Aavegotchi (GHST) Gains 50% as ‘Gotchiverse’ Auctions Pave Way to Metaverse – News Couple

Aavegotchi (GHST) Gains 50% as ‘Gotchiverse’ Auctions Pave Way to Metaverse

The world of decentralized gaming experienced significant growth in 2021 as the advent of play-to-earn (P2E) games merged with NFTs to open the first path into the Metaverse.

Aavegotchi is currently making headway in the blockchain-based gaming sector with a fairly new approach that includes features from P2E gaming, NFT, and decentralized finance (DeFi).

Data from TradingView shows that since hitting a low of $1.56 on Oct 1, the price of GHST, the original Aavegotchi token, has surged 53% to a daily high of $2.40 on Oct 29 with 24-hour trading volume up 45% to $135.8 million.

GHST/USDT 4-hour chart. Source: TradingView

Three reasons for building momentum in the GHST price are the ongoing Gotchiverse land auctions that require GHST to bid, the many high-profile partnerships with gaming syndicates and hedge funds, and the overall strength of the blockchain-based gaming sector.

Gotchiverse Land Auctions

The biggest development helping to increase the price of GHST is the ongoing “Gotchiverse” land auctions that the protocol is holding. GHST and Gotchi holders are actively seeking to purchase a “scientist” in the newly released digital world designed for the project’s collectible NFTs.

As indicated in the tweet above, there have already been over 80,000 unique bids submitted by 2,100 participants, resulting in a combined value of over 28 million GHST ($60 million).

Land bids can only be made using GHST, which has put buying pressure on the price of the token and is likely to be the reason for the massive surge in volume and price seen on October 18.

The Gotchiverse Land Auction is scheduled to run through October 31 and includes a total of 16,000 scientists.

Gaming Guilds are investing in Aavegotchi

This week, two major gaming unions announced partnerships aimed at expanding 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 invested $800,000 in Aavegotchi.

Related: The rise of Axie Infinity, Decentraland and the ‘metaverse’ after Facebook rebranded to Meta

Metaverse calls

The concept of the Metaverse has also been a frequent topic of discussion throughout the current bull market and many analysts believe that play-for-profit and blockchain-based games will be the best performers in 2022.

As shown in the chart above, gaming tokens experienced a massive price hike in 2021 led by Axie Infinity (AXS) gaining over 25,000%.

Top 10 gaming tokens by year-to-date earnings. Source: messari

Aavegotchi actually follows a similar path set by AXS, which started with the release of its own NFT characters and then slowly built up its own gameplay over time. The project eventually conducted virtual land sales, and today Axies and in-game plots sell for hundreds of thousands of dollars.

This approach has worked well with Axie Infinity, and if all goes well, Aavegotchi may follow the same path to mass adoption.

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