The NFT ship has been sailing for a long time, and the hype is only increasing – it’s being termed as the next big thing after cryptocurrencies, even if the two are related to each other. Having said that, Loot Project is a new name in the NFT world, and it’s time we educate ourselves about it before investing in them through Bitcoin Era. For the most part, the Loot Project has been considered a game, but it’s not – this is because there are no images, items, and rules that you have to purchase or earn. More important cryptocurrency advice can be accessed by clicking here https://www.chesworkshop.org/.
For the most part, the Loot Project includes a list of things that can be transformed into items in the future. These contain names for the gaming and adventurer gear that you see in role-playing games and fiction novels.
These names are generated randomly by the systems and are placed in the bag (Loot bag, if we may say). These bags are sealed in the ERC-721 configuration and are treated as NFT. These items are available in different levels of rarity, ranging from mythic to common.
The ratio of these items will determine the overall value of the Loot bag, and some of them are worth more than $100,000. The collectors can even spill these bags, mint them, and trade them. When it comes down to the mechanics, Loot Project has become a name of shrug as you can do everything you want – trade them, marvel at them, or make games. It wouldn’t be wrong to say that the Loot Project tends to sell the imagination, and we are sharing more details about this project!
The Mechanics Of The Loot
To begin with, there were over eight thousand bags with an exponential list of armor and weapons. These Loot bags were provided for free, and the collectors needed to pay only for the gas fees of Ethereum and minting. With the enhancement and progression of the project, more bags have been designed that you can mint.
Those eight thousand bags are labeled as original bags and cost around 3.5 Ethereum if you want to purchase them. Some of the items might be exclusive from other projects and have their own league.
As far as the new users are concerned, they can enjoy the More Loot bags and Synthetic Loot bags, which can be claimed for free. For this purpose, you only need to connect the wallet and get your hands on the list of gear.
The items in the bags can be easily used for customizing the Loot characters and joining the realms to hunt down more valuable products. The realms and characters tend to cost around 0.2 ETH for minting the items, but it’s excluding the gas fees. Moreover, there are premium bags for people who enjoy an open relationship with their wallets and cost around 0.25 ETH. The items found in the bags will provide exclusive rights and access to specific realms.
The Loot Items
The final value of the original bags depends on the items that are included in them and the overall value of the items. Each bag is designed with eight items and has random rarity standards. For the most part, there are six types of rarities, including common, uncommon, mythic, legendary, rare, and epic. When it comes down to the definition of the rarity levels, common is the lowest level while mythic remains the rarest rarity and includes only one-of-its-kind products.
Every item included in the bag will have a specific greatness score that’s shown in the bag, and the higher greatness score translates into a higher price point.
The Loot Purpose
When it comes down to the Loot Project, everyone is concerned about what should be done to the items. For the most part, the developers state that they are envisioning community-based platforms for trading and using NFTs. There are various implications behind this statement, and many users haven’t even realized it. All in all, it’s not a new concept because free mobile phone games are the epitome of monetizing.
The Bottom Line
The bottom line is that the Loot Project is not new, but it’s surely one of its kind that provides access to rare items. However, it will be long before investors actually earn returns!