The world of decentralized video games has seen significant growth in 2021, especially after the merger of “play-to-earn” (P2E) games with NFTs opened the first path to the metaverse.
Aavegotchi is making its way into the blockchain gaming industry with a somewhat novel approach that incorporates features from P2E gaming, NFTs, and decentralized finance (DeFi).
TradingView data shows that, Since hitting a low of $ 1.56 on October 1, the price of GHST, Aavegotchi’s native token, has risen 53% to hit a daily high of $ 2.40 on October 29, as its daily trading volume soared 45% to $ 135.8 million.
Three reasons for the increasing momentum in GHST price are the current Gotchiverse land auctions requiring GHST to participate, various high-profile partnerships with player guilds and hedge funds, and the general strength of the blockchain gaming industry.
Land auctions on the Gotchiverse
The biggest novelty that has helped boost the price of GHST is the Gotchiverse land auctions that the protocol is holding. GHST and Gotchi holders are actively bidding to acquire a “realm” in the newly released digital world designed for the project’s NFT collectibles.
Only 18 hours into the first #gotchiverse land auction and the stats are
80k unique bids
28M $ GHST in volume (60M + USD value moving!)
880k $ GHST paid in #BidtoEarn rewards
Over 2,100 unique participantsStill two days to go!
Join https://t.co/MFo5gcJRRZ pic.twitter.com/vDK59sSGFt– Aavegotchi (@aavegotchi) October 29, 2021
As seen in the previous tweet, more than 80,000 unique bids have already been made by 2,100 participants, which has meant a combined value of more than 28 million GHST (USD 60 million).
Land offers can only be made with GHST, which has put buying pressure on the token’s price and is likely the reason for the large volume and price increase that occurred on October 18.
The Gotchiverse land auction runs through October 31 and includes a total of 16,000 kingdoms.
Player Guilds Invest in Aavegotchi
This week, two major player guilds have announced partnerships that aim to expand the Aavegotchi platform.
We can’t keep this quiet any longer …
BlackPool is absolutely thrilled to join the #Gotchiverse !
Find out the details of this awesome paartnership here.https: //t.co/RP1nutpUK0 pic.twitter.com/6fXR7hRDKO
– BlackPool (@BlackpoolHQ) October 28, 2021
We can’t keep this a secret any longer …
BlackPool is very happy to join the Gotchiverse!
The new partnerships include a collaboration with Blackpool, a quantitative hedge fund for NFT, as well as a collaboration with Yield Guild Games (YGG) that invested USD 800,000 in Aavegotchi.
The metaverse proposals
The concept of the metaverse has also been a frequent topic of discussion throughout the current bull market and Many analysts believe that blockchain game tokens of the play-to-earn model will be the highest performing in 2022.
As seen in the graph above, Gaming sector tokens have seen a significant price revaluation in 2021, leadered by Axie Infinity (AXS), which has earned more than 25,000%.
Aavegotchi is in fact following a path similar to that charted by AXS, which began by releasing its NFT characters and then slowly built its game over time. The project ended up selling virtual land, and today the Axies and game parcels are selling for hundreds of thousands of dollars.
This approach has worked well for Axie Infinity and, if all goes well, Aavegotchi could follow the same path to mass adoption.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Each investment and trade movement involves a risk, you must carry out your own research when making a decision.
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