A play-to-earn style platform, upcoming ‘portal’ sale and the “NFT summer” all back GHST’s 40% breakout to a new all-time excessive.
The NFT sector took the world by storm in 2021 as crypto and corporate sector influencers globally recognized companies and popular sports activities groups embraced the rising digital collectible development.
After a short sector-wide pullback which coincided with the market-wide declines seen starting in May, the NFT sector roared again to life as collectibles like CryptoPunks, Pudgy Penguins and Bored Ape Yacht Club (BAYC) selling for record-breaking prices.
One project that has benefitted from the recent bull market in the NFT sector is Aavegotchi (GHST), a decentralized finance (DeFi) targeted NFT ecosystem that runs on the Aave protocol.
Knowledge from Cointelegraph Markets Professional and TradingView exhibit that since reaching a low of $0.896 on June 22 the price of GHST has rallied 202% to succeed in a new report high at $2.74 on Aug. 13.
Three reasons for the bullish worth performance for GHST include excitement for the upcoming Haunt 2 portal drop, income opportunities supplied from selling Gotchi’s and wearables and the launch of the latest mini-games that help to draw new users.
Upcoming portal drop excites the community
The biggest development to come out of the Aavegotchi community recently was the announcement of the second ‘Hang-out’ which is scheduled to happen from Aug. 26 to Aug. 29.
In Aavegotchi, Haunts are the only alternative to acquire newly released Gotchi’s, the in-game characters of the ecosystem, and they’re summoned through ‘portals’ which are raffled during the Haunts.
Because the name implies, Haunt 2 is just the second portal drop to happen for the Aavegotchi ecosystem and it’ll introduce 15,000 new Gotchi’s to the protocol. 12,000 are available by way of a bid-to-earn auction and 3,000 by a raffle.
All bids are made utilizing GHST tokens and raffle tickets might be bought with FRENS, a digital asset earned as a reward for staking GHST on the Aavegotchi protocol.
Traders accumulate GHST to purchase and sell Gotchis and wearables
A second reason for the growing strength of GHST is the income alternatives generated when participants have interacted with the platform.
As beforehand talked about, there has solely been one Hang-out that has launched portals able to summoning Gotchi’s and so far, 6,992 of the 10,000 portals have been claimed. The latest statistics show that 425 Gotchi’s have been sacrificed, which means that there are presently 6,567 Gotchi’s in existence.
Raffles supply customers the chance to win wearable gadgets that vary from ‘widespread’ to ‘godlike’ and so they can be utilized as equipment to extend a Gotchi’s worth.
As a result of the rarity of both Gotchi’s and wearables, some users have managed to earn a significant return on funding by selling them in. the secondary markets.
Now that a new opportunity to obtain low-cost portals and free wearables through raffles — both of which require GHST— is approaching, demand for the token is likely to proceed to increase till Haunt 2 is full.
On that note, it’s also prudent to offer a word of warning that Haunt 2 has the potential to be a “buy the rumor, sell the news” sort of event and it may lead to a decline within the demand for GHST. In lots of cases, altcoin costs have dropped as soon as the precise product delivery or hard fork upgrade is complete.
NFT summer brings an added boost
A 3rd reason for the bullish worth transfer in GHST has been the overall performance of NFTs over the past couple of months which has led many to refer to it as an ‘NFT summer’.
The bullishness seen across the NFT space has translated into price will increase within the GHST token in addition to the assorted collectibles supplied within the ecosystem.
With the momentum behind NFTs persevering with to construct as Aavegotchi prepares to extend the variety of collectibles in its ecosystem, it’s potential that the worth of each GHST and in-game gadgets may proceed to rise as new members uncover this distinctive merger of NFTs and DeFi.
The views and opinions expressed listed here are solely these of the author and don’t necessarily reflect the views of Cmnnews. Every investment and trading transfer includes risk, you need to conduct your personal analysis when making a call.