Verified Fakes are numbered physical prints, tied to the original NFT with integrated on-chain royalties
While Aavegotchi already bridges gaming with decentralized finance, the project now brings verified digital art into our physical world. The team launched Verified Fakes, an industry-first initiative to create verified physical prints from digital NFT artworks.
- Verified Fakes are physical prints from original NFT art, and royalties are shared between the creator and the NFT holder.
- FAKE Gotchi NFT sales has surpassed $63,000 in its first month.
- Collectors can now buy FAKE Gotchi artworks through the GBM Auction House. Bidders either earn a reward for their participation, or they win the NFT auction.
A year with lots of developments
Aavegotchi started the year as a GameFi project where players could pet their digital ghost, collect wearable items and earn interest on their digital piggy bank. However, 2022 has brought lots of innovation to the project, peaking with the introduction of the Gotchiverse. In this digital world players can own pieces of land and build yield generating Installations on them.
With the demand for customization, also came the option to showcase NFTs on a land parcel. And that’s where the FAKE Gotchi art project comes into play. A limited amount of mint coupons hit the market, and Aavegotchi community members can work together with artists to mint an Aavegotchi inspired artwork for the NFT collection.
The Fake Gotchi NFT art collection is only 1 month old, but already has seen more than $63,000 in sales volume.
The latest collaboration with Soulmade Origins now allows the Aavegotchi community to get a verified, limited edition physical print of their favorite FAKE Gotchi artwork, the Verified Fakes.
What is a Verified Fake?
A Verified Fake is a limited edition, numbered physical print of an original Fake Gotchi NFT artwork. Each order will give you two items: a gap-framed canvas and a SoulPrint Card.
This card verifies the finer details of your artwork, connecting it to the NFT metadata, the print date of your physical artwork, format and even the print ID. This way you can confirm you own the first edition or tenth edition of the physical prints.
What about creator royalties?
In true Web3 spirit, creator royalties and collaboration are highly appreciated aspects in the FAKE Gotchi and Verified Fake initiative. Each physical print earns 4% in royalties, paid in GHST tokens. These royalties go to both the artist and the NFT owner on a monthly basis, based on the terms set on the blockchain.
This makes owning a FAKE Gotchi not only interesting for the art, but also a potential revenue stream for the owner, the artist and the publisher. There are various ways to get your hands on a FAKE Gotchi, but one of the newest and most fun options is the GBM Auction House.
GBM Auction House now open 24/7
Aavegotchi introduced their GBM Auctions last year, adding a gamified layer to an otherwise rather boring auction. During GBM Auctions also bidders can earn. People who get overbid during the auction will earn a reward in GHST for playing their part in price discovery of the NFT. That means that you either win the NFT, or you get your money back and earn a small reward.
Before, the GBM Auction House only opened its doors during special events, for example Gotchiverse land sales. However, now the auction house is open all the time. Community members can sell their rare Aavegotchi NFTs or FAKE Gotchi NFT artworks on the marketplace.
An interesting mechanic in the GMB Auction House, is that every auction comes with a 60 minute Cancellation Period. After the auction ends, the seller has 60 minutes to decide whether they agree with the final price or not. If they don’t, they need to pay the GHST rewards and the selling fees as a penalty, but they then get to keep the NFT.
How’s Aavegotchi doing?
Verified Fakes and FAKE Gotchi NFT art are projects that support and appreciate the real deal, Aavegotchi. Despite the bear market conditions, Aavegotchi has seen its trading volume increase 6.5% over the past 30 days, reaching more than $215,130. The number of sold items shot up 25% to 1,257.
These numbers aren’t a record performance by any means, but they highlight the resilience of Web3 gaming in general. In terms of on-chain activity, Aavegotchi sits on the 22nd spot of the Polygon Rankings, at the time of writing. That’s because for example entering the Gotchiverse doesn’t require a transaction, but only a blockchain signature.
Dive deeper into Aavegotchi through the product page here on DappRadar. There you can see all the NFT trading action and dapp activity.