Aavegotchis sell out in less than a minute as the NFT’s euphoria continues

Aavegotchi’s non-fungible tokens hit the open market after a series of delays related to the Ethereum blockchain being overloaded. If they didn’t stay a full minute, the team contacted Cointelegraph.

The Aavegotchi project seeks to create digital collectibles with real value in order to secure them through an integration with Aave and its aTokens. These are interest-bearing representations of the funds made available for the decentralized financial protocol.. The Aavegotchis are designed to contain some play and collectible elements inspired by the Tamagotchi handhelds popular in the late 1990s and early 2000s. However, they are also an experiment in combining digital collectibles with real value. Tokens blocked within the NFT cannot be mined without destroying Aavegotchi himself, as they represent his “spiritual power”.

The aToken guarantee represents a lower limit or an intrinsic value of the collector’s item. In addition, every Aavegotchi has different character traits, wearables and general rarity, which should increase the value on the collector’s market.

Aavegotchis sell out in less than a minute as the NFT’s euphoria continues
Aavegotchis sell out in less than a minute as the NFT’s euphoria continues

The sale or “refuge” of the first 10,000 portals occurred on Tuesday. Portals can be used to “summon” Aavegotchis, creating 10 different creatures, only one of which will come to life depending on the fork you choose. The portals were sold at a minimum price of 100 GHST, the project token that can be used to manage or purchase accessories for the Aavegotchis. The token traded for around $ 1.70 during the sale, meaning the project raised between $ 1.7 million and $ 2 million, depending on how many people bought more than one portal and an “additional” Paid tax.

The community was a little disappointed with the sale as many potential buyers failed to complete it. The likely reason is that they set too low a gas rate and faster, better-funded competitors snatched most of the NFTs away.

Coder Dan, anonymous CEO of Aavegotchi, told Cointelegraph that this was an expected result:

We knew that entering 10,000 portals would not be enough to meet demand. However, we wanted to stay true to our number of 10,000, which was originally described in the whitepaper. Fortunately, the differences between the Haunts are small and we have always planned to increase the supply of Aavegotchis with AavegotchiDAO votes. “

“There is currently no evidence that whales perform better than regular users,” added Jesse Johnson, co-founder of Aavegotchi. “It was just an elevator some went in and some didn’t, including the founders!”

It is possible for the community to vote on more places where more Aavegotchis will emerge. In the meantime, existing portals can be bought in the NFT markets and redeemed for the digital collector’s item.

Similar Posts