Mar 3, 2021
Aavegotchis have arrived!
A full analysis of the genesis NFT drop of Aavegotchi frens.
Did you blink? Did you scream (in either joy or frustration) at your computer monitor? Same here frens. Did you ape into some rare items on the Baazaar NFT marketplace? Lucky you!
The first 10,000 Portals sold out in less than one minute with an overwhelming surge of interest bringing all variety of fans to clamor for a Portal in the first Haunt of Aavegotchis. The launch was a huge success by all metrics except the fact that not everyone could have a Portal. The math made sure of that with a 25 Portals per transaction buy limit (set by the DAO) and more than 25,000 unique site visitors arriving at aavegotchi.com during the event:
“Whether or not you’re like me and didn’t score a Portal, we as a community can be extremely proud of what we’re accomplishing together,” said Jesse Johnson, an Aavegotchi summoner. “This is the start of a much larger movement toward Layer 2 and mainstream adoption of NFTs and crypto-collectibles!”
Polygon, Ethereum’s layer 2, enjoyed a huge influx of new users, with many crypto OGs adding the network to their custom RPC option on MetaMask for the first time. The energy was apparent with dapps like Quickswap.exchange enjoying their highest ever recorded volume during the launch. It makes sense as Quickswap is the main source of “Spirit Force” liquidity. Quickswap supports all the Aavegotchi staking maTokens (maAAVE, maLINK, maUSDC, etc) with incentivized pairs.
Our own NFT secondary marketplace, the Baazaar, is seeing massive follow-on activity with closed Portals, opened Portals, and already summoned Aavegotchi all trading with good volume. The variety is a lot of fun to explore. Even a Cardi B Aavegotchi was spotted!
If you don’t yet have your own Aavegotchi or Portal, this is the place to start looking for good deals!
Portal Drop Facts
The Portals sold-out almost instantly, with many feeling locked out or laggy. That is unfortunate side effect of a situation where limited supply smacks into the reality of greater demand. One urban legend that was sparked on the Discord livestream was that adjusting gas settings would help. This in fact, had no bearing on anyone’s success or failure as the team opted to use Biconomy, a meta transaction service that levels the playing field for all participants. If someone claims they won a Portal because of high gas settings, it’s simply not the case.
We are proud to confirm that no infrastructure crashed, the portals were relatively well distributed and any potential bots were prevented from accessing the contract directly. Whales also saw no advantage in speed or priority. On-chain analysis shows less than 1% of the largest GHST wallets immediately scored Portals. Instead they are now accumulating theirs alongside the rest of the community on the Baazaar marketplace.
Here’s what the first 24 hours of Aavegotchis arrival looks like:
Checking the Aavegotchi contract on the block explorer reveals that over 1750 unique wallets hold Aavegotchis for an average of just under 6 portals per address.
100% of the wearables and consumables NFTs also sold out within the first couple hours. These sales combined with the portals amounts to a total sales volume that exceeds $5.5 million USD worth of GHST.
The Virtuous Cycle kicks in
Speaking of GHST, today is when the long envisioned “virtuous cycle” kicks in for the GHST community. The sale has bootstrapped funding for the gamers, the builders and the governors!
- Player rewards: 1.4m GHST
- Pixelcraft Studios: 635k GHST
- DAO revenue: 370k GHST
GHST-denominated revenue is hardcoded to fund the Rarity Farming rewards pools (40%), Pixelcraft Studios (17%) and the AavegotchiDAO treasury (10%). This means any primary sales of Portals, wearables and consumables all are set to deliver significant funds to all three pillars of the Aavegotchi platform. What’s more, secondary sales of the Baazaar also have fees allocated to both Pixelcraft Studios and the DAO treasury.
This first drop delivers over 1.4 million GHST to the Rarity Farming Season 1 (dates TBA) play-to-earn rewards pool. Rarity Farming directly incentives players to not only own Aavegotchi but to continually interact and level up their frens. These rewards are distributed across multiple categories and with a very efficient curve that rewards the champions greatly while also maintaining a long tail to reward the majority of participants. You can read more Rarity Farming details in this previously published piece.
GHST burners engaged!
The other big half of this virtuous cycle requires something hot, a token burn!
GHST burned: 1.2m GHST (and counting!)
The oven is fired up with any GHST-denominated revenue seeing a hefty 33% burn. Additionally, listing an item on the Baazaar costs 0.1 GHST which is also completely burned. The listing fee helps to eliminate spam while also benefiting our community’s tokenomics.
Future Haunts and AavegotchiDAO
Aavegotchi is a game first and foremost. We are not building Aavegotchi to simply monetize another scarcity meme. If that were the case, why would Aavegotchis be packed with so much innovative utility?? Aavegotchis are meant to be enjoyed by all who want to have a digital fren, safety farm DeFi and pioneer NFT gaming.
That being said, Aavegotchi supply is governed by the DAO, and the discussion is already underway on dao.aavegotchi.com for a vote on a second haunt to meet demand.
This first Haunt is just the beginning frens. Together, we’ve built the foundation for a gaming experience that can deliver blockchain to the masses. Let’s think big! If you haven’t already, please join the discussion so we get the parameters of any future haunt right. Then be ready to vote with your GHST in an upcoming Snapshot.
Congratulations to all on a successful launch. Aavegotchis have arrived!
Stay spooky,
Aavegotchi Team
