What Is Loot Project? Why Does It Become The Most Famous Community NFT Project?
28 July 2022
Regardless of market activity, innovation is the driving force behind the NFT ecosystem. Without boundary-pushing producers in the space, Bored Apes, Chrome Squiggles, Axie Infinity, etc. would not exist.
As the non-fungible movement continues to grow, so does the opportunity to network and form a community within the greater context of NFTs. A text-based, adventure-themed initiative launched by Dom Hofmann, co-founder of Vine, as well as other inventive NFT ventures such as Blitmap and Supdrive, has proven to be one of the most lucrative of these prospects.
Launched unannounced as a free-to-claim NFT on a first-come, first-serve basis, the Loot ecosystem has seen exponential development on a mind-boggling scale, transacting over 65,300 ETH (over $183 million) in total sales volume. In this article, bePAY provides a deep dive into Loot and beyond to help make sense of the chaos.
What Is Loot Project?
Loot is an NFT (non-fungible token) initiative consisting of 8,000 “bags” of unique RPG-style adventure gear. Dom Hofmann, the Co-founder of the social media site Vine, initiated the initiative. Each “Loot bag” comprises eight pieces of adventurer equipment, including the chest, gloves, shoes, head, waist, necklace, ring, and weapon.
These NFTs were issued without cost to users, who were obliged to pay only the gas expenses (transaction fees) associated with minting them. The public had access to bags 1 through 7,777, while bags 7,778 through 8,000 were reserved for the project’s creators.
This seems to be a regular NFT project so far. However, Loot is presently unique since each Loot bag lacks an established use case. NFTs are often designed with a game or application in mind. Instead, Loot allows the community to choose what to do with NFTs and how to integrate them into their platforms and products.
What is Loot project explanation?
How Does Loot Project Work?
Loot NFTs are non-fungible ERC-721 Ethereum tokens, meaning that each is unique and cannot be reproduced. The Treasure smart contract includes a degree of randomness that produces the eight loot items and “greatness” ratings for each NFT. The larger the score, the more variable the item’s name is.
Consider this example. Below is a list of the nine contents of bag #2423. Three common, one uncommon, three rare, one epic, and one mythic items in the bag. A legendary object is the rarest of all items inside the Loot ecosystem, existing just once.
The rarity of the objects included in a bag is one of the most influential factors in determining the bag’s worth. However, while considering its worth, other elements may come into play.
Loot project working system
>> Learn more about ERC-721 Token
What Is NFT Loot?
Indeed, loot items are NFTs. However, they are distinct from most others in a few intriguing aspects. The fact that the NFTs were provided at no cost is most evident. Rarely seen in the NFT market, where almost everyone seeks to generate a profit by selling them.
In the majority of instances, NFTs are also pictures. In the instance of Loot, NFTs are just phrases denoting particular in-game items.
For instance, things are divided into the following categories:
The value of the Loot Bag varies significantly based on its contents. The value of an object increases with rarity. However, it remains to be seen how the value of goods will vary as additional information is provided. Numerous individuals trade these Loot Bags depending on the anticipated value of their goods in the next game.
What is NFT Loot?
The most intriguing aspect about Loot Bags is that each item has smart contract-readable parameters. This indicates that they may interact with an object constructed atop the platform. As a result, they may serve as the basis for a variety of games and other projects.
The greatest aspect is that the community is actively working on fan art, game lore, and the narrative for the next game.
The Loot initiative also serves as an example for others. Take the FLOOT token, which gives “Familiars” NFTs to adventurers and derives its name from Loot. As with the original Loot, individuals will earn 110,000 FLOOT tokens for each familiar they own.
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The NFT’s Community Initiative
Developers and enthusiasts have already produced a large number of Loot NFT-based projects. The potential is limitless and depends only on how an NFT may be incorporated into a project. There are five primary ways to contribute: communities, developer tools, guilds, market trackers, and derivative projects. Let’s examine them in further detail.
The most sold expensive NFT of Loot Project Opensea and others on 6 Sep 2021
Community areas enable Loot owners and fans to collaborate on projects and explore new Loot concepts. Loot Community Discord and Loot Builders Discord are by far the two most popular real-time discussion forums for Loot.
Developer tools consist of scripts, wrappers, and image generators that aid in the creation of projects. For instance, Pixel Character Generator automatically generates pictures from each NFT for use in games and other applications.
Loot Sound provides a distinct sound for each NFT, allowing them to be used in other programs or games. Each item in the Loot bag has a unique sound that is mixed with the sounds of the other seven objects.
Guilds Katana Garden is a guild for NFT owners in possession of the Katana sword item. Katana owners are the only ones who are aware of their precise function. Members of the guild communicate through Reddit, and membership is contingent on showing possession of a Loot Katana.
Market trackers are simple tools for discovering whether NFTs have a certain item, their associated addresses, and the current market price. If you visit https://robes.market/ for instance, you can discover which wallets have a Divine Robe in their collection.
In addition to the original NFTs, various derivative products may be minted, claimed, or sold on the Lootverse through the Loot Exchange or Loot Project OpenSea.
