It is no news that the market has been stormed by the highly expected yield-bearing NFTs. After a conjured delay around the congestion in the Ethereum Blockchain, the non-fungible Aavegotchis tokens have hit the public market – and reportedly stayed less than a minute.
This token’s project aims to develop digital collectibles having real backup values through the incorporation of Aave, and it’s aTokens with an interest-bearing representation of the funds that are supplied to the DeFi Protocol. The project was inspired by the popular Tamagotchi devices in the range of 1990s and the 2000s, however, it was designed to integrate gaming and the collection of elements to them.
NFT and aTokens Association
The project also serves as a tryout of tying real value to digital collectibles. The aTokens locked within the NFT cannot be disintegrated without destroying the Aavegotchi itself, as this is what represents the spirit force.
The collateral of the aToken represents the intrinsic value or a lower bound of the digital collectible. But much more than that, each of the aToken has its different characteristics, wearables, and rarity in total, which is what should drive value in the digital collectibles market.
The said “haunt,” or sales of the first 10,000 portals, occurred on Tuesday. The portals are known with the potentials of summoning Aavegotchis, which will, in turn, generate ten various critters which only one of them can be brought to life. The minimum price the portals sold is 100 GHST which is the token of the project that is usable for the purchase of accessories for the Aavegotchis.
Disappointment within the community despite the “haunt”
During the sale, the coin was trading for about $1.70, which means altogether, depending on the number of people that bought more than a portal and still paid the additional tax, the project collected something between $1.7 Million and $2 Million.
However, there was somewhat a kind of disappointment in the community with sales of the token because many potential buyers could not find their way. And this is because they had set a much lower gas fee.
Addressing this disappointment, Jesse Johnson, the co-founder of Aavegotchi, said, “there wasn’t evidence that normies perform less in the market than whales, it is just a case where some could get into the market and others could not.”