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In a yield farming-meets-Pac Man hybrid, DeFi-powered NFTs are making their way to the metaverse.
One of the first initiatives to combine decentralised finance with nonfungible tokens (DeFi/NFTs) has announced the release of a metaverse litepaper.
Aavegotchi, a project that generates upgradeable NFTs backed by yield-bearing positions on lending platform and money market Aave, announced the release of a litepaper devoted to the “Gotchiverse,” a gamified metaverse.
Aavegotchi co-founder Jesse Johnson joked about the sometimes-esoteric features and backstory in the litepaper on a celebratory Twitter Spaces today:
“This is not your typical litepaper, it’s got a lot of lore in it […] We’ve got a bit of a DeFi RPG in front of us.”
The metaverse will launch a new, fungible ERC-20 token, the “Gotchus Alchemica,” which will be farmable from REALM land plots, which will be backed by NFTs — conceptually similar to Decentraland’s MANA/LAND two-token scheme.
Alchemica may be used to build improvements for REALM plots, such as the “Gotchi Lodge,” which allows groups of people to interact while also combining agricultural efforts. Upgrades will take a “certain number of blockchain blocks to complete,” but liquidity suppliers to Aavegotchi’s in-house AMM, the “Gotchus Alchemica Exchange,” can speed up the process by receiving incentives for supplying liquidity.
And we’re live! ???
Join the Reading ?https://t.co/mJ029fiNsr
— Aavegotchi (@aavegotchi) June 23, 2021
This gamified yield farming is woven into the Gotchiverse’s considerable lore and backstory — about a third of the 14-page litepaper is devoted to storytelling and fleshing out the universe. The antagonists of the game, the Liquidators, refer to actual liquidators on the lending platform Aave, and the universe is speckled with DeFi in-jokes — a “home base” area of the map is called the “Citaadel,” and types of Alchemica include “Fud,” “Kek,” and “Fomo.”
Aside from the farming gameplay, Johnson said the map will be “a huge game of Pac-Man,” where Aavegotchi run/float around the map to collect Alchemica and return it to their REALMs before getting caught by Liquidators, which may be player-characters as well as AI.
The Gotchiverse’s entire release date is unknown, however Johnson has stated that portions would be available as early as Q3 2021. Johnson also stated that the team has grown to 20 full-time personnel, including veterans from the video gaming business.
While Johnson has long been a champion of DeFi and NFT crossovers, interest in metaverses has recently increased. This month, Nvidia’s CEO stated that we are on the “cusp” of a blockchain-powered metaverse, while the creator of the popular video game Fortnite stated that metaverse technology is “going places.”