic.

FrenPet draws inspiration from the iconic '90s game, Tamagotchi, reinventing it with a modern twist. The developers have skillfully migrated the classic virtual pet concept onto the blockchain, infusing it with a unique reward mechanism. The game features a native currency, facilitating seamless in-game transactions, and introduces pets as non-fungible tokens (NFTs), adding a layer of exclusivity and personalization.

Since its launch on August 31, 2023, FrenPet has experienced a meteoric rise in popularity, especially following a notable mention in a Coinbase Wallet Twitter post.

This recognition has propelled the game into the spotlight, attracting over 4,000 unique users who have minted more than 7,000 pets. The native currency of FrenPet has achieved a remarkable market capitalization of $12 million, signaling a strong market reception and growing interest.

Join us at NovaResearch as we delve deeper into the world of FrenPet, exploring the fascinating intersection of gaming and blockchain technology.

FrenPet: A Fusion of Virtual Pets and NFTs

FrenPet is a unique indie game that marries the world of mobile gaming with the burgeoning digital asset space. Accessible via the web at frenpet.xyz, this mobile game can be downloaded easily onto your device.

Upon launching the app, users are greeted with a seamless login process, offering options to sign in using Google, TikTok, or Apple accounts. Once logged in, FrenPet takes an innovative step by automatically creating a digital wallet for the player.

The core of FrenPet's gameplay revolves around acquiring and nurturing virtual pets, represented as NFTs (Non-Fungible Tokens). To mint, or create, your first pet, you need 100 FP tokens. These tokens are promptly refunded once the minting process is complete, initiating your journey in the FrenPet universe.

Each pet in FrenPet carries key values that players must diligently monitor:

1. Time Of Death (TOD): This critical metric indicates when a pet will perish if not properly fed. A pet's death results in the burning of its NFT, rendering it irretrievable and permanently lost.

2. Health: As TOD approaches, pets exhibit signs of hunger or starvation, changing in appearance as a reminder to the player to feed them. Although this doesn't directly affect points or rewards, it's a crucial part of pet care.

3. Level & Points: Interaction with your pet through feeding, playing, and battling contributes to their points tally. A higher score not only boosts your pet's leaderboard ranking but also translates to ETH rewards. The protocol determines these rewards, with higher scores fetching greater shares.

To sustain your pet's TOD and improve its well-being, FrenPet's in-game shop offers a variety of items:

• Shroom: Costs 10 FP, grants 100 Points and extends TOD by 1 day.

• Apple: Costs 15 FP, grants 200 Points, and extends TOD by 3 days.

• Fish: Costs 20 FP, grants 300 Points, and extends TOD by 1 day.

• Clean Poop Shower: Costs 7 FP, grants 20 Points and extends TOD by 1.5 days.

• Tea: Costs 1 FP, grants 1 Point, and extends TOD by 3 days.

• Beer: Costs 50 FP, grants 1000 Points, and extends TOD by 6 hours.

Combat and Competition: The Arena of FrenPet

Every quarter-hour, you have the opportunity to challenge pets that are ranked above yours in a thrilling "bonk" battle, provided they haven't been challenged in the past hour. If no suitable opponents are available, it's likely because they've already been bonked recently. The odds are balanced to keep the competition fierce — as an underdog, you have a 40% chance of victory, while the higher-level pets hold a 60% chance. The stakes are high, as the victor claims 0.5% of the loser’s score, directly influencing your ETH reward potential.

Shop & Customization: Tailoring Your FrenPet Experience

The FrenPet Shop isn’t just about buying aesthetic items for pets but is also a place where users can buy items to improve the Pet’s health and extend their Time Of Death (TOD).

Crucial to your pet's defense are two essential items:

• Shields: Purchase a shield to protect your pet from attacks, preserving their hard-earned score.

• Insurance: In the uncertain event of your pet's demise, insurance safeguards against loss, ensuring your pet’s legacy continues.

Hall of Fame: Celebrating Achievements

Every achievement and milestone reached by a pet is showcased. It's a testament to show how the developer thinks about a gamified experience within the FrenPet universe.

Arcade Thrills: Mini-Games Galore in FrenPet

There are also mini-games where users can test their luck and strategic skills with these addictive in-game activities:

• Dice Duel: a dice arena where users can bet 100 Points each for a chance to win big.

