Aavegotchis sells out in less than a minute as the NFT euphoria continues

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After a series of delays related to the Ethereum blockchain congestion, the non-fungible Aavegotchi tokens have hit the open market – where they didn’t even stay a full minute, the Cointelegraph team reported.

The Aavegotchi Project seeks to create digital collectibles with real value, backed by integration with Aave and its aTokens, interest-bearing representations of funds made available to the decentralized financial protocol. While the Aavegotchis are designed to contain some play and collection elements inspired by the Tamagotchi handheld devices popular in the late 1990s and early 2000s, they are also an experiment in locking digital collectibles to real value. The aTokens included in the NFT cannot be extracted without destroying the Aavegotchi themselves, since they represent their “spirit power”.

The aToken security represents a lower limit or an intrinsic value of the collector’s item. In addition, every Aavegotchi has different character traits, wearables and general rarity, which should increase the value on the collector’s market.

The sale or “spook” of the first 10,000 portals took place on Tuesday. The portals can be used to “summon” Aavegotchis, creating 10 different living beings, only one of which will come to life depending on the owner’s choice. The portals were sold at a minimum price of 100 GHST, the token of the project that can be used to manage or buy accessories for the Aavegotchis. The token traded for around $ 1.70 during the sale, meaning the project raised between $ 1.7 million and $ 2 million, depending on how many people bought more than one portal and an additional “tax.” “Had paid.

The community remained a bit disappointed with the sale as many potential buyers didn’t get through. The likely reason for this is that the gas tariff is too low and faster, better-funded competitors can wrest the majority of the NFTs away.

Coder Dan, the anonymous CEO of Aavegotchi, told Cointelegraph that this was an expected result:

“We knew that 10,000 portals would not be enough to meet the demand. However, we wanted to stay true to our 10,000 figure originally described in the whitepaper. Fortunately, the differences between the Haunts are small, and our aim has always been to increase the supply of Aavegotchis with AavegotchiDAO votes. “

“There is currently no evidence that whales are doing better than the norm,” added Jesse Johnson, co-founder of Aavegotchi. “It was just an elevator that some got on and some didn’t, including the founders!”

The community may be able to vote on more hangouts that would create more Aavegotchis. In the meantime, existing portals can be bought on NFT marketplaces and redeemed for the digital collector’s item.