Aavegotchi (GHST) wins 50% as 'Gotchiverse' auction paves way for metaverse

The decentralized gaming world saw significant growth in 2021 as the rise of gaming to win (P2E) merged with NFTs to pave the first path ...


The decentralized gaming world saw significant growth in 2021 as the rise of gaming to win (P2E) merged with NFTs to pave the first path to the metaverse.

Aavegotchi is currently making inroads into the blockchain-based gaming industry with a somewhat new approach that incorporates features from P2E games, NFTs, and Decentralized Finance (DeFi).

Data TradingView shows that since hitting a low of $ 1.56 on October 1, the price of GHST, Aavegotchi’s native token, has risen 53% to a daily high of $ 2.40 on October 29, as its 24-hour trading volume soared 45% to $ 135.8 million.

GHST / USDT 4 hour chart. Source: TradingView

The three reasons for the GHST price surge are the ongoing Gotchiverse land auctions that require GHST to bid, several leading partnerships with gaming guilds and hedge funds, and the overall strength of the gaming industry based on the blockchain.

Gotchiverse land auctions

The biggest development helping to increase the price of GHST is the ongoing “Gotchiverse” land auction organized by the protocol. The holders of GHST and Gotchi are actively bidding to purchase a “domain” in the newly released digital world designed for the project’s collection NFTs.

As seen in the tweet above, there have already been over 80,000 unique offers made by 2,100 participants, representing a combined value of over 28 million GHST ($ 60 million).

Land offerings can only be made using the GHST, which put buying pressure on the token price and is likely the reason for the large volume and price increase seen on October 18.

The Gotchiverse Lands auction will run until October 31 and include a total of 16,000 realms.

Player guilds invest in Aavegotchi

This week, two major gaming guilds announced partnerships to expand the Aavegotchi platform.

New partnerships include a collaboration with Blackpool, a quantitative hedge fund for NFTs, as well as a collaboration with Yield Guild Games (YGG) which has invested $ 800,000 in Aavegotchi.

Related: Axie Infinity, Decentraland and ‘metaverse’ cryptos unite after rebranding from Facebook to Meta

The Metavers calls

The concept of the Metaverse has also been a frequent topic of discussion throughout the current bull market and many analysts believe that gambling to win and blockchain-based gambling will perform best in 2022.

As the chart above shows, gaming industry tokens saw significant price appreciation in 2021, led by Axie Infinity (AXS) which gained over 25,000%.

Top 10 game tokens by winnings since the start of the year. Source: Messari

Aavegotchi is actually following a similar path traced by AXS, who first released their NFT characters and then slowly built up their gameplay over time. The project eventually led to virtual land sales and today Axies and the playgrounds sell 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.

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