Aavegotchi (GHST) gains 50% as ‘Gotchiverse’ auctions set a path to the Metaverse

As play-to-earn gaming (P2E), NFTs, and other gaming platforms merged to create the Metaverse, the world of decentralized gaming saw significant growth in 2021.

Aavegotchi is making progress in the blockchain-based gaming industry with a novel approach that combines features from P2E gaming and NFTs as well as decentralized finance (DeFi).

TradingView data shows that GHST, Aavegotchi’s native token, has risen 53% since Oct. 1’s low of $1.56. It reached a daily high of $2.40 on October 29. As its 24-hour trading volume jumped 45% to $135.8m, the price of GHST has jumped 45% to $13.40 per day.

4-hour chart of GHST/USDT Source: TradingView

There are three main reasons why the price of GHST is rising: the ongoing Gotchiverse auctions, which require GHST to bid; several high-profile partnerships between gaming guilds and hedge fund partners; and the general strength of the blockchain-based gambling sector.

Gotchiverse land auctions

The most important development in boosting the price of GHST are the ongoing ‘Gotchiverse” land auctions that the protocol holds. GHST and Gotchi owners are actively bidding for a “realm”, in the digital world released recently to support the project’s collectible NFTs.

Just 18 hours have passed since the #gotchiverse land auction. The stats show 80k unique bids, 28M $GHST volume (60M+ USD value shifting!) 880k $GHST was paid in #BidtoEarn Rewards. There are still 2,100 participants! Join https://t.co/MFo5gcJRRZ pic.twitter.com/vDK59sSGFt
— Aavegotchi (@aavegotchi) October 29, 2021

The tweet shows that there have been over 80,000 unique bids by 2,100 participants. This has resulted in a combined value exceeding 28 million GHST ($60million).

Only GHST can be used to bid for land. This has caused buy pressure on the token price, and is likely responsible for the large price spike seen Oct. 18.

The Gotchiverse land auction will run until Oct. 31. It includes 16,000 realms.

Aavegotchi is a favorite investment of gaming guilds

Two major gaming guilds announced this week partnerships to expand Aavegotchi.

BlackPool can’t hold it back! We are thrilled to be a part of the #Gotchiverse Find out the details of this awesome paartnership here.https://t.co/RP1nutpUK0 pic.twitter.com/6fXR7hRDKO
BlackPool (@BlackpoolHQ), October 28, 2021

Blackpool is a quantitative hedge fund that invests in NFTs. Yield Guild Games (YGG), which invested $800,000., has also been part of the new partnerships.

Related: Decentraland, Axie Infinity and Metaverse rally in cryptos after Facebook rebrands as Meta

The Metaverse calls

The Metaverse concept has been a topic of conversation throughout the bull market. Many analysts believe that blockchain-based and play-to-earn gaming will be the top performing in 2022.

The chart shows that tokens in the gaming industry have experienced significant price appreciation in 2021, led by Axie Infinity’s (AXS), more than 25,000%.

The top 10 gaming tokens based on year-to-date gains. Source: Messari

Aavegotchi follows a similar path as AXS. AXS started with releasing NFT characters, and then gradually expanded its gameplay. The project ended up selling virtual land, and today Axies as well as land plots in the game are available for sale for hundreds of thousands of dollar.

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

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/aavegotchi-ghst-gains-50-as-gotchiverse-auctions-set-a-path-to-the-metaverse

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