This NFT project is making a paradigm shift in NFT sector with promising gains, according to crypto KOL Elliot Wainman

Top analyst Elliot Wainman unveils an interesting NFT project that has made everyone involved an astronomical amount of money and is disrupting the NFT sector.

Loot overview

Loot was launched by American entrepreneur and programmer Dom Hofmann, who created a system where NFT collectors can spend money to create loot bags of unique items, with just 8,000 loot bags to ever be made.

“Loot is is essentially a bunch of randomized items with absolutely no other information, no imagery and there wasn’t even a cost to mint these. You just paid for gas. It was completely free and there are eight thousand total items total,”

He adds:

“But actually the way this is programmed is that each item here is part of the smart contract and can be built upon freely,”

Despite owning these lists, the “NFTs” remained to be just names of items, and so people began creating visuals for them, as well as backstories and entire worlds and universes where these weapons and magical items exist in.

According to the trader, although it does not having any artwork or real game tied to it, the market began to form around its scarcity and prices quickly soared. In one case, a user is even selling a “Divine Robe of Power” for 300 ETH, which is equivalent to more than $1 million USD.

Wainman also points out that a strong community has formed around the project. Loot owners have already started building pixel art characters, metaverse, and quest maps, using the same on-chain generation and randomization as the original Loot project. 

Tokenomics

Adventure Gold (AGLD) was created by Ethereum veteran Will Papper. It is an the ERC-20 token that serves as Loot’s native currency.

“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.”

AGLD’s market cap has climbed to $329 million at the time of the video, now rivaling big-budget blockchain games like Illuvium’s ILV and The Sandbox’s SAND in value.

The trader also notes that major exchanges have also jumped on the text-based fantasy NFT wagon, with crypto exchange FTX listing AGLD spot and derivatives trading just 30 hours after the launch of the currency.