Gaming protocol Aavegotchi to launch its on-chain sharing economy
Aavegotchi, a play-to-earn gaming protocol, officially launches its new on-chain sharing economy today.
Bugis, Singapore, March 28, 2022 — Play-to-earn (P2E) gaming protocol Aavegotchi officially launches its new on-chain sharing economy today. The system, branded Gotchi Lending, will provide greater accessibility to the Aavegotchi ecosystem, increasing the game’s player base without diluting its rudimentary supply of nonfungible token (NFT) assets.
First announced in November 2021, the Gotchi Lending program is Aavegotchi’s improvement on the scholarship model pioneered by other NFT games. Though successful in sustaining asset ownership, the scholarship model falls short in its reliance on trusted relationships between strangers, making it particularly prone to human error.
In contrast, Gotchi Lending takes inspiration from sharing economies of platforms such as Uber and Airbnb, incorporating the benefits of 100% on-chain security and trustless execution. The result is a system with seamless, instant approvals and a robust sharing economy supported by blockchain security.
Gotchi owners can advertise and loan their avatars to borrowers through the Gotchi Lending area on the Aavegotchi decentralized app. They can dictate the duration of the loan, any applicable fees and the reward split between the two parties.
Since the smart contract is designed to lend Aavegotchis with limited rights, borrowers can enjoy P2E in the Gotchiverse but can never steal NFTs. Any Alchemica ERC-20-protocol token or its native eco-governance token, GHST, acquired during the lending period are deposited into an escrow balance, which automatically splits the earnings at the conclusion of the agreement according to the contract terms.
Jesse Johnson, Aavegotchi co-founder and chief operating officer, said:….