Crypto Loot has become a cult on Twitter
- Blog
- April 7, 2022
Crypto Loot has become a cult on Twitter
You must have noticed endless lists of D&D-related products in white writing on a black background: short sword, Divine Hood of the Fox, chain gloves, and so on, if you are spending a lot of time on crypto Twitter. So what is it all about?
Dom Hofmann, a co-founder of Vine, released Loot in late August, a collection of 8,000 text-based NFT listings (or “bags”) containing “random adventure gear” that could be claimed for free at the time (plus transaction fees). Loot bags quickly became valuable commodities, ranked according to the rarity of the items on each list. Total sales volumes were nearing $240 million as of September 14.
Loot is not a game, but rather lists of simple items that could be used in a game. Proponents equate it to a deck of cards (which are only enjoyable because they are used in games) and expect that creative developers will combine NFTs into a range of crypto role-playing experiences.
A potential in-game cryptocurrency called Adventure Gold (AGLD) was created by one of the fans, making any owner of a Loot bag eligible for a reward of $10,000. ALGD soared above $7 in early September, valuing each Loot holder’s stash at nearly $80,000 for a brief period.
Loot has been working on an interesting new model- the outline of the world is created. Let’s stake up on the developers to give out more details. (Loot Character, which makes pixelated characters depending on the goods in users’ bags, is one example of an app that interacts with the lists.) However, critics are skeptical that Loot or conceptual knock-offs like Bloot and SpaceLoot will ever develop and evolve into an actuarial game.
