Wednesday, May 22, 2024

The newest NFT craze is a text-based fantasy game that serves as a building block for mutual funds

NFTs have brought back the spotlight on artists and nothing is too weird to sell online now. The latest NFT craze is a randomly generated list of things that are actually meant for a fantasy-based video game.

In just a matter of 5 days “Loot”, a text-based project of Dom Hofmann the co-creator of Vine has managed to gain $46 million in just sales. As of today they also have a market cap of more than 180 million dollars.

Launch Day

Launched for free and a tweet by Hofmann is what set off this chain of events. The project initially had no front-end interface and the users had to directly deal with the minting contract to even get one of these NFTs. No mint fees were charged and the NFT does not get any royalty either. The only fee that the users had to pay was Ethereum’s transaction fees.

It was first speculated that Loot might be a part of Hofmann’s new gaming ventures but was later clarified that both are not related.

Despite being a side project, Loot has managed to draw the attention of many and within a few hours, there was a dedicated Twitter handle and Discord Channel. Currently priced at 5.25 ETH the floor was opened to the public as high as 7.5ETH which is roughly $28,000. This was not expected by anyone but was a welcome venture by Hofmann.

According to Andy Chorlian, a prominent NFT collector, the open-source nature of Loot is what makes it special!

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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