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Last updated: Aug 16, 2023
Aavegotchi is a pixel art staking game, initially created as an additional use case for staking assets on one of the biggest money markets on the Ethereum blockchain, Aave.
Launched in March 2021 by Pixelcraft Studios, it took Aavegotchi less than a year to grow from a small ecosystem project funded by an Aave grant into a booming NFT-staking game on its way to building up its own Metaverse.
Originally, the team planned to launch Aavegotchi on Ethereum, same as its parent project Aave. But the launch was postponed due to high congestion of the Ethereum network, and the project went live a few months later on Polygon.
Aavegotchi is a game, where each Gotchi, which is a playable pet in the form of an NFT, represents collateral of Aave's aTokens, staked directly into it upon minting. These NFTs can carry wearable items enhancing their abilities and also have some qualities affecting their value, including the one where your NFT ghost grows in price when you pet it in the Aavegotchi app.
According to the game’s backstory, each Gotchi is actually a ghost of an unlucky yield farmer whose positions got liquidated - coming back from the dead to make things right.
As seen from the name and the looks of the project, its creators were inspired by 80s 8-bit gaming vibes, a 90s hit video game Tamagotchi and, of course, its parental project, lending and borrowing platform Aave.
Aavegotchi team has done a lot to bring DeFi and NFT realms as close to each other as possible. Each Gotchi is a unique ERC-721 non-fungible token. Its value depends on three main attributes such as a collateral stake, traits, and wearables. All Gotchies are backed by collateral in the form of Aave's aTokens, which represent any supported ERC-20 token deposited on the lending pools on Aave. This collateral generates yield over time so the value of any Aavegotchi is also continuously rising.
Owners may enhance their Gotchies with various wearables, while also having a chance to level up their ghosts by participating in voting and discussions on the AavegotchiDAO.
Users may freely sell or buy Gotchies on secondary markets, with or without wearables. Gotchies may be purchased on NFT-marketplaces such as OpenSea and Rarible.
As with many other Metaverse projects, Aavegotchi offers parcels of virtual land for sale to Gotchi owners. These parcels are distributed as REALM tokens to players who participated in GHST staking.
The Gotchiverse consists of three distinct zones which are the Citadel, the Grid, and the Beyond. While Citadel is a safe haven where no Gotchi may be attacked, the Grid is the location where all the adventures and fighting are going on. The Beyond is the part of Gotchiverse that is closed for residents and visitors until the later stages of the game.
There's even more to Aavegotchi's complex and engaging lore. Aside from GHST, the Gotchiverse has four additional types of ERC-20 tokens that go under the common name Gotchus Alchemica and are used to craft in-game buildings or Installations and objects in the metaverse. These tokens are FUD, FOMO, ALPHA, and KEK, each having a limited supply ranging from 10 to 100 billion.
All funds received via the GHST token distribution are managed by AavegotchiDAO.
Aavegotchi introduces some pioneer game mechanics such as the concept of Rarity Farming. Players get rewarded for pursuing higher rarity levels of their Gotchies, rewards come from Rarity Farming pools in the form of GHST tokens.
To start playing Aavegotchi, one needs to hold GHST tokens which are the main currency in Gotchiverse. There's no game without a Gotchi, and it takes a minimum of 100 GHST to acquire one - by buying a portal on the Bazaar, the official in-game secondary market. Each Gotchi requires at least 10 DAI as collateral, or a larger amount if the Gotchi is rare.
Aavegotchi's wallet options include Metamask, Wallet Connect, Portis, and Venly Wallet.
Aavegotchi charges fees for all trading activities on the platform's Bazaar. The minimum listing is 1 GHST. While the seller receives 96,5% of the price of the sold item, the rest is allocated to Pixelcraft Studios (2%), AavegotchiDAO (1%), and the Rarity Farming reward pool (0,5%).
GHST is the main ecosystem token on the Gotchiverse. It is an ERC-20 token with a limited supply of 64,080,327. The token is used for all in-game purchases, as well as for participating in the governance on AavegotchiDAO.
Aavegotchi is being developed by Pixelcraft Studios based in Singapore, according to its LinkedIn profile. One of the studio’s co-founders, Jesse Johnson, is currently the COO at Pixelcraft, while the CEO position is held by the other co-founder, Coder Dan who is referred to as Chief Summoner and Tech Lead.
The project’s docs introduce three more core members of the Aavegotchi team who are Chief Coordinator and Product Lead @gldnxross, Chief Visionary and Art Director @xavieriturralde, and Chief Wizard and Solidity Lead @mudgen.
The advisory board of Aavegotchi includes some notable names in the crypto and DeFi space such as Stani Kulechov, the founder of Aave, Mauvis Ledford, former CTO of CoinMarketCap, Les Borsai, co-founder of Wave Financial, and Marc Zeller, Integrations Lead at Aave.
The main partner of Aavegotchi is of course Aave, a lending and borrowing platform on the Ethereum network. Although Aavegotchi is not an official Aave project, the game was created after receiving an Aave Ecosystem Grant. Additionally, as of 2020, Aave was the main investor of Pixelcraft Studios.
Aavegotchi also partners with Chainlink using its VRF technology to maintain dynamic metadata for each Aavegotchi’s parameter.
The project is actively building up its own Metaverse or Gotchiverse. New areas, adventures, and mini-games await users in the future, according to the Aavegotchi roadmap. The developers also promise to add mobile versions to the game that currently exists only as a browser app.
The team also explores possibilities to make onboarding the game easier for newcomers - partly by providing leasing opportunities allowing new users to rent their first Gotchies instead of buying.
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Last updated: Aug 16, 2023
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