Aavegotchi’s Trading Volume Skyrockets 1369% in 24h

aavagotchi's trading volume

The Polygon-based collection moves up 7 places in the overall ranking

Aavegotchi’s trading volume pumped 1369% to $213,310 in the past 24 hours. This volume came from 149 traded NFTs, and in particular from a $46k Aavegotchi portal. 

Aside from the Unopened Portal 145, DappRadar data shows that there were several more high-priced sales. Two more portals sold for more than $10k each, and a couple of Aavegotchis sold for upwards of 7k each. 

Aavegotchi is a DeFi-enabled crypto-collectibles game that allows players to buy NFT avatars and earn rewards. The main value of an Aavegotchi NFT is that it can be boosted with wearables, which in turn would push its rarity score. Rare Aavegotchi avatars sell for incredibly high prices.

Aavegotchi’s trading volume vs. competitors

Looking at the top 7 collections for the past 24h, we see that Aavegotchi is among the projects with the biggest increase. While the trading volume experienced a huge spike, the number of active traders and the number of sales were also on the rise. 

In comparison, Axie Infinity, the top performer in the list, saw all of its metrics boosted as well, but with smaller margins, circling around 15%.

In second place of the overall ranking, NBA Top Shots is visibly experiencing a decrease in performance across the board. Traded volume is down 16%, while the number of active wallets and the number of processed transactions are both down by more than 20%. Buyers now need to wait 15 minutes between each purchase from the marketplace, possibly pushing trading activity down further.

Judging from the 24h performance, and especially Aavegotchi’s trading volume, the collection is pushing and might be able to climb several places in the overall ranking for the week and even the next 30 days.

What are Aavegotchis?

Aavegotchi’s can be seen as NFT game avatars that also function as yield farming piggy banks or crypto wallets. Each of these digital ghosts is backed by currencies, and their ability to earn rewards is boosted by their digital clothes and other wearables. It’s a very playful take on yield farming and one that turns out to be quite popular. There’s even been a marketing campaign with American rapper Lil’Pump, famous for his Gucci Gang song. This obviously became the Gotchi gang.

Aavegotchis possess three attributes that determine their overall value and rarity within the Aavegotchi universe — spirit force, traits, and wearables.

Spirit force essentially represents the stake an NFT owner has put in their Aavegotchi. This stake takes place thanks to Aave-backed ERC20 tokens, or “aTokens.” If an owner wishes to sell an Aavegotchi NFT, the stake or spirit force remains attached to the token. If the owner wants to remove the spirit force stake completely, the collateral goes back to the owner. 

Traits are another determining factor for the rarity of an Aavegotchi. There are four different rarity levels for traits – Common, Uncommon, Rare, or Mythical. Whenever you create an Aavegotchi, it gets a set of seven random traits. 

The last important feature that determines the rarity of an Aavegotchi are its wearables. Wearables are essentially child ERC721 or ERC1155 NFTs that are attached to the original Aavegotchi. 

There are hundreds of different wearables that Aavegotchis can have. However, not all wearables can be attached to every avatar. Each wearable affects Avegotchis’ abilities – some wearables boost, while others take away from certain powers. 

Combining these three main characteristics of an Aavegotchi determines its rarity. In turn, rarity determines its potential value on the marketplace. Looking at the past 24h, some rare Aavegotchis’ must have switched hands.

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