Aavegotchi will conduct its second Gotchiverse Land Sale on December 2nd at 15:00 UTC and it will run through December 5th. Exactly 7,000 parcels of land will be auctioned using a unique bid-to-earn platform, with 3,000 parcels remaining to be awarded in a raffle. Additionally, participants will earn GHST for bidding, even if they don’t end up winning.
October 28th marked the first Gotchiverse land sale and it was a resounding success. There was over $100m USD in volume, with $2.3m rewards paid to participants. The sale even caused the price of GHST, the game’s token, to spike by over 50%.
December 2nd at 15:00 UTC will kick off the second land sale for Aavegotchi. The bid-to-earn auction will take place between December 2nd and December 5th, with 7,000 parcels up for grabs. A drop-ticket raffle will be held between December 10th and 13th to distribute the remaining 3,000 parcels.
Participants will use GHST to bid. It might be wise to grab your GHST sooner rather than later, based on what we saw with the first land sale. The team’s Medium post clarifies that land parcels will be from the Area of Citaadel region of the Gotchiverse.
What is a Bid-to-Earn Auction?
Let’s back up a little. How does bidding on land parcels earn rewards?
Aavegotchi is able to reward bidders by using GBM’s proprietary platform. The original bid is returned alongside an incentive when the participant has been outbid. This approach rewards everyone, not just the winner.
GBM’s platform has been used for many notable auctions and has earned a reputation for driving up engagement. Projects love the added attention, and gamers love it for the incentives. I expect that we’ll be seeing more bid-to-earn style auctions for future game asset sales.
What is Aavegotchi?
Aave is the Finnish word for ghost. An Aavegotchi is a cute little pixelated ghost that has several traits. First of all, there’s financial collateral backing the existence of the little ghost. In addition, these ghosts have random traits, they can wear clothes and others items, and they come with a certain rarity level. You could see an Aavegotchi ghost as a modern piggy bank that generates interest while wearing cool pixelated items. The money backing the ghost will always be there. And adding rare NFT wearables increases its performance and therefore makes it more valuable.
With GHST Aavegotchi has a newly announced eco-governance token. Users can acquire GHST through Uniswap and other exchanges, or the Aavegotchi platform. You buy GHST using DAI, and you need some Aave aTokens, like aDAI for example. Then you need to spend GHST to get a portal, which will give you a cute little Aavegotchi. Owners can use this little ghost in games, sell them for a profit or burn them to regain the money backing its existence.