Aavegotchi Metaverse Selling Land - Participate in Auctions and Earn Money!

The recent blockbuster news - Facebook's parent company changed its name to "Meta", is related to the "Metaverse", so it also brought a wave of Metaverse-related currencies soaring.

The blockchain game Aavegotchi, which I keep following, is also developing towards the concept of Metaverse. Its virtual world is called "Gotchiverse". There are 420,000 pieces of land in it, which can be said to be a very huge world. The first land auction just ended a few days before this article was written, and the most expensive piece was sold for 45,000 GHST coins, which is now worth about 100,000 US dollars!

The younger brother has also marked two plots of land. I hope that I can become a charter company in the future and bring me passive income~~

The "Gotchiverse" virtual world is expected to be launched in December 2021. The game content and gameplay have not been fully announced, so I won't talk about it. This time, I mainly share with you their interesting auction method - GBM Auction! How to make money by participating in bidding?

Bid-To-Earn

We are generally familiar with the British auction, that is, the person with the highest price at the end sells, and other bidders return empty-handed. The disadvantage of using this traditional method of online auctions is that the bidding process is often slow, as most people will want to wait until the last minute to bid. If the bidding process isn't hot, in addition to being uninteresting to bidders, the final sale price may also be low.

How to attract users to bid actively? Of course there is a profit!

Some smart people invented this Bid-To-Earn auction model ( GBM Auction ): if your bid is exceeded by others (outbid), you can earn a certain percentage of the original bid bonus!

For example, the reward is set to 1%, I bid $100, an A outs $120 more than me, then I will get $1. If someone else offers a higher price, A will earn $1.2. Until the time of the deal, the seller gets the final price minus the bonus for everyone in the bidding process.

The concept is that because all bidders contribute to the process of "determining the final price", they should all be rewarded; this encourages more bidders, and bidders profit from it. Pushing up the final selling price also helps, creating a win-win situation for buying and selling.

In this Gotchiverse land auction, I used a principal of about 2500GHST, made 17 outbids at the beginning of the auction, and earned a total of 141GHST!

Of course, the "risk" the bidder takes is to become the final bidder. If you don't really want to buy, but just want to earn the reward of being outbid, it will test the timing of bidding and the wisdom of judging value.

This is the third time that Aavegotchi has used GBM Auction. The previous auction of the ghost portal and the other auction of equipment items will also be adopted in the subsequent auctions. Prepare your $GHST to participate!

In the metaverse trend, I believe that Aavegotchi is a project with great potential. I will continue to introduce it to you when the game is updated~

If you are interested, you can join the Aavegotchi Chinese discussion group opened by enthusiastic players: LINE group , Telegram group (see the message for the link)

For an introduction to the Gotchiverse world view, please refer to this Litepaper .