The decentralized gaming world experienced significant growth in 2021, when the use of play-to-earn (P2E) games merged with NFTs to open the first road to Metaverse.
Aavegotchi is currently making progress in the blockchain-based gaming sector with a fairly new approach that includes P2E gaming features, non-perishable tokens (NFT) and decentralized finance (DeFi).
TradingView data shows that since reaching a low of $ 1.56 on October 1, the price of the original Aavegotchi token has risen 53% to a daily high of $ 2.40 on October 29, with 24-hour trading volume up 45 %. up to $ 135.8 million. .
GHST / USDT, 4-hour chart. Source: Trading View
Three reasons why GHST’s price goes up are the ongoing “Gotchiverse” land auctions that require GHST to bid, many high-profile partnerships with gaming syndicates and hedge funds, and the general strength of the blockchain-based gaming sector.
Gotchiverse land auctions
The biggest event driving up the GHST award is the ongoing Gotchiverse land auctions that the protocol is running. The owners of GHST and Gotchi are actively seeking to acquire a “world” in the recently released digital world dedicated to the collectible NFT project.
As mentioned in the tweet above, over 80,000 unique proposals have already been submitted from 2100 participants, bringing the total value to over 28 million GHST ($ 60 million).
Landbud can only be given by using GHST, which puts pressure on the price of the token and probably caused the volume and price increase on 18 October.
The Gotchiverse land auction will run until 31 October and will include 16,000 researchers.
Spillelaug invests in Aavegotchi
This week, two major gaming alliances announced a partnership to expand the Aavegotchi platform.
New partnerships include partnerships with Blackpool, a quantitative hedge fund for NFTs, as well as partnerships with the Yield Guild Games (YGG), which invested $ 800,000 in Aavegotchi.
Related topics: Axie Infinity, Decentraland and ‘Metaverse’ cryptocurrency increase after Facebook’s rebrand to Meta
The Metaverse concept has also been a frequent topic of discussion in the current bull market, and many analysts believe that in 2022, profitable games and blockchain games will be the most effective.
As shown in the chart above, the gaming token saw a significant price increase in 2021, led by Axie Infinity (AXS), which rose by over 25,000%.
Top 10 game tokens by income since the beginning of the year. Source: Messari
In fact, Aavegotchi follows the same path as AXS, which started by releasing its own NFT characters and then gradually built up the gameplay. The project eventually held virtual land sales, and today Axies and playgrounds are sold for hundreds of thousands of dollars.
This approach has worked well with Axie Infinity, and if all goes well, Aavegotchi can follow the same path to mainstream adoption.