“Encryption Rabbit” is officially offline: it means Xiaomi quits

Recently, the Xiaomi blockchain game “Crypto Rabbit”, which has been in operation for nearly four years, announced that it will be officially offline. In 2021, the concept of NFT and Metaverse once exploded, and many game concept companies became popular in China. However, the blockchain games that are highly sought after abroad seem to have long been forgotten in China.

Four years in operation, about to go offline

Recently, Xiaomi blockchain pet game “Crypto Rabbit” officially announced that the Crypto Rabbit product will be offline on March 1.

"Encryption Rabbit" is officially offline: it means Xiaomi quits

Crypto Rabbit officially stated that there is still a lot of room for improvement in the functions and gameplay of Crypto Rabbit, so major adjustments have to be made: Crypto Rabbit (including all functions) will be officially launched at 00:00:00 on March 1, 2022 String.

"Encryption Rabbit" is officially offline: it means Xiaomi quits

Xiaomi’s “Crypto Rabbit” was developed by the Mi Chain team and launched in March 2018. According to the official introduction, all encrypted rabbits are recorded in a decentralized way, and TAs are unique. Once owned, it cannot be copied, modified or destroyed by anyone.

The user’s encrypted rabbit image is randomly combined from a variety of genes. The number and type of rare genes contained in the encrypted rabbit will determine the level of the TA, including “legendary”, “epic”, “rare”, “rare”, “common”. Among them, the “legend” is the most precious.

In the Crypto Rabbit game, carrots are points. Users can get carrots or crypto rabbits by completing tasks, or exchange carrots for crypto rabbits.

In addition, Crypto Rabbit will not only chat with the owner, but also go out from time to time, meet netizens, fall in love, give birth to Rabbit, participate in press conferences… You can use carrots to participate in Rabbit auction, and Rabbit will grow into Crypto after being successfully auctioned rabbit. The “algebra” of the encrypted rabbit is the one with the highest “algebra” of both parents plus 1. As the “algebra” grows, the rarity of the Crypto Rabbit will gradually decrease.Low-algebra encryption rabbits such as “0 generation” and “1 generation” are more precious.

"Encryption Rabbit" is officially offline: it means Xiaomi quits

Regarding the risks that may be encountered, it is stated in the encrypted rabbit user agreement that if the normal operation of the network is affected by hacker attacks, computer virus intrusions or outbreaks, technical adjustments or failures of the telecommunications sector, website upgrades, banking problems, government regulations, etc. Xiaomi shall not be liable for damages if the service is interrupted or delayed and the user cannot use the services or cannot be entrusted normally.

Blockchain games are cold in China

The birth of Xiaomi’s “Crypto Rabbit” is inseparable from the popular blockchain pet-raising game CryptoKitties at that time. As a virtual blockchain cat-raising game, CryptoKitties is based on the Ethereum smart contract. Players can buy, sell and breed different in the game. Breeds of electronic pet cats. Different from ordinary pet raising games, players’ blockchain pets are recorded on the open and transparent blockchain, which is not only unique, but also belongs to personal assets once owned by the player, unless the individual is not well-kept or the blockchain belongs to There is a problem with the exchange, otherwise it cannot be copied, modified or destroyed by anyone.

It is understood that the “Crypto Rabbit” was sold out on the first day of its launch, and it has been sought after by players since then. Many players even hoped that it could soar like Bitcoin, and the price of a “Crypto Rabbit” was once Fried to hundreds of dollars.

At that time, in addition to Xiaomi’s “Crypto Rabbit”, Baidu also launched the blockchain pet “Leitz Dog”, 360 launched the blockchain pet “Block Cat”, and NetEase launched the blockchain pet “Lucky Cat”… …After Xiaomi developed “Crypto Rabbit” based on blockchain technology, it also launched its own virtual currency “Rice” for this game.

But soon, with the tightening of domestic supervision and the risks and defects of blockchain games, major Internet giants also began to give up “chasing dreams” one after another.

