LOOT (for Adventurers) is the latest NFT project to soar in value.
The project takes a bottom-up approach, with the decisions over how to use the NFTs in the hands of the community.
One derivative project, Adventure Gold, has already hit a market cap of $500 million.
Share this article
LOOT (for Adventurers) is the latest set of NFTs to soar in value, inspiring creators to launch several successful derivative projects.
The Loot Craze
Just as the NFT market appears to be cooling off, another new project starts making waves.
LOOT (for Adventurers) is a collection of 8,000 unique bags of adventure gear. Visually, the NFTs are represented as nothing more than a list of items, with “stats, images, and other functionality intentionally omitted for others to interpret,” according to the project’s website.
Loot NFT examples. Source: Loot Project
The items listed on the NFTs follow a high fantasy theme, similar to items in games such as World of Warcraft or Dungeons and Dragons.
The project is little more than a week old, but the rise in price has been unrelenting. The cheapest examples are currently selling for almost 20 ETH or $79,000. On release, anyone could claim the loot bags for free, only paying the Ethereum gas fee.
On the Loot website, the project describes itself as the first of its kind and explains the function of the NFTs as:
“The unfiltered, uncensorable building blocks for stories, experiences, games, and more, in the hands of the community, at no cost. Loot pursues complete decentralization from day one.”
As opposed to a top-down approach where the decisions of NFT developers create value, Loot takes a bottom-up approach. The value derived from the project comes directly from how the community engages with it.
Fueled by the endless possibilities for Loot, a strong community has formed around the project. Loot owners have already started building pixel art characters, a metaverse, and quest maps, using the same on-chain generation and randomization as the original Loot project.
However, one derivative that has stolen the limelight is the Adventure Gold token (AGLD). Created by Ethereum veteran Will Papper, Adventure Gold is an ERC-20 token representing gold coins, a common currency in fantasy role-playing settings. Like Loot, AGLD is an open book, with the community deciding how the tokens should be used. Adventure Gold was distributed via an airdrop, with all Loot NFT holders receiving 10,000 AGLD, creating a current max supply of 80 million tokens.
Since its launch, the price for AGLD has gone parabolic. In the past 24 hours, the token has risen over 1600%, reaching a peak of $7.29 Friday morning before cooling off. Anyone lucky enough to receive a bag of AGLD could have sold it for $70,000, almost as much as the Loot NFTs currently cost. The total market capitalization for AGLD currently stands at over $500 million.
When the price of Ethereum broke out of its previous range earlier this week, NFTs appeared to be losing steam, with floor prices for popular projects dropping. However, Loot seems to have reinvigorated the space, providing something fresh and unique for NFT aficionados to rally around.
Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Has Banksy Just Released His First NFT on Ethereum?
A link to the NFT’s OpenSea listing was posted on Banksy’s official website today. OpenSea Listing Draws Attention It looks like Banksy might have just minted his first NFT, or…
OpenSea Hits $3B in Monthly Volume on Mutant Ape NFT Drop
OpenSea has reached $3 billion in volume traded this month, with the recent Mutant Ape Yacht Club launch helping the NFT marketplace hit the milestone. Mutant Apes Make History The…
People Are Scouring Ethereum for Lost NFT Projects
Early Ethereum projects are exploding amid wild speculation in the NFT market. NFT Fans Scoop Up Archive NFTs NFT collectors are turning their attention to some of the oldest projects…
Efficient Market Hypothesis: Does Crypto Follow?
The Efficient Market Hypothesis (EMH) is a concept in financial economics which states that security prices reflect all the available information about a financial instrument. EMH is one of the…