Furry and Cute MicroPets Earn High Yield for NFT Investors

Imagine a three-dimensional version of a furry Tamagotchi that can earn you yield simply by holding it and taking care of it—or in this world, staking it. "Home to the cutest NFTs on the Binance Smart Chain," MicroPets is an NFT collection that seems to be paying homage to other meme tokens like Doge and Shiba Inu. MicroPets boasts some desirable rewards, but how can investors get a digital version of "man's best friend?"

MicroPets incentivizes its collectors through its yield, whereby the rarer the MicroPet, the better the APY (annual percentage yield). Since the APY gets determined by the price of the crate (where the MicroPet lives), collectors can calculate their prospective APY using this formula given by the team: Crate price x (APY percent/100).

Here's how to purchase a crate to foster, care, and be rewarded for staking a MicroPet.

Displaying animated variations of the Shiba Inu that have its nature and characteristics, MicroPets can be best described as a collection of mass media's "favorite memes" packaged into "adorable pets" that get traded or staked. To buy MicroPets, users should be aware that they have to purchase a crate containing the mysterious MicroPet inside using the MicroPets native token, PETS.

PETS, which can be purchased on decentralized exchange PancakeSwap, is currently trading at $0.000004626. PETS has a 10 trillion market cap to accommodate the various collections MicroPets intends to release, including holiday-themed collections. The price of the crate is strongly correlated to the prospective APY. MicroPets' current APY ranges from 276 percent to over 800 percent.

Collectors have the option to purchase a regular or baby crate, each costing 250,000,000 PETS, which is estimated at $1,155. When purchasing a crate, users will get to choose one of eight randomly selected NFTs. If the collector isn't satisfied, they can choose to sell or trade it on the MicroPets marketplace.

For collectors who want to "level up" their MicroPets NFT, they can do so by selecting this option when the crate is purchased. A lower-tier MicroPet NFT will be burned, which increases the rarity of the MicroPet being leveled up.

Since the PETS token is needed to purchase a crate for MicroPets, the price of the token is at the mercy of the demand for MicroPets. The demand is driven by the fact that the NFT yields rewards for collectors, which suggests that owning a few could be a lucrative venture.

According to CoinMarketCap, at the time of writing, PETS is up over 1 percent in the last 24-hours with a total circulating supply of 5,007.12 billion. The price volatility of PETS is evident given that the token is over 75 percent down from its all-time high of $0.00002074 that occurred on Nov. 7.

Coming back up from some downward pressure, it seems that MicroPets is suitable for an investor or collector willing to play the long game to maximize its desirable APY rewards.

Amassing over 55,000 unique holders of PETS, the project is steadily gaining more attention, which could be beneficial for the token's price.