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Aavegotchi Becomes Top 10 NFT Collectible

Posted by
Ian Kane

$10m from 12,000 sales in just 2 weeks

Aavegotchi, a digital-collectibles project has launched to an incredible start, having quickly moved up the NFT collectible ranks to 6th position over the last 30-days at the time of writing. Just like the original Tamagotchi introduced the world to digital pets, Aavegotchi has introduced the world to playable NFTs, backed by a digital value.

Since its launch on the 2nd of March 2021 Aavegotvchi has seen 12,056 sales to 2,008 traders generating a total of over $10 million. Currently, Avegotchi is sitting in 6th position when ranked by volume over the last 30-days, notably above Art Blocks and Moon Cats. 

Moreover, it is interesting to see NFT projects like Aavegotchi flourishing on Ethereum sidechains such as Polygon (formally Matic) and projects like NBA Top Shot on the Flow blockchain now entering the top ten. It would appear Ethereums dominance is being challenged from all sides in 2021 as projects requiring many, smaller-scale transactions simply can’t succeed amidst such high gas fees on Ethereum. 

Source: DappRadar NFT Rankings – Last 30-days

Looking at Aavegotchi’s performance in the last 24 hours also shows a positive trend and that the dapp may be able to create true customer loyalty. A 23% increase in traders and a 15% increase in the transaction volume show the dapp is continuing to attract attention. 

Source: DappRadar NFT Rankings – Last 24-hours

New vs. Old

The Aave team first announced Aavegotchi in early July 2018 as a project for gamifying your DeFi experience by “helping you bring your yield to life with various game mechanics around aToken yields.” 

Breaking into the top 6 NFT collection rankings on DappRadar is no easy task. Established Ethereum projects such as CrytoPunks have generated $150 million whilst Sorare has around $40 million since their respective launches to-date. When looked at in this perspective the performance of Aavegotchi can be measured more accurately. 

The non-fungible token space (NFT) has seen explosive growth since the beginning of 2020. Similarly, the Decentralized Finance (DeFi) ecosystem has seen unparalleled growth in 2020. Individually, each space has been experiencing massive growth and in response to that, Aavegotchis are NFTs staked with DeFi-enabled ERC20 tokens powered by Aave, known as aTokens. 

Some key information about the aToken

  • Aavegotchi ghosts, i.e. collectible NFTs that have Aave aTokens staked inside them as collateral.
  • Continuously growing collateral in Aavegotchis since aTokens generate yield via Aave’s lending system.
  • Randomly-generated traits that determine everything about Aavegotchis, from their skill and rarity levels to what wearable NFTs they can use.

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