Yahoo Finance NFT Gaming Protocol Aavegotchi Aims to Increase Engagement With Upgrade
Join the most important conversation in crypto and web3! Secure your seat today
Community members of the AavegotchiDAO voted Monday in favor of launching the Forge, a new upgrade to the crypto collectibles game dedicated to improving Aavegotchi’s wearables market.
Aavegotchi is an “open-source, community-owned NFT gaming protocol,” as stated on its homepage, where users can interact with the Aavegotchi metaverse and stake their non-fungible tokens with Aave’s interest-generating aTokens. Aavegotchis, the on-chain collectible NFT ghosts, have three attributes – collateral stake, traits and wearables – that dictate their value and rarity.
The now-passed proposal is entirely focused on wearables, a foundational asset of the Aavegotchi protocol which give each NFT ghost a fashionable outfit and a better chance at performing better in-game.
The Forge is meant to introduce greater diversity and utility to the wearables market by tokenizing the different economic values of wearables, allowing the AavegotchiDAO to “granularly control inflation and introduce deflationary mechanics while still creating new content,” according to the upgrade’s white paper.
With the Forge, players can create wearables by smelting unwanted wearables and recombining them with new materials, adding further composability to protocol assets.
The motivation behind the proposal stems from the consistent reduction in secondary market value and sales volumes of wearables.
Speaking in a discussion thread, Dr. Wagmi, the author of the snapshot proposal, said, “The wearables market is in a very difficult position with decreased demand during the bear market … Moreover, the Aavegotchi ecosystem is suffering from low engagement, difficult to understand path towards ‘leveling up’ and thus, little time spent in the Gotchiverse.”
