Only about 2,400 accounts managed to snag the original Loot, an NFT collection of computer-generated text images representing a treasure trove of video games that hadn’t yet been invented.
Those 2,400 accounts minted their Loot NFTs for free a week ago, and then the entire collection was claimed within hours, allowing them to resell their NFTs for as little as 8 ETH (or much more if their sheets contained rare items) and claim about $50,000 in Loot ERC-20 tokens.
However, others have to watch enviously as a lucky few become incredibly rich, network in exclusive online clubs, and prepare to play the RPG video game that the Loot community is so passionate about for them.
The project’s creator, Dom Hoffman (who also created the short video app Vine and the NFT project Blitmap), sensing that people are feeling a bit left out, released more Loot today.
Lots: while the initial collection was limited to 7,778 NFTs, there are about 1,316,005 additional bags of Loot. hoffman named the contract TemporalLoot, but the community is calling it More Loot.
More Loot has a dynamic supply and increases at a tenth of the Ether block rate. Hoffman predicts that about 250,000 additional More Loot NFTs could be minted each year.
To mint a loot, click here and enter a number over 8,001 and under 1,316,005 under “2. Claims”. If the gas cost is incredibly high, say $25,000, the loot has been claimed.
Will Papper, who created AGLD, the ERC-20 token that is Loot’s native currency, said, “The community can decide if Loot, More Loot, or both are eligible for future $AGLD claiming seasons. The $AGLD contract supports claims for any underlying NFT, so there’s nothing stopping the community from deciding to expand the pool of $AGLD holders.”
In the hour after Hoffman threw in the extra Loot, the floor price of the original Loot sank from about 11ETH to 8.8ETH.
One Loot holder told us they were worried that the price of Loot would continue to fall and sold their Loot for 8.2 ETH. “I’ve had enough,” they said.” The pressure is too much and the money is too expensive.”
It seems unlikely that the new Loot will be worth as much as the original Loot – other derivative projects are worth much less. If the rarity and dynamic supply of individual Loot NFTs is not taken into account, the market value of the new Loot would have to rise to $1 billion for each Loot NFT to be worth $1000.
Nonetheless, given that a few lines of NFT raised $176,325,057 in a week, the cynics may once again be proven wrong.