Loot aims to overtake Axie Infinity and Crypto Blades after surpassing $113M transaction volume

• NFT game Loot exceeds 113 million in transaction volume, competes with Axie Infinity and Crypto Blades.
• The floor price of "Loot Bags" climbed from $24,000 to $46,000 within a week, one to three tokenized words are priced above $5,500.
• A text-based adventure game has emerged as a competitor to NFT-based video games Axie Infinity and Crypto Blades.

According to NFT collectors and gamers, LOOT is a viral social network, unlike other projects building a metaverse. The project offers a unique list of items that traders can hold in a wallet where they hold cryptocurrencies. 

NFT project Loot set to dominate the metaverse

The latest non-fungible token project to garner the attention of gamers and NFT collectors is a text-based random adventure gear generator. 

The creator of the project, Dom Hoffman, who previously created Vine, a short-form video hosting service, came up with the idea for a text-based adventure that would serve as the basis for original video games. 

Hoffman wrote a random item generator that returned names of weapons, pieces of armor and accessories that were bundled and sold as "Loot Bags." 

Interestingly, Loot is entirely text-based, and there is no associated artwork or rules for the game. Hoffman gave bags of these items away for free, minus the Ethereum transaction fee, as an experiment to see how the community of gamers and developers creates NFTs and metaverse games around it.

Hoffman stated,

A lot of people have been wanting some sort of game that takes place in a fantasy realm or a science-fiction realm. They want it to be compatible with other realms. They want to be able to build on top of that. They want to know that the items that they have will always be with them. [I was] just kind of building in that direction. It was an experiment.

Within five days of its launch, the project has hit a market capitalization of $180 million and attracted $46 million in sales. Developers and team members of top NFT projects like Axie Infinity, Aave and Fractional Art are building games to expand the "Loot-verse."

According to David Hoffman, founder of decentralized community Bankless DAO, Loot is like Ethereum going full circle, while the community is still awaiting the launch of ETH 2.0.

The Axie Infinity community was involved with the game for the rewards and the monetary compensation of their in-game time. However, Loot has attracted creators. Since the text-based NFTs come without images, people started drawing Loot Bags, creating guilds to classify them, and setting up different communities and storefronts for selling bundled items. 

Loot does not have a game or adventurers yet. Hoffman is expecting a backward evolution from a community built around bags of random items to characters and games. 

There is no clarity on who will develop the game or when it will be launched. Hoffman said, 

Obviously, games are very involved. It remains to be seen what's done with that, but it's definitely a possibility. I think it would be really cool.

Vitalik Buterin, the co-founder of Ethereum, recently quoted Loot's philosophy on crypto Twitter.