Aavegotchi (GHST) up 53% amid Metaverse boom | Bitcoin magazine

The decentralized gaming world has seen significant growth in 2021 as the rise of play-to-earn (P2E) gaming merges with NFT to open the first path to Metaverse.

Aavegotchi is currently breaking into blockchain-based gaming with a somewhat new approach and combining functions from P2E, NFT and DeFi gaming.

Data from TradingView shows that the price of GHST, Aavegotchi’s native token, rose 53% from its low of $ 1.56 on Oct. 1 to a daily high of $ 2.40 on Oct. 29 when Dec. -Hour trading volume increased 45% to $ 135.8 million.

GHST / USDT. 4 hour chart | Source: TradingView

The three reasons supporting the price hike are the ongoing Gotchiverse land auctions that require bids in GHST, several well-known partnerships with gambling associations and hedge funds, and the general strength of the industry.

Gotchiverse Land Auction

The biggest development driving GHST prices up is the ongoing Gotchiverse land auctions through the protocol. GHST and Gotchi owners are actively bidding for the purchase of a “realm” in the newly released digital world developed for the project’s collectable NFTs.

https://twitter.com/aavegotchi/status/1454060939708272644?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

As can be seen from the tweet above, there were over 80,000 unique bids from 2,100 participants, adding up to a total value of over 28 million GHST ($ 60 million).

Bids to buy Gotchiverse land can only be made using GHST, which has put buying pressure on the token price and could be the reason for the increase in trading volume and price on October 18th.

The Gotchiverse land auction runs through October 31 and comprises a total of 16,000 realms.

Game associations invest in Aavegotchi

This week two major gambling associations announced a partnership to expand the Aavegotchi platform.

https://twitter.com/BlackpoolHQ/status/1453723868426739713?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener

“We can no longer be silent. BlackPool is excited to join Gotchiverse! ”.

New partnerships include a partnership with Blackpool, a quantitative hedge fund for the NFT, and a partnership with Yield Guild Games (YGG), which has invested $ 800,000 in Aavegotchi.

Exploding metaverse

The concept of Metaverse is a common topic of discussion even during the current bull market, and many analysts anticipate that P2E and blockchain-based games will peak in 2022.

As can be seen in the graph above, gaming tokens saw a significant increase in price in 2021, with Axie Infinity (AXS) leading the way with an increase of over 25,000%.

Top 10 game tokens by year-over-year growth | Source: Messari

Aavegotchi actually follows a similar path dictated by AXS by first releasing NFT characters and then slowly building gameplay over time. The project eventually sold virtual land, and now both Axies and the in-game land are selling for hundreds of thousands of dollars.

That approach has worked well for Axie Infinity, and if all goes well, Aavegotchi will likely embark on the same path to mass adoption.

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Mr. Teacher

According to Cointelegraph