Gaming tokens are the future of the metaverse, an online universe based on digital ownership. As the underlying game rises in popularity, demand for the token ultimately rises as well. This can mean serious financial gains for savvy investors.
My Defi Pet is an exciting new game built around virtual pets with its own unique token (DPET). In this easy-to-understand, step-by-step guide we will show you exactly what DPET is and how you can purchase and use it in no time.
What is DPET?
My Defi Pet (DPET) is a lifestyle-based pet game built on the Binance Smart Chain (BSC) blockchain. The DPET token is the game’s native in-game currency, allowing users to trade for their favorite virtual pets, improve their pets’ special abilities within the game, and even vote on governance proposals that influence the future direction of the game. In addition to this, players can earn DPET by completing certain missions within the game.
Gaming tokens from Axie Infinity (AXS) to Decentraland (MANA) have seen massive gains in price in the previous years. As these games have gained users and popularity, demand for the tokens necessary to participate has risen along with their price. DPET hopes to achieve similar results. Thus, one can choose to hold the DPET token without needing to participate in the game if they believe demand for the token will rise over time.
If this sounds interesting to you, read on to learn how you can purchase DPET and participate in the future of the metaverse.
Step 1: Register on Fiat-to-Crypto Exchange
Before you can trade cryptocurrencies like DPET you need to move your fiat money (such as dollars) into the crypto universe. This can be done with a fiat-to-crypto exchange.
CryptoWallet is an excellent option for a fiat-to-crypto exchange. It is fully regulated and all funds are secured by BitGo, a leader in the digital asset security space. The CryptoWallet app provides an intuitive and guided registration process. On top of this, it includes unique features such as the crypto debit card which allows you to spend your crypto like cash anywhere that accepts debit card payments.
You can download the easy-to-use CryptoWallet app on both Apple and Android devices. Once you have finished the easy registration process you are ready to begin purchasing crypto in the next step.
Step 2: Buy BTC with Fiat Money
After you have registered on a fiat-to-crypto exchange, you can begin to purchase cryptocurrencies. However, the most reputable fiat-to-crypto exchanges may not provide access to the exact niche cryptocurrency you want. This is why we recommend using CryptoWallet and purchasing an intermediate cryptocurrency that you will trade for DPET later on.
CryptoWallet currently offers Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT) as options. You can even use your debit or credit card to purchase these cryptocurrencies, making the transaction as easy as any other type of online purchase.
We recommend purchasing BTC to begin since it is the most widely accepted cryptocurrency. This will make your job of trading it for DPET in the next step much easier.
After purchasing BTC you are ready to move on to the next step, which is to transfer the BTC to an altcoin exchange and trade it for DPET. Read on to learn how.
Step 3: Transfer BTC to an Altcoin Exchange
An easy and convenient way to find which exchanges are currently supporting DPET is to navigate to CoinGecko.com or CoinMarketCap.com and search for ‘DPET’. On both sites, you will be presented with a list of current supporting exchanges plus trading pairs (such as BTC/DPET for example).
Once you have decided on an altcoin exchange your next action will be to sign up for this exchange. Don’t worry, since fiat money is not involved and you will only be trading crypto-to-crypto from here on out, the sign-up process should be streamlined and easy.
Now it is time to send your BTC to the altcoin exchange to make your trade. First, find your BTC address on the new exchange. Then copy and paste that address into the ‘Send To’ field on the CryptoWallet app and hit the ‘Send’ button. It may take 15-45 minutes for your BTC to arrive on the altcoin exchange.
Once the BTC has arrived, you can search for the BTC/DPET trading pair and execute your trade. You now own DPET, but you will need to find a secure place to store it, which is covered in the next step.
Step 4: Store DPET Securely
It is not uncommon for a cryptocurrency to double or triple in value in a short period of time. What may seem like a relatively trivial amount now can be worth much more in the future. That is why you should consider the security of your crypto assets now rather than later.
There are two primary options for storing cryptocurrencies like DPET securely: software wallets and hardware wallets. Software wallets tend to be convenient, easy, and free to use. Hardware wallets, on the other hand, are often more secure since they store your keys offline. However, they come with an added cost and loss of convenience.
CryptoWallet is an example of a software wallet that is both very convenient and prioritizes security for its users. For example, all funds stored on CryptoWallet are protected by BitGo, a leader in the digital asset security space. The CryptoWallet crypto debit card also provides the added benefit of allowing you to spend your crypto anywhere that accepts debit payments. Unfortunately, CryptoWallet is focused on large-cap cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT), so more niche cryptocurrencies like DPET are not currently an option.
There are other options for software wallets that will support DPET. You should do your own research to find the best wallet that supports DPET and is secure, safe, and reputable. Software wallets can be secure (such as with CryptoWallet) but this is not always the case.
A hardware wallet is generally your best option if you are planning to store large amounts of crypto for an extended period of time. Since hardware wallets store your keys offline they add an extra layer of protection. The downside of hardware wallets is that they are less convenient than software wallets and require an extra purchase (of the hardware wallet itself). If you do decide that a hardware wallet is the best option for you, Trezor and Ledger are both excellent choices that are reputable and well tested.
Other Useful Tools for Trading DPET
If you prefer, you can also trade DPET on a decentralized exchange such as PancakeSwap. Decentralized exchanges allow you to execute trades directly from your chosen wallet without needing to rely on and give up custody to an exchange.
As mentioned, price-feed tools like CoinGecko.com and CoinMarketCap.com are also very useful for trading cryptocurrencies like DPET. These tools provide you with a real-time price chart and statistics such as current market cap and trading volume. In addition to this, CoinGecko and CoinMarketCap will provide you with a list of exchanges currently trading DPET as well as the trading pairs they support (for example BTC to DPET or USDT to DPET, etc).
Can I buy DPET with cash?
Unfortunately, you cannot buy niche cryptocurrencies like DPET directly with cash. However, a cash-like way to purchase DPET is to use your debit or credit card to purchase BTC on CryptoWallet and then trade that BTC for DPET on an altcoin exchange.
Are there any quick ways to buy DPET in Europe?
The quickest way for you to buy DPET in Europe is to use the CryptoWallet app which will allow you to buy Bitcoin (BTC) directly with your debit or credit card. Once you have completed this purchase you can easily swap your BTC for DPET on an altcoin exchange.
Are there any alternative platforms to buy DPET or Bitcoin with credit cards?
While the combination of CryptoWallet and an altcoin exchange that supports DPET is likely the easiest and best option to purchase BTC with a credit card and then swap that BTC for DPET, other options may exist. You should do your own research as to which option is best for you and what the potential trade-offs are for your chosen platform.