Using on the excitement surrounding the launch of Loot, maybe one of many strangest NFT collections thus far, a brand new token often known as Journey Gold (AGLD) – with no present use instances – has been listed by main crypto exchanges like FTX and OKEx.
Designed as a sport token for future Loot-related video games, the Journey Gold token was airdropped to Loot NFT holders, with every Loot NFT giving the proprietor the proper to say 10,000 AGLD. And with a token worth at press time (14:52 UTC) of USD 2.95, the airdrop was value a minimum of a good-looking USD 29.5k for every holder.
AGLD worth chart
The story behind the token launch began with the discharge of a brand new NFT assortment dubbed “Loot: (for Adventurers),” kicked off as a facet mission by Dom Hofmann, a former web entrepreneur, in late August.
Made up of simply traces with plain textual content describing the fictional “adventurer gear” of a sport that doesn’t but exist, the NFTs got away totally free to neighborhood members who had been fast sufficient to make the most of the provide.
A complete of two,400 totally different accounts managed to get their arms on one of many unique Loot NFTs earlier than your complete assortment was claimed, with these NFTs now reselling for costs ranging from ETH 14.98 (USD 56,156), successfully creating an NFT airdrop value greater than USD 50,000 for a fortunate few.
And regardless of no web site at first, no advertising and marketing efforts, and no different info than the straightforward tweet above, the NFT mission shortly went viral, with different builders leaping on the bandwagon to create associated NFT collections:
Out of those associated tasks got here additionally the Journey Gold token, which is already altering arms for near USD 100m per day on Uniswap alone, and has a market capitalization of USD 229.5m, rating it 258 on the record of probably the most beneficial cryptoassets lower than per week after it got here into existence.
Much more mind-boggling, maybe, is the truth that the token has no improvement staff and no present use instances, on condition that no Loot sport up to now exists. As a substitute, it was purely an thought by creator Dom Hofmann, which a rising neighborhood got here collectively to embrace.
And with all the pleasure surrounding the launch, some neighborhood members have even likened the Loot mission with Yearn.finance (YFI), an Ethereum-based DeFi mission that was launched by a single particular person, and later grew quickly though in an natural method.
To this comparability, nonetheless, Kyle Samani, managing companion of crypto funding agency Multicoin Capital, mentioned that the 2 shouldn’t be equated, on condition that yield aggregators like Yearn are “fastened pie video games,” whereas “Loot is constructive sum.”
For the reason that creation of the NFTs and the next AGLD tokens, much more consideration has been generated in regards to the mission, with now high-profile figures like Ethereum co-founder Vitalik Buterin additionally showing to endorse the best way the mission has moved ahead:
“I believe the @lootproject philosophy has it proper: just about something that anybody creates “exists”, what issues is to what extent different individuals construct upon it,” Buterin said.
In both case, what the Loot mission and associated efforts ultimately prove to grow to be is anyone’s guess at this level.
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