The NFT craze is back in full swing. While the OpenSea platform broke its own records in August with a total volume of $3.16 billion, new series of non-fungible tokens of a new type continue to fuel the hype.
Loot, the new hyped NFT project of the moment
Finally, the successor to Bored Apes, Art Blocks and other CryptoPunks has been discovered. Called “Loot (for Adventurers)”, this new NFT project has dethroned its predecessors in just a few days.
Launched at the end of August by Dom Hofmann, who is best known for creating the Vine application, Loot is a game hosted on the Ethereum blockchain that combines gamification and NFT. At its launch, the project didn’t even have a graphical interface. Indeed, users had to interact directly with the smart contract to mine precious NFTs.
In fact, these NFTs contain a few lines of text that represent equipment and objects that can be used in the game, once it is developed and released. That’s right! At the moment, Loot does not have a playable version yet and is only made up of the created NFTs and the game’s own AGLD token.
Within a few hours, the 7,778 NFTs of the project have been mined by the community. For once, users only had to pay the network fee to generate the NFTs. However, the price of the latter quickly exploded on the Opensea platform.
Loot is currently the highest volume project on Opensea, with 55,103 ETH of volume over the last 7 days, an increase of 1,600% over this period. At the time of writing, the minimum price to acquire one of these NFTs is 10.5 ETH, or nearly $40,000.
Another airdrop to the delight of its community
As we have seen, the Loot project has its own token, the AGLD. As is often the case in DeFi or NFT projects, the cryptocurrency in question has been distributed to the community via an airdrop.
Thus, each holder of an NFT Loot had the opportunity to claim 10,000 AGLD tokens. At its ATH on September 3, each AGLD token was worth $7.70. In effect, each NFT Loot holder had the ability to claim $77,000 in AGLD chips. Since then, the price has dropped to $3.45, which still means a rather nice airdrop of $34,500.
Investors who sold their freshly claimed AGLD bag directly at launch, when it was only worth 45 cents, must be biting their fingers.
New Loot to be generated
Feeling that a part of the community was feeling left out, Dom Hofmann decided to launch a second round of NFT Loot. A total of 1,316,005 new NFTs will be available for the community to claim via the contract entitled “Temporal Loot”, which the community quickly renamed “More Loot”.
Since the supply in circulation of these new NFT is dynamic, new Loot will be mined with each new block on Ethereum. Its creator estimated that about 250,000 Loot could be created via this contract each year.
Although currently these new NFTs do not give access to an airdrop of AGLD tokens, the community could decide otherwise, as Hofman explained on Twitter.
“The community can decide if Loot, More Loot or both are eligible for future AGLD claims. The AGLD contract supports any underlying NFT for claims. As a result, there is nothing to stop the community from deciding to expand the pool of AGLD holders.”Dom Hofmann
Indeed, the AGLD token acts as a governance token, allowing its holders to decide on the evolution of the protocol.
However, the holders of the first NFT Loot fear that the creation of new NFTs will make theirs less scarce and that their value will plummet as new Loot are generated.
Ultimately, NFTs are not just about Ethereum. Other blockchains are trying to jump on the bandwagon along the way. This is notably the case of the Internet Computer Price project which is about to publish 10,000 NFTs for its users.