Victor Ugochukwu · Dec 14, 2020 . 5min read
Aave invests Aavegotchi developer, Pixelcraft Studios
DeFi protocol Aave invests in NFT collectibles project - Aavegotchi founded by Pixelcraft Studios.
By Victor Ugochukwu · Nov 24, 2020 . 5min read
Aave Money Market, one of the super DeFi super protocols, has decided to invest in Pixelcraft Studios, the developer company behind its fast-growing NFT collectibles project – Aavegotchi.
In a recent update, Aave announced it is investing in the Singapore-based Pixel Studios. Pixelcraft Studios develops Aavegotchi an NFT collectibles game which leverages the open-source Aave for distribution.
Aavegotchis are on-chain NFT avatars which anyone can stake with special yield-generating Aave aTokens (aDAI, aUSDC, aLINK, etc). In addition to its staked collateral value, Aavegotchis also have various unique traits that determine their overall rarity.
Although Aave initially funded Aavegotchi through an ecosystem grant, it also helped Aavegotchi raise equity investment in a “frens and family” round deepening their support for the NFT game developer further.
Since Aave rebranded from ETHLend, the P2P decentralized loan platform to a pool-based money market, Pixelcraft Studios will be the first of its official investment.
Consequently, Stani Kulechov, founder and CEO of Aave on its firm’s stake into Pixelcraft Studios commented and said
“Aavegotchi empowers DeFi with NFT collectibles. Essentially Aavegotchi brings new layers of composability within the Ethereum ecosystem. Your past savings experience on Aave unlocks ghost figure collectibles that can be equipped with wearables and consumables. I am positive that after the Aave earning experience, Aavegotchis will spread all over the rest of the DeFi.”
Aave’s move by investing in Pixelcraft Studios especially towards ushering another NFT era
Pixelcraft has moved swiftly to expand its team as it positions itself for an NFT era that is soon to come. It hopes to transcend the usual on-chain settlement of transactions. Pixelcraft Studios aims even for a higher feat; putting all the visual elements of Aavegotchi stored on the blockchain.
Aavegotchi has its unique governance token – GHST and hopes to launch its mainnet by December next months.
With space already hyping NFTs and their untapped potentials, Aave seems to be proactive and investing early. Should the second NFT wave happen as it did in 2018 during the boom of Cryptokitties, then Aave would be enjoying another similar DeFi boom.
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