• Wheel of Fortune: it's free to play every 24 hours spin to a wheel where lucky players can hit the jackpot and earn prizes ranging from 1 to 2,000 Points, or even walk away with a coveted Shield for their pet.

FrenPet stands out as a pioneering venture in the indie gaming space, blending the excitement of pet care with the dynamics of NFTs and digital currencies. As players immerse themselves in this virtual pet world, they navigate the intriguing intersection of gaming, digital ownership, and cryptocurrency rewards.

Breaking the business model

FrenPet adopts a distinctive revenue model that consists of collecting transaction fees from every swap that occurs on-chain and implementing a deflationary token strategy by burning tokens used in the shop.

Every transaction involving the purchase or sale of $FP tokens on DEXs incurs a 5% tax. When the smart contracts accumulate 1000 $FP tokens from these taxes, they are automatically converted into ETH and distributed in the following manner:

• 2% is allocated as a reward for players of the game.

• 2% is directed to the developers of FrenPet.

• 1% is reinvested into the liquidity pool to bolster the $FP economy.

The players' rewards are proportionally distributed based on an individual's in-game score relative to the total scores of all pets in the game.

Regarding the in-game usage of $FP tokens, 90% of these tokens are burned, and 10% are transferred to referees as part of the referral program.

Looking On-Chain

As predicted, the activity within FrenPet surged following the tweet from Coinbase Wallet and the engagement of Pransky, a prominent NFT influencer in the space. Let's review some key performance indicators:

• Daily Users are showing growth to 4,000 cumulative unique users with 1.8k unique users in the last 24 hours, indicating a significant uptick in user activity between November 10 and November 20, 2023.

• The Revenue Chart displays a substantial increase in daily revenue peaking on November 14, 2023, with Players' Revenue, Revenue Pool, and Team Revenue contributing to a cumulative revenue of $525.3k and a significant $114.4k revenue generated in the last 24 hours alone, as of November 20, 2023.

Conclusion

FrenPet stands as a testament to the innovative use of Ethereum's Layer 2, showcasing the potential for scalable mini-games that cater to a broad user base. Developed by a duo of visionary creators, it pushes the boundaries of in-game interaction and economic design, leveraging NFTs and a dedicated token to drive its in-game economy.

Pros:

• Innovative Use of Layer 2: FrenPet's deployment on Base Layer 2 addresses the lack of native applications and has the potential to contribute significantly to ecosystem growth.

• Mobile Gaming Breakthrough: The successful integration of a mobile game on the blockchain, providing a smooth and user-friendly experience, is a noteworthy achievement.

• Proven Game Model: The game leverages the success of nostalgic digital pet games like Tamagotchi, suggesting potential for success in the blockchain space.

Cons:

• Pay-to-Win Dynamics: The game currently requires substantial investment in FrenPet tokens to progress, which could limit accessibility and fairness.

• Wallet Management Concerns: The game's management of private keys is not entirely transparent, raising potential security concerns for users' assets.

• Barriers to Entry: The current tokenomics could result in a high entry cost for new players if token prices rise, potentially making the game less accessible to a broader audience.

In summary, while FrenPet excels in innovation and user engagement, balancing its economic model and enhancing security clarity will be crucial steps towards ensuring its sustainable success and broadening its appeal within the gaming community.

Still Curious?

In our quest to provide you with the most comprehensive insights into the FrenPet, we've taken an extra step to keep you informed in real-time. We're excited to introduce our On-chain dashboard tool, powered by FlipsideCrypto. This tool allows you to monitor key metrics related to the FrenPet, ensuring you stay up-to-date with the latest developments and trends.

FrenPet | Flipside

We'd like to extend our heartfelt thanks to Flipside for their invaluable services, which have enabled us to create this research and our interactive dashboard.

Stay tuned for updates on our website and Twitter where we'll be rolling out exciting features.

Your support means the world to us, and we're committed to providing you with the insights you need to navigate the ever-evolving landscape of the metaverse.

⚠️ Disclaimer ⚠️ : Nova Research is an independent research entity and is not affiliated with FrenPet or any related organizations. This report is not a paid promotion or endorsement and is conducted solely for research and informational purposes. Nova Research maintains strict adherence to its core principles of impartiality and independence in providing insights and analysis. Readers are encouraged to conduct their own research and due diligence before making any investment decisions or engaging with the mentioned entities.