Altcoins, DeFi, NFTs, and anything in between
like gamification….That’s what we are talking about today as a certain project is
possibly becoming the next Gaming, Altcoin, DeFi, and NFT star all wrapped up
into one! Who is the hot this NFT project!? Well find out in ten minutes give or take
a few….because it’s time for Chico Crypto!! NFTs… many don’t get the hype…many don’t
get the value behind them, but one thing is for certain…they are here to stay! They have
been and still are having a major bull cycle run! As we can see from stats of Open
Sea the largest NFT marketplace, volume exploded in August, the daily shows
over 300 million in a single day & September is already on track to do just as much volume
as August did which equaled almost 3.5 billion! NFTs have captured the attention of crypto traders
far and wide & it’s taken a while for a project to get my attention! But one finally has and
it’s taking the non fungible world by storm! What is this NFT project and does it have an altcoin!? Well yes it does
and that is the LOOT project! It was released a week and a half ago, only a
short 10 days…with this tweet from the founder dHOF, Dom Hofman…
Who is actually the
founder of the once popular VINE app, the precursor to ticktok.. He said “LOOT-
randomized adventurer gear- no images or stats. intentionally omitted for others to
interpret- no fee, just gas- 8000 bags total. And below is a picture example of the NFT,
Loot Bag #1….it's just a black background, with 8 lines of Text, each line
describing an adventure gear item! What makes this unique? What makes this
NFT project so groundbreaking!? What is allowing this to have more hourly volume,
than the top 4 other NFT projects combined? Well, the loot project is doing something
that no other NFT project has done. It’s making NFT money legos!! What do I mean?? Well…,many popular DeFi projects like MakerDao,
AAVE, Synthetix, Compound and more got their initial surges and popularity from when people
understood the concept of DeFi money legos. Protocols and tokens can be combined
together to create DeFi offerings, and combined even further to create something
the world of finance has never seen before.
Thus the true value of these projects on
Ethereum were realized and it stemmed from the key concept of composability.
This layered building flexibility couldn’t exist in traditional financial
markets, only in the world of DeFi. Now, the Loot project is doing to the NFT space, of what many DeFi projects did the the
Finance space. It’s flipping it on it’s head! The Loot NFT acts as a base building block.
The NFT is just a deed of ownership to a unique list of text and items. That’s all
there is to it—and that’s intentional. Because it’s meant to be built on top of. So The typical NFT you have seen out there
has a top down approach! The Creator creates all the value, which is returned to
the NFT holders and project community. Loot takes the bottom up approach, where
the NFT collectors and community create the value of the NFT. The Creator of
Loot has just provided the bricks, the wall of text or the infrastructure, which
allows things to be built by the community.
ANd things are being built at lightning
speed. As we can see form Loot Resources, Developer tooling is more robust than most crypto
projects in just 10 days, there are guilds, trackers, but the big ones for the community
are the derivative projects.The projects that remix or build on top of Loot. It’s a Massive
list that just keeps growing and growing! Your loot can become a unique pixel
character, your loot can have a unique realm, your loot can have stats tied to it…and
so, so much more from the derivative list! This is all getting rolled up into things like
Which unbundles and then creates AI generated renditions of your loot items, so you
can trade individual loot items, and upgrade your character and inventory with better rarer
items, by swapping and trading with other looters. A giant metaverse is being built before our
eyes and loot holders are being rewarded and then some! Remember, Loot was free
to mint, there were no costs to mint these on August 27th unlike all other
crypto projects which have a mint fee. You only had to pay the gas fees. Well
the floor for the loot NFTs has exploded! Reaching nearly 14.88 ETH over the weekend
at its peak or more than 58 thousand dollars! Then, OG loot holders also got an erc20 airdrop,
that altcoin I was talking about, and it has already surged into the top 200 cryptocurrencies
with a market cap of almost 400 million dollars! This was Adventure gold and 10,000 of them
were given to each loot holder. Adventure gold hit a peak of 7 dollars and 14 cents on
Friday! That means the airdrop was 74 grand! Thus OG minters only had to pay a gas fee and even
if the ended up with the least rare bag of loot, it was a free 132000 thousand dollars!
And even loot derivatives are finding value in the open sea markets, like the
realms, and loot treasure, there is even abstract art that can be created from your loot
bag which has value and volume on open sea! Loot holders are entitled to the creation
of these derivatives! Seems like things were almost too good to be true!
A loot and money printing machine! Although if we go back to the floor chart, there
was a pretty significant crash over the weekend, when the floor dipped from
the high of 14.88 to 6.50! What happened!? Well since there were
only 8000 loot ever to be created in total…and the price was over 50 grand
for a loot bag, many people were saying this priced people out of the game…even
the likes of Hayden, founder of Uniswap!! Well this caused the founder Dom to do
something…which spooked the LOOT NFT trading market! He issued moreloot,
with this tweet! It’s exactly that, more loot bags past the original number…250k
thousand more per year, until a cap is reached just past 1.3 million.
He opened the doors
for more people to be invited in the game! So PANIC, people thought this was a destruction of
what gave LOOT value, it’s rarity! But this is a separate category of LOOT! It's a common loot DOM
talked about in the loot discord the day before! More loot of mloot is just another option of
synthetic loot, dom said that in his tweet and in discord, he said synthetic loot is zloot,
the common tier that everyone can get! Thus more loot is zloot!! It’s just a common tier way
to open the game to millions of more people! And people realized this and swept the crash floor! Kyle Samani, managing
partner at Multicoin Capital announced they made an 8 figure Loot purchase,
as the first NFT purchases for the VC firm…..
Sooo, I’m an OG looter, I have an original
loot bag and I bought it near the top! Why? Because in a week and a half, it's baffling
how big this has become, and how it’s captured the imagination of the ether community as a whole!
Large VCs are picking it up and talking about it, Hayden is talking about it, and even Vitalik
is talking about it. So I aped as I’m down to go along for this loot ride, to the moon or
even if it ends up a zero and to the ground! Remember this is not financial advice!!
Make your own decisions!! OG loot still has a hefty price tag and it may eventually
go to 0! And you can get involved for much cheaper with the hyperverse being built,
by mining moreloot. All you have to do is pay the gas fee! Although moreloot
will never be OGloot….remember that! But I do believe something special is being
built. That why i picked up OG loot and the founder puts the words down better than
anyone else could “100k+ bags across ogs, remixes, and other lootlikes
— all built trustlessly using the getWeapon/getRing/etc format
-millions of unique items -so many people building already and
so many ideas on what to build next -facebook can have the metaverse
-let’s build the hyperverse NFTs, DeFi, gamification and
Altcoins at hyperdrive….Chico likes.
Cheers! I'll see you next time!.