What Is Aavegotchi (GHST)?

Aavegotchi describes itself as a non-fungible token (NFT). According to its whitepaper, Aavegotchis are rare crypto-collectibles based on Ethereumblockchain, backed by the ERC-721token standard. The ERC-721 token standard is used in other popular blockchain games. Aavegotchi introduced the world with playable NFTs backed by DeFi (decentralized finance) enabled tokens. Its website defines Aavegotchi as a collectible, an avatar, and a true friend of the user.

The NFT space has seen tremendous growth since the beginning of 2020. Similarly, the DeFi ecosystem has also seen growth from its launch year 2020. Though both of these spaces have excellent growth potential, the same has not been harnessed by any project yet. Also, no project has yet emerged to use the potential when both ecosystems are combined. Therefore, Aavegotchi has come into the picture.

Its whitepaper claims that Aavegotchi has introduced innovations into blockchain gaming. The project has introduced DeFi token collateral staking, rarity farming, and DAO-governed gaming. Rarity farming includes making a user’s Aavegotchi rare and participating more with their NFT providing incentives for the same. DAO-governed gaming means participating in the governance of the game mechanics, smart contracts, and funding to get incentivized. The project has also introduced a metaverse with smart contracts usage. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on blockchain.

The native cryptocurrency of the Aavegotchi ecosystem is GHST. GHST is a utility token that a user can use in the ecosystem only. The goal of the token is to provide a convenient and secure mode of payment between participants and interact within the ecosystem. With GHST, users can purchase various digital assets on the ecosystem, including wearables, consumables, and collectibles.  GHST also intends to provide those who participate in the governance of the ecosystem.

History of Aavegotchi (GHST)

The platform was founded by Coder Dan and Jesse Johnson in 2020. Coder Dan is currently the CEO at the platform. Jesse Johnson serves as the COO.

The Initial Coin Offering(ICO) of the project completed on October 14, 2020 raising $9,490,000 at an ICO price of $0.2 per token.