It is worth noting that although Xiaomi has earned enough attention with the blockchain pet game “Crypto Rabbit”, and has recruited blockchain technology experts on major recruitment websites, however, in the following more than 600 pages of prospectus , but did not mention “blockchain”, so there are also speculations in the industry that its high-profile entry into the blockchain was to expand its influence, attract investors’ attention, and increase its pre-IPO valuation.

Although it is an Internet company, Xiaomi adheres to the core strategy of “mobile phone XAIoT” and does not invest much in Internet services. From the perspective of revenue ratio, the revenue of smartphones has always occupied the main position. In terms of Internet services is the less important part.

It is reported that before going public in 2017, Xiaomi’s annual revenue was 114.6 billion yuan, of which smartphone revenue was about 80.56 billion yuan, accounting for 70.3%, and IoT and consumer product revenue was 23.44 billion yuan, accounting for 20.5%. Internet services Revenue was about 9.89 billion yuan, accounting for 8.6%.

"Encryption Rabbit" is officially offline: it means Xiaomi quits

As of the financial report data released in the third quarter of last year, in the second and third quarters of 2021, smartphone revenue still accounted for more than 60%, while Internet service revenue still hovered around 9%.

In terms of Internet revenue, Xiaomi said that this part of the revenue increased by 4.3% from 7 billion yuan in the second quarter of 2021 to 7.3 billion yuan in the third quarter of 2021, mainly due to the increase in advertising and game business revenue. Among them, in the third quarter of 2021, the quarterly revenue of Xiaomi’s advertising business reached a new high of 4.8 billion yuan, an increase of 5.9% from the previous quarter. Xiaomi’s game revenue reached 1 billion yuan, an increase of 8.3% month-on-month, thanks to the excellent performance of boutique new games, and the growth of high-end and gaming mobile phone users led to higher average game revenue per user.

With the explosion of new energy concepts and Xiaomi’s high-profile announcement of car building, the most attention-seeking aspect of Xiaomi in the future may be the car building process.

According to the third quarter financial report, Xiaomi’s smart electric vehicle business is progressing smoothly, with more than 500 team members. Xiaomi’s smart electric vehicles are expected to be mass-produced in the first half of 2024.

Soaring abroad, attracting $4 billion in investment in 2021

Although domestic blockchain games have gradually declined, foreign blockchain games have ushered in vigorous development last year, and related NFT concepts have also risen.

It is understood that blockchain-based games are still considered a niche market in 2020. Although Axie Infinity is the most played blockchain game with 15,000 daily active users, there are still many problems with blockchain games such as whether they can support a complete game, transaction speed and cost. With some technical problems being solved, players earning high income in games have become the headlines of mainstream media, and blockchain games have also exploded.

Games like Splinterlands and Alien Worlds attract more than 200,000 UAWs per day on average, according to DappRadar, while gaming NFTs account for 20% of the $23 billion in NFT transactions in 2021.

Among them, Axie Infinity ranks the top of the most profitable list with more than 2.5 million daily users; and has become the NFT collectible with the largest transaction volume, with a historical transaction volume of more than 3.8 billion US dollars.

"Encryption Rabbit" is officially offline: it means Xiaomi quits

Source: DappRadar

The fire of blockchain games has also attracted the attention of investors. Relevant data shows that in 2021, international venture capital institutions invested 4 billion US dollars in blockchain, while the investment in 2020 was only 80 million US dollars. Among them, the funds invested in blockchain games and their underlying infrastructure in 2021 , soared 5000% over the previous year.

However, although the profit-making effect of foreign blockchain games will reach a new high in 2021, the risks in terms of supervision and security are still issues that deserve attention. We can wait and see what kind of stories are derived from cryptocurrencies and so on.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/encryption-rabbit-is-officially-offline-it-means-xiaomi-quits/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2022-01-14 23:05
Next 2022-01-14 23:06

Related articles