Lots of people were rushing to get the first NTF drop released by Loot NFT, the latest RPG-craze that’s sweeping the crypto market.
The limited free release comprised of 7,778 NFTs, and roughly 2,400 accounts snagged them as soon as they were released.
The impact of these free NFTs resonated across the market. The resell value of these rare gems reached 8 ETH or more as the rarity and value turned users into extremely wealthy people overnight.
But, seeing the wealthy become immensely wealthy while the rest stand on the sides goes against the philosophy that crypto tries to convey.
Loot’s creator, Dom Hofmann, heard the words of resentment and quickly made his goal to guarantee that more NFTs become available to the masses as soon as possible.
This isn’t Hofmann’s first time dealing with the internet and issues of fairness vs meritocracy. The mind behind Loot NFT was also the creator of the app Vine as well as Blitmap. So he was ready as to what needed to be done and how to do it.
TemporalLoot is the official name given to this new set of NFTs. However, the community refers to it as “More Loot” on the basis that it’s all about releasing more NFTs to the community.
As seen here, 1.3 million new non-fungible tokens are available for users. Moreover, the dynamic nature of this recent loot drop makes it possible for the supply to increase at a constant rate.
This rate is determined by incrementing the More Look supply by one-tenth of Etherium’s block rate. Therefore, an extra 250,000 new NFTs can be created each year based on the current Ethereum block rate.
What users must do to get their 1.3 million NTF for free
The way the new Loot is minted allows its users to play a guessing game. To claim the new NFTs, you must do as follows:
- First, go to this website.
- Then, scroll to “2.claim.”
- Expand the tab and write a number between 8,001 and 1,316,005.
If the number chosen yields an absurdly high gas price, then that NFT is taken. If, on the contrary, the gas fee is the standard price, then anyone can claim it.
This news comes with a catch. AGLD, Loot’s native currency, has no plans to support Loot or More Loot in the long run.
That decision is up to the Loot community, according to AGLD creator Will Papper. Therefore, the users will decide if one or both options are included for future seasons.
Until then, the community is debating if the More Loot will manage to raise as many funds as the first drop did.
Users reported a drop in value for their NFTs, which caused some people to sell while still making large profits.
All and all, it would be wise to get on it now than to wait until later in case the market cools, and prices drop below the 7 ETH range.