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You missed out on the original Loot drop? This is your chance.
Only roughly 2,400 accounts were able to obtain the original Loot, an NFT collection of computer-generated text pictures representing the spoils of an unimagined gaming.
Those 2,400 people who received their Loot NFTs for free a week ago before the entire collection was collected in a matter of hours can resale their NFTs for a minimum of 8 ETH (and much more if their sheets contain rare goods) and claim around $50,000 in Loot ERC-20 tokens.
Everyone else, however, had to watch with envy while the lucky few became immensely rich, networked in exclusive online clubs and got ready to play the RPG videogame that Loot’s community is feverishly creating for them.
Dom Hofmann, the project’s founder (who previously founded the short-video app Vine and the NFT project Blitmap), released additional Loot today, sensing that many were feeling left out.
There is a lot of it: whereas the original collection was limited to 7,778 NFTs, there are 1,316,005 bags of extra Loot. The contract was titled TemporalLoot by Hofmann, but the community has dubbed it More Loot.
More Loot has a dynamic supply and grows at a tenth of the rate of Ethereum’s block rate. According to Hoffman, an additional 250,000 More Loot NFTs can be minted per year.
To mint the loot, click here and enter a number over 8,001 and below 1,316,005 under “2. claim”. If the gas fee is incredibly high, like $25,000, the Loot has been claimed.
Will Papper, who created AGLD, the ERC-20 token that serves as Loot’s native currency, said that “the community can decide whether Loot, More Loot, or both are eligible for future $AGLD claim seasons. The $AGLD contract supports any underlying NFT for claims, so there is nothing stopping the community from deciding to expand the pool of $AGLD holders.”
The floor price of the original Loot has plummeted from around 11 ETH to 8.8 ETH in the hour when Hoffman delivered the extra Loot.
One Loot holder informed Decrypt that they were concerned that the price of Loot will continue to plummet and decided to sell their Loot for 8.2 ETH. “I’m done with this,” they declared. “There is too much stress, and the money is exorbitant.”
Other derivative ventures are significantly less lucrative, therefore it looks unlikely that the new Loot will ever be worth as much as the original Loot. Taking into account the scarcity of individual Loot NFTs and the dynamic supply, the new Loot’s market value would have to climb to $1 billion for each Loot NFT to be worth $1,000.
Still, given that NFTs of a few lines of text raised $176,325,057 in a week, the cynics could be proven wrong once again.