What is Aavegotchi FOMO?
Aavegotchi is a unique combination of Decentralized Finance (DeFi) and Non-fungible tokens (NFTs), developed by Singapore-based Pixelcraft Studios. It is a crypto collectibles game that allows players to stake their NFT avatars with interest-generating tokens and interact with the Aavegotchi metaverse. In this game, players can level up their Aavegotchis through various activities, such as mini-games, governance, and meetups. Rare Aavegotchis have a higher secondary baazaar value and enable players to perform better in rarity farming, which rewards the rarest Aavegotchis with GHST tokens.
Aavegotchis are rare crypto-collectibles that live on the Ethereum blockchain and are backed by the ERC-721 standard, which is also used in other popular blockchain games such as CryptoKitties, Axie Infinity, and Cryptovoxels. The value of an Aavegotchi is determined by three attributes: collateral stake, traits, and wearables.
Collateral stake refers to the amount of Aave-backed ERC20 collateral, or "aToken," held in the Aavegotchi's escrow contract address. These aTokens generate yield through Aave's LendingPool, which increases the quantity of aTokens held in the wallet, making the Aavegotchi more valuable over time.
Traits are another important factor in an Aavegotchi's value. Some traits are generated randomly upon birth, while others depend on user interactions with the Aavegotchi. Trait values are distributed on a bell curve, and each trait is assigned a rarity level, ranging from Common to Mythical.
Kinship is another factor that determines an Aavegotchi's value. Kinship is not randomly assigned, but rather starts at a fixed value and increases or decreases based on various factors, such as how long the Aavegotchi has been with the same owner and how often the owner interacts with it.
Experience is gained through voting in AavegotchiDAO and participating in mini-games. As Aavegotchis gain more experience, they level up and receive Spirit Points that can be allocated towards increasing or decreasing a certain trait.
Wearables are another important aspect of Aavegotchis. They extend the ERC998 Composables standard, which allows them to manage child NFTs known as wearables in the Aavegotchi ecosystem. Not every wearable can be equipped by every Aavegotchi. Some wearables may be exclusively equipped by Aavegotchis staked with certain collaterals, those of a certain level, and those with certain traits. Some wearables can increase or decrease certain traits of an Aavegotchi.
The relationship between Collateral stake, Traits, Wearables, and Kinship is best represented by an Onion Diagram. Each layer builds upon the previous layers, with the sum being the Aavegotchi itself.
Aavegotchi is governed by AavegotchiDAO, which manages all funds generated through the GHST token distribution. Aavegotchi's value proposition is in its combination of DeFi and NFTs, providing players with a unique gaming experience that allows them to earn yield while also collecting rare and valuable Aavegotchis.
In conclusion, Aavegotchi is a game that brings together the worlds of DeFi and NFTs, allowing players to earn yield while also collecting rare and valuable Aavegotchis. The game's value is determined by a combination of collateral stake, traits, wearables, and kinship. AavegotchiDAO governs the game and manages all funds generated through the GHST token distribution.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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