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Phil Hall
Phil Hall
Feb 1, 2021
News

Aavegotchi Launching NFT Marketplace on Matic

Gamers and DeFi degens will soon be able to acquire digital wearables for their Aavegotchi ghost on the official NFT marketplace on Matic.
Aavegotchi Launching NFT Marketplace on Matic

Gamers, investors and DeFi degens will soon be able to acquire digital wearables for their Aavegotchi ghost on the official NFT marketplace on Matic. The Aavegotchi Bazaar allows users to trade Aavegotchis, their wearables and badges. The marketplace will launch later this month as one of the first marketplaces on the Matic Network.

The developers describe their marketplace as 'simple'. Users will be able to see all the traits of the Aavegotchis, including their spirit. Spirit is basically the amount of staked maTokens inside the digital ghost. The marketplace will be the main hub for all commerce within the ecosystem, as it's home to both the primary shop and the secondary marketplace.

An Aavegotchi isn't just a digital ghost pet. There's a whole lot more to these NFTs. Aavegotchis use the ERC-998 standard, which means that there are NFTs incorporated into it. As a result buying an Aavegotchi also gets you all the associated inventory items, and of course the value hidden inside the Aavegotchi through the staked maTokens.

Locking the Aavegotchis

When someone is selling an Aavegotchi on the marketplace, it automatically gets locked. This means that all value, tokens and NFTs, inside the Aavegotchi ERC-998 contract can't be removed by anyone. The owner can still use their little ghost, but it can't be modified.

According to the developers these restrictions are critical for avoiding “mini-rug pulls”. An unlocked Aavegotchi will showcase a red warning indicator and some pop-ups. Trading Aavegotchis with these red indicators is possible, but they advise not to do this until the owner has properly locked the Aavegotchi.

Aavegotchi is now running on the Matic Network. That means that all transactions are extremely cheap. Therefore gas costs are no longer an excuse for not locking an Aavegotchi before trading it.

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.

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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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