How to buy Degen Zoo (DZOO)
If you’re interested in purchasing Degen Zoo (DZOO), this helpful step-by-step guide will show you how. We’ll walk you through the process so you can learn how to buy Degen Zoo (DZOO) with ease. Whether you’re new to cryptocurrency or just looking to expand your portfolio, this guide can provide you with the information you need to get started. So why not give it a try and learn Degen Zoo (DZOO) today?
Step 1: Create an account on an exchange that supports Degen Zoo (DZOO)
First, you will need to open an account on a cryptocurrency exchange that supports Degen Zoo (DZOO).
We recommend the following based on functionality, reputation, security, support and fees:
1
Bybit
Fees (Maker/Taker) 0.1%*-0.1%*
Cryptocurrencies
Available for Trade 400+
Sign-up bonus
$30,000 sign-up bonus*
Available in
Europe, Asia, Oceania, Africa
2
MEXC
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1500+
Sign-up bonus
10% reduced trading fees & up to $170 in USDT vouchers*
Available in
North America, South America, Europe, Asia, Oceania, Africa
3
Gate.io
Fees (Maker/Taker) 0.2%*-0.2%*
Cryptocurrencies
Available for Trade 1000+
Sign-up bonus
Up to $100 in USDT vouchers*
Available in
Europe, Asia, Oceania, Africa
When you’re signing up for a cryptocurrency exchange, you’ll typically need to provide some basic information. This might include your email address, password, and full name. Depending on the exchange, you may also be asked for additional details like your phone number or address.
It’s worth noting that some exchanges have more stringent requirements, such as a “Know Your Customer” (KYC) procedure. This is typically the case with licensed and regulated exchanges. KYC procedures help ensure that exchanges comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. If you’re required to complete a KYC procedure, you’ll typically be asked to provide additional information, such as a government-issued ID or proof of address.
Step 2: Deposit funds into your account
When buying Degen Zoo (DZOO) on a cryptocurrency exchange, many of them allow you to use fiat currencies like EUR, USD, and AUD to make your purchase directly. To do this, you’ll need to fund your account with one of several deposit methods, including credit and debit cards, e-wallets, and direct bank transfers. If this is not an option on the cryptocurrency exchange that you have chosen, then simply move onto the next step in this guide.
It’s important to note that different payment methods may have varying fees associated with them. For example, credit card payments may have higher fees than other options. To avoid paying unnecessary costs, it’s a good idea to research the fees for each payment method before funding your account.
Step 3: Buy Degen Zoo (DZOO)
Buying Degen Zoo (DZOO) on a cryptocurrency exchange is a simple process. Look for the search bar or navigation menu and search for Degen Zoo (DZOO) or Degen Zoo (DZOO) trading pairs. Next, find the section that allows you to buy Degen Zoo (DZOO). Enter the amount of cryptocurrency you want to spend or the amount of fiat currency you want to use to buy Degen Zoo (DZOO). The exchange will calculate the equivalent amount of Degen Zoo (DZOO) based on the current market rate.
Before confirming your purchase, always double-check the transaction details, such as the amount of Degen Zoo (DZOO) you’ll receive and the total cost of the purchase. Additionally, some exchanges offer a proprietary software wallet to store your Degen Zoo (DZOO), but you can also create your own software wallet or purchase a hardware wallet for the highest level of protection.
If you’re looking for more detailed instructions on buying cryptocurrency, our “Absolute Beginner’s Guide to Cryptocurrency Investing” can take you through the process step-by-step. This guide also covers how to send and receive cryptocurrency.
If you’re brand new to the world of cryptocurrency, don’t worry! We offer beginner, intermediate, and advanced level articles to help you get up to speed with everything you need to know. These articles cover a wide range of topics, so whether you’re just starting out or looking to expand your knowledge, we’ve got you covered. With our resources, you can confidently navigate the cryptocurrency space and make informed investment decisions.
What is Degen Zoo (DZOO)?
