Why Loot Dominated NFT Airdrops?

Gamification is the new fad in the crypto world. It has exploded lately due to the technical leverage of NFTs where they drive commercialization of everything within the game environment, even players’ own playing avatars. However, most of the gaming environments are predefined, and almost all NFTs work as per a given standard as enshrined in their smart contract.

For example, if you mined a sword NFT, it could give you the power to fight in a game environment. Likewise, the skin may protect you within the game environment against adversaries. Hence, limiting their use-cases to a single direction only, which is at the mercy of the developers and the company launching such games. But what if you get to mint an NFT where you have full discretion over its use-cases. Is it possible at the moment? Well, it indeed is through the Loot protocol.

What is the Loot Protocol?

Loot is an RPG or Role-Play Game-styled NFT project which functions through 8,000 rare RPG NFTs, which are adventure equipment that you can use for performing a wide variety of activities within the game environment. The project was launched by Dom Hofmann, who is the co-founder of the social media platform Vine. The upside of Loot protocol is the open functionality of the NFT, which makes it a completely different NFT project in the crypto space. To understand in a nutshell open functionality, the user who has minted the NFT in the Loot bag can decide its functionality and everyone else within the Loot ecosystem will have to follow that. In this way, these rare 8,000 NFT’s usability varies based on the user’s/ minters creative thinking.

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How Loot NFTs Derive Value Within the Game Ecosystem?

Loot’s NFTs work on the basis of rarity. Meaning, the user has full control over how they wish to establish the utility of the minted NFT. Since within the Loot ecosystem, the user has to only pay the gas fees to mint any new NFT, they can think of numerous ways to make them rare and if they think it will not work, it is possible to replace that NFT with another with a new concept. Since most of the items occur within the Loot bag for a specific time period, the upside of the NFT increases as everyone wants to own them and build additional usability on top of its erstwhile use-cases. Thus making the ecosystem highly dynamic in terms of innovating NFTs and making the gameplay environment always evolutionary.

Loot’s NFT has been trending lately all over the Internet because it could potentially make every Loot NFT holder super-rich. The reason for it is a DeFi project Adventure Gold’s fascination for the Loot NFTs. In their latest announcement, the protocol announced that for each Loot NFT, the AGLD protocol will give 1,000 AGLD tokens. Each AGLD token is priced at $4.71. If you do the math, for one Loot NFT, you could potentially get 1000 AGLD tokens, which will help you earn $47,000. Hence, it is justifiable why AGLD has been included in the list of top 200 cryptocurrencies following this announcement and why people are turning crazy for the Loot NFTs.