Everipedia Announces Aave’s Investment in Aavegotchi NFT Game
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Everipedia Announces Aave’s Investment in Aavegotchi NFT Game

November 28, 2020      Jafrin Ahmed

Everipedia has officially announced Aave’s investment in the Aavegotchi NFT game. The game itself is based on Aave protocol and inspired by the popular game Tamagotchi. Aave had previously partnered on another NFT game called Axie Infinity, inspired by the Pokémon videogame. In Axie Infinity, users need to collect fantasy creatures called Axies, similar to collecting gaming characters in Pokémon. The winning players end up landing Aave tokens. They can also receive a special NFT or a unique character that can be requested and used in the Axie Infinity game.

Aave’s Investment In Aavegotchi NFT Game

Developed by the Pixelcraft Studio, the Aavegotchi NFT game will be governed with the AavegotechDAO through its own GHST token.

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Tamagotchi was a popular game back in the 90s. The new NFT-inspired game hopes to bring back the same nostalgia in the form of an NFT game.

The game’s GHT token is a completely brand new token launched just two months back with a valuation of just $8. Upon release, the token showed volatility with its price rallying to nearly $1 followed by a 50% downfall within the end of the month of its launch. The token valuation grew back to $0.8 while plunging again to $0.5.

NFT Gaming on the Rise

Since the launch of the AAVE token, the token had usually maintained its valuation somewhere at $50. During the beginning of November, the price of the token had lost its valuation to almost half. However, on November 20, the token price reached almost $80.

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Currently, Aave is the fourth largest DeFi protocol with a total valuation locked for almost $ 1.3 billion.

Non-Fungible Tokens are virtual tokens each representing unique characteristics that cannot be duplicated. NFT in the gaming world proves to be an innovative concept as players can reap the benefits out of gaming while trading it out in a blockchain marketplace. It makes the game more valuable as gamers can own their assets.

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Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Being a HODLer she takes a keen interest in following the volatile Bitcoin charts. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.