Winning! A Review of The First Aavegotchi #Bid2Earn Auction

First, What’s a #Bid2Earn Auction?

A #Bid2Earn auction (Powered by GBM!) is a normal English auction, with a twist. Every time a participant is outbid, that person earns a payout up to a certain % of the original bid. Entirely automated, the payout is credited immediately to their wallet, along with their refunded original bid. This incentivizes price discovery and rewards bidders to keep searching for undervalued NFTs so they can keep bidding and keep earning!

Cool in theory, but how did the Bid2Earn Aauction play out IRL?

We’re thrilled to report that Aavegotchi’s debut auction was successful by virtually every single metric, setting the stage for a new, higher standard for NFT drops across the space. Upcoming major Aavegotchi releases such as Haunt 2 (now being voted on by AavegotchiDAO) and The Gotchiverse REALM parcel sales will most certainly continue to build on this auction’s momentum!

Seeing is Believing

The auction offered a total of seven distinct wearable items of varying quantities. The most valuable single item was the VR Headset (the only Mythical rarity ranked item), fetching all of the top ten closing bids. Likely because of its lone Mythical status, the VR Headset also had the widest range of winnings bids with the highest going for 13,308.669 GHST while the item’s lowest winning bid was 7000 GHST.

Behind the numbers

748 unique bidders participated in the three day auction, accumulating a total of 12,957 bids! Analytics reveals that the majority of price discovery happened in the high-energy first hours of the auction. Bids continued to gradually increase as participants strategized and repositioned for the auction’s closing.

Price discovery at the speed of GHST
  • Steampunk Goggles: 1568 bids
  • Steampunk Trousers: 2154 bids
  • Mechanical Claw: 875 bids
  • VR Headset: 478 bids
  • Gamer Jacket: 1338 bids
  • Game Controller: 2222 bids
  • Gotchi Mug: 4322 bids
  • Steampunk Goggles: 6.272 bids
  • Steampunk Trousers: 4.308 bids
  • Mechanical Claw: 8.75 bids
  • VR Headset: 9.56 bids 🔥
  • Gamer Jacket: 5.352 bids
  • Game Controller: 4.444 bids
  • Gotchi Mug: 4.322 bids
The Gotchi Mug makes history

A Better NFT Drop

Beyond the data, we’re most thrilled with the way this NFT drop succeeded in boosting morale and engagement. Even the most “successful” of typical First Come First Serve NFT drops tend to fail in this regard. They are instead maligned with disappointed fans, gas wars and even bots. This auction had the complete opposite effect, instead feeling more like a celebratory shared experience.

About Aavegotchi

Aavegotchis are on-chain collectible ghosts staked with Aave’s interest-generating aTokens.

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Aavegotchi

Aavegotchi

DeFi-enabled Crypto Collectibles Collect, compete, and combine your Aavegotchis for the ultimate gamified DeFi experience! Powered by @aaveaave.