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Phil Hall
Phil Hall
Sep 30, 2020
News

Aavegotchi Introduces NFT Mining Program

Gamified DeFi platform Aavegotchi introduced a new NFT mining program that allows users to lock up their GHST tokens and earn game items.
Aavegotchi Introduces NFT Mining Program

Gamified decentralized finance platform Aavegotchi will soon introduce a new NFT mining program that allows users to lock up their GHST tokens and earn game items. These items are meant for the Aavegotchi characters, which blend the worlds of gaming and finance. The system is currently being tested and will launch on the Ethereum mainnet in a week or two.

By staking GHST tokens users can earn FRENS points, which is the core if NFT mining in Aavegotchi. Users earn one point per 24 hours for every GHST token they are staking. The team is working on a second-layer liquidity pool that provides better incentives. Token holders can't transfer their FRENS points. Instead they can only use them to acquire Aavegotchi Wearables raffle tickets. This tickets give users a chance to acquire wearables. with a common rarity 50 FRENS are required, while the most rare items require 50 thousand points.

This means that not everybody will have the luck to own certain items. Very likely this will add value to those who appreciate digital collectibles. Aavegotchi is still in its infancy, as the platform launched this summer. Aave will add more gaming elements over time.

What is Aavegotchi and how do I get one?

Aave is the Finnish word for ghost. An Aavegotchi is a cute little pixelated ghost that has several traits. First of all, there's financial collateral backing the existence of the little ghost. In addition these ghosts have random traits, they can wear clothes and others items, and they come with a certain rarity level.

To acquire such a cute little ghost, you need to get familiar with the relative complexity of decentralized finance. To gain more understanding about this, please check out the official website.

With GHST Aavegotchi has a newly announced eco-governance token. Users can acquire GHST through Uniswap and other exchanges, or through the Aavegotchi platform. You buy GHST using DAI, and you need some Aave aTokens, like aDAI for example. Then you need to spend GHST to get a portal, which will give you a cute little Aavegotchi. Owners can use this little ghost in games, sell them for a profit or burn them to regain the money backing its existence.

Decentralized finance and gaming

Gaming and decentralized finance may sound like a weird combination. But when a game has its own economy with real world value, it actually makes a lot of sense. We've seen multiple examples already over the past couple of weeks. Staking COIN earns gamers CRED, which will soon be used inside the game Neon District. Users earn MEGA tokens by staking resources in MegaCryptoPolis, which they can use to cross the bridge between different blockchains.

Decentralized finance adds a reward mechanism to gaming, which is a valuable proposition. It's a very good match with the play-to-earn business model, as DeFi is able to maintain and control supply and therefore brings purpose to the use of a token.

Community participation and commitment is key for the success of an online economy, no matter whether we’re talking about gaming or decentralized finance. In decentralized finance they do this by providing yield, while gaming taps into game items and resources. Aavegotchi really bridges these two approaches, and that makes it an interesting concept.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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