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Shared Ownership over Super Rare Aavegotchi NFTs

Posted by
Robert Hoogendoorn

1,000,000 tokens for five Gotchi NFTs

Aavegotchi has made five of their most rare collectible ghosts available on Unicly, which means that traders can buy tokens to get shared ownership over these gotchis. Aavegotchi launched the uGOTCHI Collection, represented by the uGOTCHI token on Unicly.

Unicly locks away NFTs and gives people shared ownership through ERC-20 tokens. In this case the five Aavegotchi ghost NFTs are now presented through the uGOTCHI token. The corresponding trading platform for Unicly already saw $1.6 million in transaction volumes for the pixel ghost tokens alone. One uGOTCHI is now $1.16, putting the total market cap at $1,168,645.

What’s interesting about these shared Aavegotchi NFTs from a technical point of view, is that Aavegotchis exist on the Polygon blockchain. These five in the uGOTCHI Collection are the first NFTs to move over the Matic Bridge back to the Ethereum mainnet. Only after this transfer, the smart contract can lock them away, and share ownership by selling off ERC-20 tokens.

What about Rarity Farming?

It’s important to know that demand for these pixelated ghosts is high, because they are among the most valuable ones in the game. In addition they wear godlike and mythical items, increasing their value and their ability to earn GHST tokens.

Today Rarity Farming Season One is going live for Aavegotchi holders, allowing them to farm GHST tokens. Even these fragmented ghosts still earn GHST, creating an incentive to hold those uGOTCHI tokens. Investors need the uGOTCHI tokens to claim full ownership over the five pixelated ghosts.

In the wake of the Rarity Farming event, players have been active on the marketplace. In the past 24 hours the amount of trades has doubled. A total of 247 users contributed to 474 different trades with a total value of more than $106,000. This bumped Aavegotchi up on the NFT collection charts.

Source: DappRadar (April 20th 2021)

A short explanation about Aavegotchi

Aavegotchis are playable assets that also act as collateral on DeFi networks. To interact with one, DeFi users need to stake select tokens known as aTokens such as LINK (aLINK) and USDC (aUSDC) into the digital collectible. 

Apart from earning interest from staked tokens, holders of the platform’s native currency, GHST, also receive rewards. Furthermore, Aavegotchis are tradable on OpenSea and other NFT marketplaces meaning that those with valuable Aavegotchis can always sell their assets. To acquire a new Gotchi, players will need to buy a summoning portal.

Aavegotchi is banking on a system it calls Rarity Farming. Basically, the rarer the Aavegotchi, the bigger the rewards it should fetch from the market. However, owners also need to take good care of their Gotchi, keeping it happy is the key to financial success.

More about Aavegotchi

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