Value Staked NFTs
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General Conclusion
When we talk about NFTs (non-fungible tokens), we often think of Crypto Kitties. But it was the start of the NFT a few years ago and is famous for causing the Ethereum Blockchain network congestion. Since then there has been a lot of activity involved in NFT and expanding a separate ecosystem or niche in the blockchain space. Essentially the NFTs are like the crypto art scene not like Bitcoin which is fungible, that means all units of bitcoin are the same. You have an encrypted work of art and me too, but they have different values. This makes NFT interesting by the difference between the experiences you can get by creating non-fungible items on the blockchain.
What gives NFTs Value?
Scarcity (digital collectables)
The value of NFTs comes from the scarcity that you can prove. You have only 1 copy of your artwork. Some people think that we can make a similar by copying or downloading them, but maybe they are wrong. Think of the Mona Lisa picture, you can take that picture with your camera or take an image on Google, but it is not as valuable as the real picture.
Ownership or proof of ownership is what blockchain can do. This makes it interesting.
Ecosystem (metaverses)
There is a lot of fun with ecosystems, these are the places we call metaverses. For example, Decentralised Land, CryptoVoxels which is similar to MineCraft and has the advantage of user-friendliness, you can share a hyperlink to an address on Twitter or chat room, people click on it and have access to the game regardless of whether they have an account or not. They are dropped into the metaverse and exploring these 3D worlds, which are tokenised parcels. This is the first time in history that we have virtual properties and they prove who owns them. This has taken video games to a new level.
Community (digital artists)
The third value comes from the community itself because we can do it all, without community means they don't have a lot of value.
What if the value could be backed into the NFT itself?
Or more specifically: What if we can take the NFTs that we are working on to create a special contract with an escrow, where users put stablecoins that are tied to a specific NFT. Will you then be able to put the value on the string into a specific NFT?
Our first project is booleanx.io, which is probably rare and interesting 3D Digital Collectibles. Especially when you minting, you have to stake DGX Gold Token into the NFTs specific amounts and get Rare coin. Almost bullionix is very rare, only 5 or 10 Rare coins exist. Some of them are very special which are designed and created by an individual or an organisation, while others are created in collaboration with crypto artists.
Twitter is a great place to discover many great crypto artists and you can also explore from booleanx to learn more about crafting, reimagining what gold coins and what coin collecting might look like in the future.
You may realise that the NFT has real value. You want a full system to allow melting or burning your gold coins on the network, you will get back your staked amount in the escrow contract.
Aavegotchi
Many things we could do with value-staked NFT and we started with a few ideas. It is very interesting to work with DeFi because we receive interest and interest and can do all sorts of interesting things to create value.
Aave is one of the big projects in DeFi, they have $aToken (like $aLink, $aUSDC, etc.). And these tokens will essentially accumulate interest natively. Users do not need to do anything or interact with Dapps, they just hold $aToken instead of real token and get an increase in the amount of $aToken. That is very interesting for us, we can stake these tokens inside the NFT and what we could do with it. Aave's mascot is Ghost, they've been supportive since the beginning and Aavegotchi started the experimental phase.
Aavegotchi is pixelated and fun artwork, we're making it fun and approachable. This is the best way to combine DeFi and NFT. Similar to Decentraland or some of these metaverses, we have the main character and you can own digital assets that can decorate your avatar, they are called wearables.
Users not only have NFT collectable Aavegochi, but they are also going to have wearables that are different sets of rarity. They can take these rare traits, gamify them and participate in all sorts of mini-games, the chances of you winning or being a favourite or an underdog are directly tied to the personality traits of their particular Aavegotchi.
Every Aavegotchi has a unique set of traits, the main way of discovery is to buy the NFT, it is called a portal. They can then stake other tokens like $aToken to make the main character special. Users can use this character to vote in DAO or play mini-games. Doing all those different actions are going to earn XP points that make their avatars live, develop and evolve with users through the Web3 experience over the coming years.
Few games in which the user can profit and compete with it. There will be different weight classes, different competitions where users could win or lose yield. In this way, they become appealing and popular.
FAQ
Without Defi, would NTFs die?
The short answer is No. But for our team we weren't able to build Aavegotchi without Defi, we will likely lose many interesting aspects.
How is our vehicle related to our base protocol and features? Like Flash Loan and Credit Delegation.
$aToken is very user friendly, they don't have to do anything with the Aave platform. What they need to do is play our game for an additional $aToken ($aDAI, $aLink, $aUSDT, etc.). Besides, users need to collect them because they do not want only 1 Aavegotchi and want to increase the number by collecting, users will want to own some $aToken. We are observing the use of other types of interest bearing tokens outside of the Aave Ecosystem in the future.
What was the relationship between $GHOST and $LEND when will Aave officially announce this?
We are an independent team, separated from the Aave. The team is called Pixel Craft Studios, we team up with Aave team to work, they are very supportive. They've been with us from the start, sponsoring us to explore Aavegotchi and other ideas too. We are working to reach milestones.
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