Degen Zoo is an innovative charity-based crypto game that centers around non-fungible tokens (NFTs) and their use for raising awareness about animal extinction. The game simulates real-world financial incentives that lead to the loss of millions of animal lives, challenging players to weigh their greed against their attachment to their NFT animals. All profits from NFT trades are donated to endangered animal charities, underlining the game’s commitment to a meaningful cause. As a direct response to Logan Paul’s Crypto Zoo, Degen Zoo was developed within 30 days to showcase the potential for a more authentic, charity-driven crypto game.
To participate in Degen Zoo, players first need to stake their $DZOO tokens to earn eggs. The distribution of eggs decreases over time, mimicking the Bitcoin halving mechanism. These eggs can be hatched by burning 10,000 $DZOO tokens, which will mint a random animal holding a different amount of $DZOO tokens, ranging from 7,000 to 67,000. Each animal is unique in terms of rarity, weight, lifetime, and multiplier, with rarer animals generally being more valuable to collectors.
As players progress through the game, they can evolve their animals by feeding them other animals. This process results in a higher-level animal, which typically holds more $DZOO tokens than the combined value of the original two NFTs. The visual features of the NFT also change as the animal evolves. Each animal can evolve twice, and feeding an animal the same type of animal will create a shiny NFT. The lifetime of an animal can be sped up by 25% increments at the cost of 25% of staked tokens in $DZOO, which are burned in the process.
Finally, players can choose to kill their animal, effectively burning the NFT and releasing the locked tokens. However, doing so before the animal reaches maturity will result in a penalty. This gameplay element reflects the real-world consequences of human greed and its impact on animal populations. By engaging with this mechanic, players are encouraged to reflect on the balance between their desire for profit and their attachment to the NFT animals they’ve nurtured.
Mastering Degen Zoo Tokenomics: The Delicate Balance of Deflation and Inflation
Degen Zoo employs a carefully designed tokenomic system that aims to maintain equilibrium between deflationary and inflationary forces, ensuring a fundamentally stable cryptocurrency. Striking the right balance is crucial; an overly inflationary currency may lose value, while excessive deflation can hinder its widespread adoption. The deflating and inflating components of Degen Zoo’s tokenomic system work in tandem to create a sustainable and engaging gameplay experience.
Deflationary factors within the Degen Zoo ecosystem include hatching an egg and locking tokens, killing an animal prematurely and incurring a penalty fee, and speeding up the game. In contrast, the inflating components involve killing the animal and burning the NFT to release staked tokens, and evolving the animal, which typically results in more tokens held within the animal. According to the game’s simulations, if 75% of players choose to keep their animals alive, the average inflation from hatching and killing will be 2.5% after a year.
The interplay between NFTs and tokens in Degen Zoo creates an interesting game theory dynamic. When a player hatches an animal, the token circulation decreases as tokens are locked, while the NFT circulation increases as a new NFT is minted. Conversely, when an animal evolves, the token supply increases as the new animal holds more tokens, and the NFT circulation decreases as one NFT is burned. Finally, killing an animal increases the token circulation by releasing staked tokens and decreases the NFT circulation as the NFT is burned.
The contract flowchart provides a clear overview of the various actions players can take within the Degen Zoo ecosystem. Players start by staking DZOO tokens to earn eggs, waiting until they have a full egg to claim. Once claimed, they can choose to hold, hatch the egg, or sell it on the open market. To hatch an egg, a player must stake 25,000 tokens, which are then burned, and a random NFT is minted. Players can hold onto their NFTs as the penalty decreases each day, or they can kill the NFT, which involves burning the NFT, calculating the DZOO amount and penalty, and minting DZOO tokens. Penalties result in DZOO tokens being burned permanently. Alternatively, players can evolve their NFTs, in which one NFT is burned and the other is upgraded, or buy and sell on the open market.
