Loot NFT Price Surge
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A story about how a new NFT project called Loot saw massive overnight value appreciation.
"Dom Hoffman, one of the Vine founders, released a new project yesterday called Loot. Instead of being like a CryptoPunk or an Ape from Bored Ape Yacht Club, this is just a black square with about 10 words of white text - computer generated gibberish. That's the whole NFT.
Yesterday, all you had to do was pay the gas fee to mint one. Ben saw the tweet, minted one for probably under $100 in processing fees. Today it's worth 10 ETH, which is about $30,000. He paid about $50 in gas price, and now the floor is like 6 or 10 ETH, which is $20,000 to $30,000 for this black square that says things like 'lions mountain spiking diagonal line castle valorant' - it doesn't mean anything.
It's open IP, you can build games on top of it, there's cool stuff you could do with it, but it's so hard to wrap my head around. It feels like every third day there's a new one, and I'm like the old guy on the lawn shaking my fist saying 'you kids don't understand the meaning of hard work.' Usually I'm the one laughing at those old guys, but in this case, I don't get it."
Shaan Puri
Host of MFM
Shaan Puri is the Chairman and Co-Founder of The Milk Road. He previously worked at Twitch as a Senior Director of Product, Mobile Gaming, and Emerging Markets. He also attended Duke University.