What is Aavegotchi (GHST) and should it be in your crypto portfolio?

Key takeaways

• Aavegotchi (GHST) is a play-to-earn NFT game powered by DeFi, inspired by the 90s game Tamagotchi.

• Players collect Aavegotchi NFTs, which are pixelated ghosts living on the blockchain.

• Aavegotchis can be accessorized with wearable items that affect their appearance, rarity, and gameplay abilities.

What is Aavegotchi (GHST)?

Aavegotchi (GHST) is a crypto collectible game that combines DeFi (decentralized finance), blockchain gaming, and digital pet ownership. Pixelcraft Studios launched the project in 2020 and was co-founded by Jesse Johnson and Coder Dan.

The project aims to create a fun and engaging experience where you can play with your Aavegotchi (similar to 90s Tamagotchi, but on the blockchain with additional DeFi and NFT features), participate in mini-games, earn rewards and even participate in the governance of the Aavegotchi ecosystem through the GHST token.

How does Aavegotchi (GHST) work?

Aavegotchi (GHST) combines decentralized finance (DeFi) and NFTs to create a unique gaming experience. Here is an overview of how it works:

Aavegotchis: NFT collectibles

Aavegotchis are pixelated ghosts that live on the Ethereum blockchain. Each Aavegotchi is a unique NFT with various characteristics that determine its rarity. Rarity is also influenced by factors such as base specs, wearables equipped, and guarantees at stake.

DeFi Integration: Staking and Collateral

You can stake your Aavegotchi with aTokens (interest-bearing tokens of the Aave protocol). This increases the rarity of Aavegotchi and potentially earns interest on staked tokens. Aavegotchi also acts as a gamified escrow account for your staked tokens.

Play to Win Activities

Aavegotchi offers different ways to earn GHST:

Scarcity agriculture – Compete with other Aavegotchis based on their rarity and other factors to earn GHST rewards.

Mini games – Play mini-games in the Aavegotchi universe to potentially earn GHST.

The Gotchiverse – Explore and interact with your Aavegotchi in The Gotchiverse (metaverse plots), potentially gaining new resources or tokens.

Aavegotchi Token (GHST) and Tokenomics

Tokenomics

The GHST token is the native cryptocurrency of Aavegotchi. It is used for:

• in-game currency
• Staking
• Governance
• Liquidity provision

Token Details

Total supply 52,747,801 GHST

Supply in circulation 52,747,801 GHST

Current price $3.12

Market capitalization $164,710,916

This information is current as of April 30, 2024 and the price, market value and available supply of the token may fluctuate.

Distribution

The initial distribution of Aavegotchi’s GHST token took place in three stages:

1. Private sale (August 2020) – This sale was aimed at accredited investors who have successfully completed KYC (Know Your Customer) procedures and have a minimum investment of 20,000 DAI. The funds raised here went to Pixelcraft Studios, the developers, to create the Aavegotchi game.

2. Presale (September 2020) – This 14-day sale was open to anyone who met KYC requirements and had achieved “Agent Level 6” status. The supply was limited and the GHST price was 0.1 DAI. Presale tokens vest over a year, with half released after six months and the remainder over the next six months.

3. Sale of public bond curves – Those who have completed the KYC process and received whitelist approval from the Aavegotchi team can purchase GHST tokens directly on the bond curve. The price opened at 0.2 DAI per GHST and fluctuated along the curve.

Where can I buy Aavegotchi (GHST)?

Binance – Binance is a major exchange offering a wide range of cryptocurrencies. It offers multiple ways to purchase cryptocurrencies, including credit cards, debit cards, and peer-to-peer (P2P) exchanges.

Coinbase – Coinbase is a United States-based cryptocurrency exchange that allows you to purchase cryptocurrencies using a variety of payment methods, including bank transfers, debit cards, and wire transfers.

Bitget- This exchange allows you to buy cryptocurrencies with fiat currency or exchange them for other crypto assets. It also offers various trading features and functionality.

Is Aavegotchi (GHST) a good investment?

Benefits

• Play to win – Aavegotchi offers a way to earn cryptocurrency while playing a game. You can earn rewards through various methods, like staking your GHST tokens or taking care of your Aavegotchi pet.

• DeFi Integration – Aavegotchi combines aspects of decentralized finance (DeFi) with the play-to-earn model. You can stake your Aavegotchi with interest-bearing tokens to increase its value.

• Digital Collectibles – Aavegotchis are digital collectibles with varying features and wearables that affect their rarity and value. You can collect, breed and trade these Aavegotchis.

The inconvenients

• Gas fees – Every time you buy something in the game, you have to pay a gas fee. These fees are paid in MATIC tokens and can be quite expensive, depending on network congestion.

• Time Commitment – Aavegotchi can be a time-consuming game. There are a lot of things to watch out for, from feeding your Aavegotchi to taking care of its portable devices.

• UI Bugs – The game is still in development and the user interface may occasionally have bugs.

Final Thoughts

Whether Aavegotchi (GHST) is a good investment depends on your risk tolerance and goals. Remember, this guide is a starting point for your research. Always do your due diligence before making any investment decision.

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