What are Aavegotchi Verified Fakes?

Aavegotchi, a truly pioneering initiative in the NFT industry with Verified Fakes. These are physical, numbered prints linked to an original NFT with royalties embedded in the blockchain. We’ll see what it’s all about in this new NFTexpress article.

The verified counterfeits launched by Aavegotchi Aavegotchi, is undoubtedly a pioneering new initiative in the NFTs ecosystem, since, they are numbered physical prints, but linked to the original NFT. In addition, they have royalties already integrated to the blockchain.

Aavegotchi is recognized in the crypto world for its product that links gaming with decentralized finance, but now with this new launch, it aims to generate verified digital art and bring it to the physical world, which is clearly an innovation in the industry. The initiative was called “Verified Fakes” and consists of creating verified physical prints from digital artwork in the format of non-fungible tokens.

At the beginning of the year, Aavegotchi started as one of the most promising GameFi projects where players could “pet” their digital ghost, collect items and earn rewards in a digital piggy bank. Actually, since the middle of the year the project brought a lot of innovation such as, Gotchiverse. In that digital terrain, players can own land and build performance-generating facilities on it.

With the success of their digital terrain, the option of exhibiting NFTs on a plot of land also arose. Consequently, this is where the art project comes into play. Fake Gotchiwhere a limited amount of creation coupons hit the market, and members belonging to the Aavegotchi community can work together with artists to mint different Aavegotchi-inspired artworks for the NFT collection.

The Fake Gotchi NFT art collection is about a month old since its launch and has already generated a sales volume of over $63,000. Along with the project’s latest collaboration with Soulmade Originsthe GameFi game community is now allowed to get a limited edition, verified physical print of their favorite Fake Gotchi artwork, called as mentioned above “Verified Fakes”.

What is a Verified Counterfeit?

A verified forgery is a kind of physical print that is numbered and limited edition of an original artwork by Fake Gotchi NFT. In addition, these Verified Fakes will provide two important elements: a canvas with separate frames and a SoulPrint card.

This card verifies the most important details of your artwork, connecting directly to the NFT metadata, the print date of your physical artwork, the format, and even the print ID. In this way, you can confirm that you own the first or fifth edition of the physical prints.

In this video posted by the official Fake Gotchis Twitter account, you can see exactly how the physical card can connect directly to the digital platform and claim a POAP: twitter.com/FAKEgotchis/status/

Royalties to the creator

In the true spirit that surrounds Web3 and its underlying technologies, royalties and creator collaboration are very important features. The initiative and Verified Fake Fake Gotchi and Verified Fake are aware of this and each physical print will earn 4% in royalties, paid in GHST tokens. These royalties go directly to the artist and the NFT owner on a monthly basis, according to the terms set out in the blockchain.

What generates this important feature in the project is that owning a Fake Gotchi is interesting both for the owner, but also for the artist, as it will be a source of income in the future.

On the other hand, there are several ways to get and obtain a Gotchi Kake, but one of the options that caught my attention is the GBM auction house.

GBM Auction House

Last year, Aavegotchi introduced their GBM Auctions and added a gamified layer to a traditional auction in that, during the auction, bidders could also win and people who overbid during the auction get a reward in GHST for participating in NFT price discovery. As a result, the user could win the NFT or get their money back and earn a small reward.

In addition, previously the GBM auction house was only open during special events, such as virtual land sales on Gotchiverse. However, the auction house is now open 24 hours a day, seven days a week, so that community members can sell their rare Aavegotchi NFT or Fake Gotchi NFT artwork at any time during the market.

Verified Fakes at the Art Basel exhibition in Miami. Official Aavegotchi Source.

One of the most important mechanics in the GMB auction house is that each auction has a one-hour cancellation period. This means that each time an auction ends, the seller has 60 minutes to decide whether or not to agree to the final sale price.

If the seller does not accept it, GHST rewards and selling fees must be paid as a penalty, but the upside is that you get to keep the NFT again that you were not convinced by the auction value.

How is Aavegotchi doing in the NFT industry?

With the launch of Verified Fakes and Fake Gotchi NFT, the project shows a significant increase in its trading volume despite the current bear market.

Aavegotchi saw its volume increase by 6.5% in the last 30 days and reached around $215,000. Also, the number of items sold soared 25% to 1,257.

While these are not numbers that represent record-breaking performance, they highlight the resilience of the Web3 game overall. Furthermore, in terms of blockchain activity, Aavegotchi ranks 22nd on Polygon (data and source from DappRadar), as of this writing). This is because, for example, logging into Gotchiverse does not require a transaction on the blockchain, but only a signature authorizing the wallet and thus the user to log in.

All investment or financial opinions on behalf of NFTexpress should not be taken as recommendations. This article is informational/educational material. Before making any type of investment do your own research.

Written by Rodrigo Catalan (TW: @RodrigoCatalanB) for NFT Express.