Loot Project now is on OpenSea
NFTs, 3D artwork, Play-to-earn (P2E) games, and gaming assets are examples of these tradable things. These derivative projects are an essential component of the Loot ecosystem. Intriguingly, NFTs are often employed as participation fees in these derivative initiatives.
For instance, one of Loot’s derivative projects, Crypts & Caverns, is a collection of on-chain maps that are utilized in several Loot ecosystem games. These maps may be purchased and sold on Loot Project OpenSea.
Banners (for Adventurers), the Loot and Loot Realms governance layers are more examples of things that may be minted and exchanged in the Loot ecosystem (collection of explorable realms within games.)
What Are AGLD Tokens?
What Are AGLD Tokens?
The AGLD token is an ERC20 token built on the Ethereum network. It can be used to purchase voting power and governance features for the NFT project and is expected to be used as in-game money for an unreleased game. Loot allows holders of AGLD tokens to acquire a “Loot Bag,” a randomly produced list of non-fungible tokens (NFTs) that are fantasy-themed, text-based adventure gear items kept on a chain.
AGLD was first released in September 2021, allowing Loot holders to collect 10,000 free tokens. Due to the revolutionary nature of the Loot initiative, token values surged upon launch. The current supply of Adventure Gold, as well as its total supply, is 70,170,001 units.
AGLD tokens details
Dom Hofmann, the Co-founder of the video-sharing software Vine, launched Loot (now archived). Initially, Loot looked to be just words on a white backdrop. After posting the idea on social media, it soon gained a great deal of attention and sparked the imagination of the NFT community, prompting a large number of individuals to investigate it.
Vitalik Buterin, the inventor of Ethereum, has approved and supported the NFT project, which is a factor in its popularity. This resulted in the rapid release of Adventure Gold as the native token for Loot NFTs by Will Papper, Co-founder of the Syndicate DAO and member of the Loot community.
Adventure Gold Tokenomic
The entire supply of Adventure Gold is 75.3 million AGLD. Each of the first 8,000 NFT Loot got 10,000 AGLD as an airdrop, with the rest of the stock being made available on the market. The largest holders of AGLD at the moment are exchanges like Huobi, FTX, and Uniswap V3.
The use of tokens:
- Takes part in a vote on grants and protocols.
- Loot economy aggregator and open LOOT currency stack.
- Funding for contributors to the ecosystem by way of the Treasury.
- Putting money into AGLD’s coffers Stakers for Loot and mLoot.
Where To Buy AGLD?
Adventure Gold is listed on a number of cryptocurrency exchanges. Using a cryptocurrency exchange like Binance, Bybit or Crypto.com is the best choice for novice traders, since the platform simplifies the buying and selling procedure, requiring no significant technical knowledge.
How to get an AGLD token?
To get AGLD, you must first create a Bybit account. The registration method is brief and uncomplicated:
- Go to the cryptocurrency exchange.
- Click the Register button.
- Once the registration procedure is complete, you may pay a deposit.
- To get AGLD, you must first convert your local currency to USDT.
- The USDT may then be used to buy AGLD.
That is all. With these five simple actions, you can get AGLD. The funds may then be transferred from your Bybit wallet to any other wallet of your choice. Additionally, it is possible to withdraw AGLD from other exchanges directly to exchanges.
Why Is The Popularity Of The Loot Project NFT Increasing?
With a trading volume of over 100,000 ETH, it is natural to ask what makes the Loot Project so appealing to so many individuals.
Loot is “an on-chain ecosystem of interwoven tales, narrative, games, art, and multimedia,” according to the Loot Project’s white paper. This implies that the Loot environment, known as the Lootverse, has no restrictions on what may be generated. Unsurprisingly, there have been innumerable 3D artworks, codes, games, tales, and multimedia experiences added to the Lootverse.
The Loot project is now famous
The Lootverse seeks to harness the creativity of its users and community in order to create a collection or network of multimedia works embracing many forms of art. Unique to the Lootverse is the fact that anybody may participate and add to it, and the Lootverse continues to grow as new projects are added to it.
In essence, users are free to interpret their NFTs how they see fit, and as more material is uploaded to the Lootverse, more variations of NFTs become accessible, increasing their worth as rarer items become available.
FAQs About The Loot Project
Who Established Loot NFT?
It is puzzling that the social NFT craze, Loot, began with a single tweet from Dom Hofmann, the inventor of Vine and an artist and programmer. Dom tweeted on August 26 in a lighthearted and unassuming tone about weekend jamming. Following Dom’s Twitter announcement of Loot, the Loot Project commenced.
What Is The Loot Experience?
The open-source game project Loot. It is a system that allows developers to include text-based, randomly generated adventure gear into their games.
Why Does Loot NFT Cost So Much?
The price of Loot Bags has risen to tens of thousands of dollars due to speculation on their future value. Loot Bags’ long-term worth will be determined by the applications and ecosystems that emerge around them. Some games may place a premium on goods that are not always the most unusual.
Loot project FAQs
Eventually, the uncommon things will have to show their value, and those who possess the rarest of them will likely be the most resourceful.
Among the most popular concepts right now is a Dungeons & Dragons-like game that will use Original Loot bags. This may seem entertaining, but it has no practical use for something so costly. In other words, there must be a means for collectors to get a return on their investments, and we will certainly see something like CityDao or Axie Infinity.