• Aavegotchi’s NFT auction pays for high bidders

  • Aavegotchi, the cryptocurrency game that runs on Ether’s Layer 2 solution, is holding a massive NFT auction.

    This auction format rewards users who overbid by giving them a token reward, which is taken from the bids of the new high bidder.

    Aavegotchi is played similarly to cryptocurrency-infused Tamagotchi: keep your pet ghost healthy and alive and you’ll be rewarded with revenue farming tokens via the decentralized financial lending protocol Aave. It’s the latest attempt at the fledgling “game-for-money” genre, a new kind of video game that helps pay the rent. Now, developer Pixelcraft Studios is spearheading a new subgenre for the game’s NFT auctions.” Bid to Make Money.”

    The Aavegotchi Haunt 2 NFT auction, which began on Thursday and ends today, offers users payouts for bidding on NFT – cryptocurrency collectibles – even if they lose out on the auction. When players are outbid, they get back the GHST tokens they bid on, plus a payout of up to 10% of the original bid. This extra money comes from the highest bidder.

    Pixelcraft founder and COO Jesse Johnson told us that the team modified the auction model after the first Haunt drop in March, where 10,000 Aavegotchi NFTs sold out in 60 seconds. While the auction was a success for Pixelcraft, many players were unable to get NFTs – and therefore couldn’t play the game without buying ghosts on the secondary market.

    “We’ve built a tight-knit community over six months of intense creation and development. The majority of the community came away empty-handed, which was an absolute failure,” Johnson said.” From that moment on, we were determined to uncover a better way for NFT to be released.”

    Pixelcraft licensed the new auction format from GBM. It had been used by Cryptograph for Paris Hilton and Ashton Kutcher’s NFT auctions. Johnson said GBM has the “brains of the galaxy” to design a system that incentivizes users to bid on NFTs.

    “This new system isn’t just about financial incentives,” Johnson said.” Combining GBM auctions with a communications layer like Discord creates a unique social experience. The result is powerful and positive across the board.

    NFTs serve as ownership deeds for digital or physical assets. While they are prominently used to generate artwork, profile pictures, video clips, etc., they can also represent interactive video game projects.

    According to CryptoSlam, Axie Infinity, an ethereum-based monster fighting game, is a leading example in the space: its adorable creature NFTs have generated more than $1.6 billion in transactions to date.

    Aavegotchi’s Haunt 2 auction features 12,000 portal NFTs for summoning the game’s ghosts, along with a range of wearable items for customizing the creatures’ appearance. The auction runs through Sunday, August 29 via Polygon, Ether’s Layer 2 scaling solution.

    Pixelcraft said there were more than $60.8 million worth of bids in the first 24 hours, with about $1.5 million worth of rewards awarded to users and a total of 68,000 payouts. So far, the highest bid for a single item is 71,500 GHST (about $143,000 for a pair of “matrix eyes”).

    Johnson said his team is not trying to hide or minimize the crypto element of Aavegotchi, but rather celebrate it through this auction format and reward users who participate.” He said, “GBM’s bidding model coupled with Aavegotchi’s 100% on-chain spirit has proven itself to be incredibly powerful.

    “We suggest that cryptocurrency is welcome. It is not something to be ‘abstracted’, but is best placed front and center. Only then will an auction event like this weekend’s be possible. the essence of Web3 brings people together in meaningful new ways that are explicitly gamified and memorable.”

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