Only about 2,400 accounts managed to snag the original Loot, an NFT collection of computer-generated text images that represent the treasures of a videogame that hasn’t been invented yet.
These 2,400, who minted their Loot NFTs for free a week ago before all the collection was claimed within a couple of hours, can resell their NFTs for a minimum of 8 ETH (and far more if their sheets contain rare items), and claim about $50,000 of Loot ERC-20 tokens.
Everyone else, however, had to watch with envy while the lucky few became immensely wealthy, networked in exclusive online clubs and got ready to play the RPG videogame that Loot’s community is feverishly creating for them.
Sensing that individuals felt somewhat left out, the challenge’s creator, Dom Hofmann (who also created the short-video app Vine and NFT project Bitmap), released more Loot today.
A lot of it: while the original assortment was restricted to 7,778 NFTs, there is ~1,316,005 bags of further Loot. Hofmann named the contract TemporalLoot however the community is calling it Extra Loot.
Extra Loot has a dynamic provide and will increase at a tenth of Ethereum’s block rate. Hoffman predicts that about 250,000 further Extra Loot NFTs can be minted each year.
To mint, the loot, click here and enter a number over 8,001 and under 1,316,005 under “2. claim”. If the gas fee is incredibly excessive, like $25,000, the Loot has been claimed.
Will Papper, who created AGLD, the ERC-20 token that serves as Loot’s native currency, mentioned that “the neighborhood can resolve whether Loot, Extra Loot or both are eligible for future $AGLD claim seasons. The $AGLD contract helps any underlying NFT for claims, so there’s nothing stopping the community from deciding to expand the pool of $AGLD holders.”
In the hour since Hoffman dropped the extra Loot, the floor price of the unique Loot sunk from about 11 ETH to 8.8 ETH.
One Loot holder told that they had been worried that the worth of Loot would proceed to fall and bought their Loot for 8.2 ETH. “I’m over this,” they mentioned. “The stress is an excessive amount of and the money is exorbitant.”
It seems unlikely that the new Loot will ever be worth as a lot as the unique Loot—different spinoff tasks are far much less precious. Discounting the rarity of particular person Loot NFTs and the dynamic provide, the market cap of the new Loot must rise to $1 billion for every Loot NFT to be price $1,000.
Still, given that NFTs of some lines of the text raised $176,325,057 in a week, the cynics could be proven wrong once again.