Latest NFT Hype is Among the Strangest Items

September 2, 2021

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The most recent non-fungible token (NFT) frenzy is among the least complex and the weirdest yet: a haphazardly created rundown of things apparently planned for players of a fantasy video game.

In only five days, Loot, for Adventurers, a text-based NFT side project from web-based media network Vine co-founder Dom Hofmann, has figured out how to draw in $46 million in sales and an absolute market cap well in overabundance of $180 million.

Maybe significantly more stunningly, the Loot community currently counts among its positions a top pick rundown of Web3 founders, investors, and builders, including executives from projects like Aave, Fractional Art, and Axie Infinity a large number of whom are constructing new projects on top of the original drop.

While some accept the project signals the beginning of an open-source fantasy metaverse, others including the founder himself are stressed that the very high costs may be the most recent indication of an unsustainable NFT bubble, and could wind up deflecting more would-be players than not.

The project had no front-end interface, and clients needed to straightforwardly cooperate with the stamping contract to acquire the NFTs. Hofmann charged no mint expense and the NFTs do exclude eminences clients just needed to pay for the Eth network exchange expense to guarantee them.

In spite of obviously being a side project, a community immediately conformed to Loot. Inside the space of hours, there was a devoted Discord channel, Twitter handles, and surprisingly token-gated communities around specific things – social channels that could possibly be entered if clients could demonstrate they held a Loot NFT with a Divine Robe thing.

While the quick worth accrual is great, the rundown of complementary projects is the place where Loot genuinely sticks out. An extending set of related NFT drops are framing what gives off an impression of being the beginning phases of a full game ecosystem.

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