Dom Hoffman, the creator of video-sharing platform Vine, has launched More Loot, an extension of the original collection. On August 27th, the NFT community was taken by surprise by this new and somewhat mysterious NFT collection called Loot.
The original collection consisted of 7,778 NFTs, which were minted in a matter of hours. Consequently, a large part of the NFT community missed out, so Hoffman decided to do a second drop of bigger proportions. If you have no idea what Loot is, check the Ultimate Guide to Loot NFTs.
More Loot, the name given by the community, consists of a further 1,308,004 NFT bags, bringing the total for both collections to 1,316,005. While this is the starting number, the supply is dynamic and increases at a one-tenth rate along with Ethereum’s block rate. This is a significant increase in the number of available NFTs compared to the original collection. While the floor price for an original NFT from the first drop was constantly shifting over the weekend, it currently sits at around 12 ETH.
However, members of the NFT community have voiced their concerns regarding More Loot and its possible pricing. With the huge rise in the number of available NFTs, the collection will not experience the scarcity its predecessor saw. Consequently, the floor price for a More Loot NFT is going nowhere near the 12 ETH the original collection has at the moment.
What is More Loot?
Just like the original Loot collection, More Loot NFT bags are a combination of 8 character traits. The traits determine the rarity of the NFT based on how often they appear in the overall collection. The idea behind Loot NFTs is to allow creators and developers to build a whole ecosystem of derivatives based on the original collection. You can check out all derivative projects on the dedicated DappRadar Loot page.
More Loot can be considered the extension pack of the original NFT collection. These second drop NFTs have the same simplistic black and white design. Additionally, they are generated from the same pool of character traits. However, the main difference here is the number of available NFTs. With 1,308,004 NFTs available in the collection, thousands of people will be able to join the hype. However, concerns for the potential profitability of the collection remain.
Currently, the floor price for the More Loot collection sits under 0.01 ETH, with upwards of 60,000 NFTs minted already. Impressively, the collection has already generated upwards of 93 ETH in traded volume or about $366,011 at the time of writing.
How do I get these NFTs?
Getting More Loot NFTs is relatively simple. You have to visit this Etherscan address, and enter your wallet address in the “Approve” box. After that, you have to type a token ID, or in other words, a number between 8,001 and 1,316,005. You can see if the token ID you’ve entered has been claimed by approving the contract. The way to know this is straightforward. If your wallet asks you to approve a transaction with an exorbitant Gas fee upwards of 1 ETH – the token ID you’ve entered has been claimed.
This part is a little tricky. You have to play around and find an ID that has not yet been claimed. Even so, don’t despair, as you can still mint tokens. In other words, you still have a chance of snatching a second edition Loot NFT.
If you still have not boarded the Loot hype train, check out these useful links and read up on the latest NFT trend.
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