• Predatory NFTs Go Viral – A Quick Look at the Latest NFT Craze

  • The NFT craze is getting weird. The latest NFT project is an open source project by Dom Hofmann, co-founder of the social media app Vine. The project, known as Loot, was launched just a week ago and already has a total market cap of over $180 million.

    As a text-based building block, the project is quite technical and slightly difficult for novel users to understand. It describes itself as a “randomly generated adventurer kit and stored on a chain. Statistics, images, and other features are intentionally omitted for others to interpret.”

    Loot has no front-end interface at launch, and while NFT is available for free during launch (except for a refueling fee), users must participate in a minting contract to receive NFT. the reserve price rose to astronomical figures within hours, currently standing at 20 ETH ($79,000).

    Many are speculating whether Loot will turn into a full gaming ecosystem, as the community already consists of an impressive list of Web 3 founders, builders, and investors, including executives from projects like Aave, Axie Infinity, and Fractional Art. There is already a marketplace in development called Lootmart where users will be able to break down their loot bags into individual ERC1155 loot and trade their loot to upgrade their adventurers.

    The progress and enthusiasm for this project has been astounding so far, but we have yet to see if it will be a historic moment for NFT and gaming, or if the sky-high prices will drive away casual users and turn it into another flash-in-the-pan project.

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