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WAGMIGOTCHI is an on-chain pet that requires a lot of energy to survive.
When speculators on Crypto Twitter spammed a virtual on-chain puppy with care, they discovered that its smart contract was rife with vulnerabilities.
WAGMIGOTCHI’s disastrous debut demonstrates how its founder, Dom Hofmann, the developer of runaway NFT hits Loot and Blitmap, is so popular that people would ape into his experiments to avoid missing out on the next big thing—even if it doesn’t quite work yet.
WAGMIGOTCHI is a single on-chain virtual pet whose life is sustained by anyone who donates gas to its smart contract. When you use the functions clean(), feed(), play(), or sleep(), you can spend gas to improve the pet’s stats and keep it alive. When Hofmann announced the project on Twitter Friday night, he stated, “If needs are not met, it may die.”
Following the death of the pet, Hofmann promptly released WAGMIGOTCHI V2, which is still alive. People have spent $52,318 in petrol expenses to care for the pet in slightly over 3,000 transactions. When the idea was first announced, Hofmann stated that caregivers receive “nothing in return” other than LOVE tokens.
Hofmann released WAGMIGOTCHI without any images attached to it—like his popular NFT Loot, imagination is what drives value—although NFT engineer Sam Mason de Caires quickly spun up an interface for the project that depicts the pet as a pixelated ghost.
Traders have spent $8,149 putting the WAGMIMOTCHI to sleep 528 times, $24,797 playing 921 games with it, and $35,913 cleaning the formless pet 719 times. A trader’s average transaction cost $17, and one person spent up to $380 on a single transaction.
When Hofmann first announced the initiative, he told his pals, “Friends, you really don’t get anything out of this.” This is an experiment. Don’t do it unless you want to take care of the pet for free. If you don’t understand it, don’t do it. Do not attempt it. Do not attempt it. Are you considering doing it? Do not attempt it. not been audited.”
Traders who missed out on Loot, the adventure game NFT experiment that sold out in a matter of hours and made early investors extremely wealthy, might be forgiven for having itchy trigger fingers.