Dom Hofmann’s Loot, with NFTs of random lists of items ostensibly from a fantasy video game, had $46M in sales in just 5 days, attaining a market cap of $180M+

Dom Hofmann’s Loot, with NFTs of random lists of items ostensibly from a fantasy video game, had $46M in sales in just 5 days, attaining a market cap of $180M+ (Andrew Thurman/CoinDesk)

Dom Hofmann’s Loot, with NFTs of random lists of items ostensibly from a fantasy video game, had $46M in sales in just 5 days, attaining a market cap of $180M+ — The latest non-fungible token (NFT) craze is among the simplest – and the strangest – yet: a randomly generated list.

In the latest NFT fad, text-based fantasy games will be the building blocks for new fantasy games

Dom Hofmann, co-founder of Vine, has been working on an open-source side project for more than a year that has quickly built a devoted community – and a market cap approaching $180 million.

It is arguably safe to say that the latest NFT craze is one of the simplest – and strangest – to have ever been seen: a randomly selected list of items ostensibly intended for fantasy video game players.

This week, a text-based NFT side project “Loot: (for Adventurers),” a text-based NFT side project that was put together by Vine co-founder Dom Hofmann, has generated $46 million in sales and a total market capitalization of well over $180 million in just five days.

Even more impressive is the fact that the Loot community now boasts among its ranks an all-star roster of Web 3 founders, builders and investors, including executives from such projects as Aave, Axie Infinity and Fractional Art, among others. It is a well-known fact that many of these people are building new projects based on the original drop to expand the “Loot-verse,” as Aave founder Stani Kulechov explains.

In spite of the fact that some believe the project marks the beginning of an open-source fantasy metaverse, others – including the project’s founder himself – are fearful that the sky-high prices may herald the emergence of an unsustainable NFT bubble, which may end up deterring more would-be players than those who might wish to take part.

Launch of the free version

Earlier this week, Hofmann launched the Loot run by sending a simple tweet to his followers.

There was no user interface on the front end of the project, and the users had to directly interact with the minting contract to get their NFTs. The NFTs are not subject to royalties and Hofmann does not charge a mint fee for them to be claimed, and users only need to pay for the Ethereum network transaction fee to be able to claim them.

While there was initially speculation that Loot would be a part of Hofmann’s upcoming projects Supdrive and Sugar, which are both on-chain games, Hofmann explained to the Supdrive Discord channel shortly after their launch that Loot wasn’t your typical on-chain game.

A request for comment from CoinDesk to Hofmann did not receive a response as of the time of publication.

It is not surprising that Loot has quickly developed a community despite the fact that it is clearly a side project. There was a dedicated Discord channel, a dedicated twitter account, and even a token-gated community around certain items within a relatively short period of time – social channels that could only be accessed if users were able to prove that they had a Loot NFT with a “Divine Robe” item.

As a result of this trend, the “floor price,” which is the lowest price at which you can obtain an NFT for a particular project, increased as high as 7.5 ETH, which is about $28,000. There is currently a floor of 5.25 ETH in place.

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