- Reef Finance has just announced its first partnership for NFTs with Aavegotchi.
- Reef users will now be able to interact with Aavegotchis by staking REEF tokens.
- The DeFi hub will also list fractional Aavegotchi NFTs in its Reef DeFi baskets.
A product of the 2021 NFT ecosystem explosion, Aavegotchi is an innovative and unique project. It combines DeFi concepts with gaming mechanics inspired by Tamagotchi handheld arcade gadgets, popular between the late 1990s and early 2000s.
Aavegotchi NFTs are unique because they have intrinsic value. They offer an underlying collateral of aTokens which are interest-bearing representations of assets supplied to the Aave DeFi protocol. Withdrawing the collateral destroys the Aavegotchi, as the tokens represent its “spirit force.”
Since Aavegotchi is directly connected to DeFi, it is the perfect first NFT partner for Reef and Reef Chain. Thanks to this collaboration, Reef users will be able to interact with Aavegotchis by simply staking REEF tokens.
Jesse Johnson, COO at Aavegotchi’s Pixelcraft Studios commented on the partnership saying,
“Reef continually delivers on their promises and has built out a series of financial products that embody our shared belief in decentralization… Importantly, they’ve also achieved this by injecting personality into finance. That’s something we vibe with.”
Reef Finance will also list fractional Aavegotchi NFTs in its Reef DeFi baskets. Fractional NFTs allow creating liquid markets for unique collectors’ items, synergizing with Reef’s strengths.
“We’re pleased to be offering NFTs on Reef Chain and Reef DeFi baskets,” Denko Mancheski, CEO at Reef Finance, added. “When you learn of how Aavegotchis work you can’t help but be amazed at how cool the concept is.”