Virtual land sold following the innovative bid-to-earn auction mechanic
Today Aavegotchi will launch its land sale during which bidders can win land parcels in the Gotchi Citaadel, the Aavegotchi home base within the Gotchiverse Realm. Everybody can place a bid using GHST tokens, and even bidders who don’t win a parcel won’t be left empty handed.
The Gotchiverse Realm land sale will start on October 28th at 2pm UTC and ends on October 31st at 2pm UTC. Users, investors and fans can place a bid using GHST tokens, when someone overbids them they will get their GHST tokens back. In addition they will receive an extra percentage based on how much they overbid before.
Aavegotchi’s previous auctions saw some participants earn hundreds, and in some cases, thousands of GHST just for being outbid. In fact, their most recent auction paid out $1.7 million worth of GHST to participants just for placing losing bids. It’s really a bid-to-earn auction.
How can you use land in the Gotchiverse Realm?
The land parcels will get their first utility in December when the team launches phase one of the Gotchiverse Realm. Purchasing land in the auction comes with a number of benefits, but you don’t need to actually own an Aavegotchi. For starters, the Gotchiverse REALM will introduce four new ERC-20 Tokens, known as Gotchus Alchemica, into the Aavegotchi ecosystem. Gotchus Alchemica are the four elements of the Gotchiverse: FOMO, FUD, ALPA, and KEK. These can only be minted by land owners.
Land buyers can try to locate parcels next to Alchemica deposits, but how much they will actually produce will be decided by faith. Thanks to Chainlink, the blockchain will determine the amount of each Alchemica per parcel randomly when the game goes live.
Owning a parcel will give you the ability to rent it out to other players and split the farmed tokens. Players cen then use the tokens to craft a number of exclusive NFTs known as installations. Installations include Clash of Clans style equipment and defenses, social installations (such as radio towers), and creative installations such as limited edition NFTs that are in collaboration with artists and brands. You can also flip your parcels on any NFT marketplace as the REALM parcels are ERC-721 NFTs.
More sales to come
This sale is the first of several that will allow players to own their own piece of the Gotchiverse. The majority of The Citaadel’s parcels will be distributed across three auctions before the end of the year.
Gotchiverse gameplay will be like a mix between Clash of Clans and an exploration based game, akin to an exotic version of Pac Man with players running around the map to pick up loose Alchemica and rushing back to their save point to deposit them into their wallet.
For now, grab your bag of GHST and get ready for the bid-to-earn auction later today. GHST is a token on the Polygon blockchain, and you can swap your MATIC for GHST using the DappRadar Token Swap service. Or you check out the official Aavegotchi website for other exchanges to support GHST.
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