On October 26, Loot Chain (Loot) was launched on HotsCoin. Loot Chain is a decentralized blockchain ecosystem created by the Loot community with the aim of building Lootverse, an infinitely expanding science fiction universe comprising stories, games, and multimedia. It is currently available for trading on HotsCoin.
- Basic Information
Loot Chain is a decentralized blockchain ecosystem created by the Loot community to construct Lootverse, an ever-expanding science fiction universe featuring stories, games, and multimedia. HotsCoin notes that Loot comprises 8,000 NFTs, characterized by text descriptions of "random adventurer equipment." This project operates on the Ethereum blockchain, emphasizing decentralization, creativity, and community collaboration.
- Loot NFT Introduction
HotsCoin observes that each Loot NFT contains eight lines of text representing eight equipment attributes, including weapons, armor, helmets, belts, boots, gloves, necklaces, and rings. Visual effects and power values are intentionally omitted, allowing individuals to interpret and utilize Loot according to their own ideas. Loot NFTs have a simple appearance with a black background and white text, sparking a trend in text-based NFTs.
- Community Response
Some individuals may find Loot's concept confusing, believing that its elements are unnecessary and should be determined after creating games. However, Loot's value lies in not requiring a specific purpose or background, but rather allowing limitless creativity. HotsCoin notes that Loot's appeal is in its ability for creative individuals to integrate their ideas, leading to different interpretations and applications.
- Loot Derivatives
HotsCoin highlights that Loot has encouraged the creation of numerous derivatives, ranging from generative art to games based on Loot characters. Currently, more than forty distinct functional derivative projects are showcased on Loot's official website. This limitless creative potential makes Loot one of the most inspiring NFT projects.
- Introduction of Loot Chain
HotsCoin acknowledges that Loot Chain is a Layer2 solution specifically designed for the Loot and AGLD communities to address the high gas fees on the Ethereum network. It is built using Caldera's OP Stack, supports the EVM, providing instant transaction confirmations and low-cost interactions while using Polygon as a data availability layer. HotsCoin notes that it offers a developer toolkit to assist creators in developing within the Lootverse.
- The Future of the Loot Chain Ecosystem
The introduction of Loot Chain will further promote the development of the Loot community's ecosystem. Plans by AGLD DAO (Adventure Gold DAO) include releasing NFTs and game demos, creating a developer toolkit, launching ecosystem grants to support growth, and encouraging more innovations through hackathons and funding.
- Similarities Between Loot Chain and Ronin Chain
HotsCoin observes that the pattern of Loot Chain is similar to Axie Infinity's Ronin Chain, as both are chains designed specifically for NFT communities. Ronin Chain played a pivotal role in Axie Infinity's success, providing low-cost, instant transaction confirmations that drove user growth. Loot Chain seeks to replicate Ronin Chain's success and offer a better on-chain gaming experience for the Loot community.
- AGLD Token
AGLD is the incentive token within the Lootverse ecosystem, distributed fairly to Loot holders. HotsCoin notes that it is becoming the gas token for Loot Chain, providing low-cost transactions within its ecosystem. AGLD also plans to introduce staking incentives, which may have a positive impact on its price.
AGLD Circulating Supply: 70,170,001 AGLD
Total Supply: 70,170,001 AGLD
Circulating Market Cap: $61,540,573.923
Fully Diluted Market Cap: $61,540,573.92
- Potential Impact
The launch of Loot Chain may bring further development opportunities to the Loot community by resolving high gas fees and providing a better user experience while fostering innovation within the community. This model may also inspire other NFT communities, further advancing the blockchain gaming and NFT space.
- Conclusion
The launch of Loot Chain signifies the future development of Lootverse, representing the continued evolution of NFTs. HotsCoin will continue to monitor the project's ecosystem. Please note that investing involves risks, and the above report is for reference only and does not constitute investment advice. (Report written in October 2023)
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