What Is Aavegotchi? (GHST)
Aavegotchi & GHST Token Explained
Aavegotchi is a crypto collectible game built on Ethereum where participants can purchase and grow Aavegotchis, Non-Fungible Token (NFT) avatars used to explore and interact with Aavegotchi’s digital universe.
Each Aavegotchi avatar is a digital collectible that has unique attributes defined by a rarity score. The score is calculated by specific character traits, wearables attached to the avatar, a kinship score, which is based on how often the player interacts with the avatar, and the amount of Aave-powered aTokens staked to the avatar.
The platform draws on nostalgia for the handheld digital pet game Tamagotchi, enriching its classic gameplay with blockchain-enabled functionality. Aavegotchi incorporates many popular aspects of crypto into one unified platform: decentralized finance (DeFi), blockchain gaming, staking and digital land ownership.
Aave derives its name from the Finnish word for “ghost,” and Aavegotchis are depicted by a cartoon ghost, hence the name for the associated token: GHST.
GHST is the primary utility token of the Aavegotchi ecosystem and is used to buy and sell goods within the Aavegotchi world, including Aavegotchis themselves. GHST can also be staked for additional rewards and can be transferred between users just like other cryptocurrencies.
Who Created Aavegotchi?
Aavegotchi was created by Singapore-based Pixelcraft Studios, which is led by a number of coders and developers with experience in the NFT and DeFi worlds.
Aavegotchi was officially launched in September 2020, and the initial token distribution saw 5 million GHST tokens go to private sale participants, 500,000 to presale participants, and 2 million to the development team, with the rest being distributed via public sale.
How Does Aavegotchi Work?
In order to obtain an Aavegotchi, a user must first obtain GHST tokens from an exchange like Kraken. With their GHST, participants can either directly purchase an Aavegotchi, or purchase a Portal, which is a pack of ten Aavegotchis from which users can only choose one.
Aavegotchi avatars can also be thought of as escrow accounts that hold staked tokens. When summoning a new Aavegotchi, a user can also stake a minimum amount of Aave-based aTokens, which are cryptocurrencies pegged to the value of another asset, with their Aavegotchi avatar in order to increase its rarity score.
The amount of aTokens staked to an Aavegotchi is known as its Spirit Force and the value of the Aavegotchi increases based on this number. Additionally, an Aavegotchi’s Spirit Force generates yield on participant’s aTokens through Aave’s lending protocol, thus increasing the number of tokens staked to Aavegotchis over time.
Other than the Spirit Force, Aavegotchis possess two other attributes that contribute to their rarity and value:
- Traits are randomly chosen for Aavegotchis upon summoning and are graded according to relative rarity. Examples of traits include energy, experience and brain size, all of which impact the rarity of Aavegotchis and how they perform in games.
- Wearables give each Aavegotchi a unique appearance, boost their traits and rarity scores, and can be bought, sold or traded separately in the Aavegotchi’s marketplace.
Aavegotchi’s can also use consumables to temporarily augment their traits while participating in games across the Aavegotchi ecosystem.
Finally, users can stake their GHST tokens to unlock REALM, which are tokens that represent land ownership in the digital world inhabited by Aavegotchis.
As with Aavegotchis themselves, all transactions involving wearables, consumables and REALM use GHST.
Why Do Aavegotchis and GHST Have Value?
The Aavegotchi avatars derive their value from their Spirit Force, which represents their financial backing, their unique traits and wearables. High Spirit Force value characters are rare and therefore have greater collectibility in the market. Players can upgrade the rarity score of their Aavegotchi by staking more aTokens to them or by upgrading their wearables.
The value of GHST is tied to the Aavegotchi ecosystem and can be used for staking, transferring and purchasing various items in the metaverse.
Last, GHST is used to participate in – and be rewarded for – governance in the AavegotchiDAO, the governing body that allows token holders to vote on key decisions influencing the future direction of the project.
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Why Use GHST?
As the base currency of the Aavegotchi world, investors may want to buy GHST to fund their in-game purchases of Aavegotchis, portals, wearables, consumables and collectibles.
Investors may also find value in GHST if they are interested in voting on the future development of the game through the AavegotchiDAO.
Additionally, investors that are interested in earning additional in-game rewards may be interested in purchasing and staking their GHST tokens.
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