Only about 2,400 accounts were able to obtain the original Loot, an NFT collection of computer-generated text images representing the treasures of an unimagined videogame.
Those 2,400 people who received their Loot NFTs for free a week ago before the entire collection was claimed in a matter of hours can resell their NFTs for a minimum of 8 ETH (and much more if their sheets contain rare items) and claim approximately $50,000 in Loot ERC-20 tokens.
Everyone else, on the other hand, had to look on in envy as the lucky few became enormously wealthy, networked in exclusive online clubs, and prepared to play the RPG videogame that Loot’s community is feverishly creating for them.
Dom Hofmann, the project’s creator (who also created the short-video app Vine and the NFT project Blitmap), released more Loot today, sensing that people were feeling left out.
There is a lot of it: while the original collection was limited to 7,778 NFTs, there are 1,316,005 bags of extra Loot. The contract was named 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 each year.
To claim the loot, go here and enter a number greater than 8,001 but less than 1,316,005 under “2. claim.” If the gas fee is extremely high, such as $25,000, the Loot is claimed.
Will Papper, the creator of AGLD, the ERC-20 token that serves as the native currency of Loot, stated that “Loot, More Loot, or both may be eligible for future $AGLD claim seasons at the discretion of the community. The $AGLD contract supports any underlying NFT for claims, so there is nothing preventing the community from deciding to increase the number of $AGLD holders.”
The floor price of the original Loot has dropped from about 11 ETH to 8.8 ETH in the hour since Hoffman dropped the extra Loot.
One Loot holder told us that they were concerned that the price of Loot would continue to fall 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 projects are far less valuable, so it appears 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 cap would have to rise to $1 billion for each Loot NFT to be worth $1,000.
I feel like I must be missing something. To break even with .08ETH gas fee’s, it would have to be over .1ETH, but there’s a total of 1.3m in supply. So .1ETH can’t happen, no?— Ξlijah (@HawksNest) September 4, 2021
Nonetheless, given that NFTs of a few lines of text raised $176,325,057 in a week, the cynics may be proven wrong once more.