Degen Zoo development updates in 2023
In 2023, Degen Zoo (DZOO) underwent several significant developments:
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Launch on Major Exchanges: DZOO was listed on cryptocurrency exchanges such as Hotbit and BitForex in March 2023. This listing was a major step in increasing the accessibility of DZOO to a broader range of investors and traders.
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Market Performance: Throughout the year, Degen Zoo experienced fluctuations in market capitalization and price. CoinMarketCap data indicated a market cap of around $2.91 million, illustrating the token’s growing presence in the crypto market despite its relative novelty.
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Game Launch and Charity Focus: Degen Zoo is not only a cryptocurrency but also a charity NFT project designed to raise awareness of animal extinction. Profits from the project are planned to be distributed to charities through DAO (Decentralized Autonomous Organization) votes. A key feature of the game is the incentivization for players to burn their animal NFTs, posing an existential question about human impact on wildlife.
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Deflationary Token and NFT Collection: The project utilizes a deflationary token alongside an NFT collection that features 120 endangered species. This setup is intended to simulate the effects of capitalism on animal extinction, providing an immersive and educational experience for players.
Degen Zoo’s approach, merging cryptocurrency with environmental activism and education, represents a unique entry in the digital asset space, aiming to engage users on critical global issues while offering an interactive gaming experience.
Official website: https://www.degenzoo.co/
Best cryptocurrency wallet for Degen Zoo (DZOO)
Navigating the world of cryptocurrency wallets can be quite an adventure, as there are numerous options available to suit different needs. To find the perfect wallet for you, consider your trading habits and the level of security you require. Generally, there are two main categories of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical).
Each type of wallet comes with its own set of advantages and drawbacks, so there isn’t necessarily a one-size-fits-all solution. As you embark on your journey to find the best crypto wallet for your Degen Zoo (DZOO) tokens, remember to keep an open mind and explore the features that align with your personal preferences and requirements.
When choosing the right wallet for your Degen Zoo (DZOO) tokens, consider the following factors:
- Trading frequency: Hot wallets are generally more suitable for active traders due to their quick login capabilities, allowing for seamless buying and selling of crypto. Cold wallets, on the other hand, are better suited for those who make less frequent trades.
- Supported cryptocurrencies: Although not all wallets cater to every cryptocurrency, some of the best ones can trade a vast array of currencies, offering a versatile experience. Make sure the wallet you choose supports Degen Zoo (DZOO).
- Security concerns: If you’re worried about potential hacking incidents, a physical cold wallet stored in a safe deposit box or a secure location at home provides the highest level of protection. However, if you’re confident in safeguarding your hot wallet, you might prefer its convenience.
- Associated costs: Investigate the costs of each wallet option. While many hot wallets are free to set up, cold wallets, being hardware devices, will require an upfront investment.
- Wallet features: While the basic functions of cryptocurrency wallets remain the same, additional features can distinguish one wallet from another. Hot wallets often come with advanced reporting tools, crypto market insights, and currency conversion capabilities. Security features can also be an essential factor when making your decision.
By considering all of these aspects, you’ll be better equipped to select the perfect cryptocurrency wallet for your Degen Zoo (DZOO) tokens.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
If you’re planning to handle larger amounts of crypto, investing in cold storage can be a wise decision. Two of the most popular cold storage options are the Ledger Nano and the Trezor.
Ledger creates cold storage wallets designed for users who prioritize security. Their wallets are physical devices that connect to your computer, and you can only send cryptocurrency from them when they’re connected. Ledger offers a range of products, including the Ledger Nano S and the Ledger Nano X, which features Bluetooth connectivity.
Trezor, a trailblazer in the hardware wallet industry, combines top-notch security with an intuitive interface and compatibility with various desktop wallets. This blend makes it suitable for both beginners and experienced users. Trezor has earned a great deal of respect within the Bitcoin community over time. They offer two primary models – the Trezor One and the Trezor Model T, which comes with a built-in touchscreen.
Degen Zoo (DZOO) Price & Charts
- Market Capitalization And Daily Trading Volume
- Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)
- Circulating And Total Supply
- Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).
