Adventure NFTs for gold and loot are a perplexing, pointless waste of time.

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The value of these text-based fantasy items is completely illusory


Adventure Gold (AGLD-USD) is one of the most odd cryptocurrency schemes I've seen. It is inextricably linked to the Loot NFT project. Comprehension Adventure Gold necessitates an understanding of Loot, which is tough to grasp in and of itself. I'll be straight with you: The entire thing reads like an elaborate scheme to capitalize on esoteric crypto notions.


So, without further ado, let's go into what Loot is. Loot is an open-source video game project. It's a technique that provides text-based randomized adventure gear for creators to use in new games. That doesn't make much sense, to be honest. Here's a rundown of how the Loot network got started:


"The network debuted with a collection of 8,000 one-of-a-kind bags of explorer gear." The great comprised eight things, each of which was meant for a different bodily part of an Adventurer, such as the chest, foot, hand, head, neck, ring, and waist. The bag's final item was a weapon. Notably, Loot's development team purposefully concealed scarcity and other value characteristics in order to allow users to estimate the value of their NFTs through integrations and other variables."


Aside from grammatical concerns, I don't think I'm alone in trying to disentangle this word salad.


Adventure Gold Claims to Solve an NFT Value Issue


According to the paper, engineers determine the value of NFTs using an algorithmic equation that accounts for demand and scarcity. To some extent, this is correct. Developers can't just make up figures out of thin air, as much as it may appear.


Consider the CryptoPunks. Several of its photos have been among the priciest NFTs ever sold. It raises a number of concerns concerning the equations used by developers. Is the product of scarcity and demand meaningful? When I look at CryptoPunks, I think the response is a resounding "no."


What role does Adventure Gold play in this? Loot's value is determined by utility or other considerations, but that utility does not yet exist. If you come into possession of one of those 8,000 bags of adventure gear, you can assign it a monetary worth. Instead of a developer prescribing that the bag is worth some amount, you might dictate that it is worth any arbitrary number, and perhaps someone else will believe you.


A Prolonged Slide in Value


The protocol's governance token, Adventure Gold, is available on exchanges like as Binance, Coinbase (NASDAQ:COIN), and Gate.io. I bring this up because I'm not sure why it was ever offered in the first place, not because I think anyone should buy it.


The irony is that AGLD was previously worth $6 during a brief period in September. It's tough for me to comprehend that it's still worth $1 today after such a long decline. In any case, the cryptocurrency market is what it is. There's a lot of garbage. AGLD is clearly garbage in my opinion.


What to Do With Adventure Gold


I guess the cat's out of the bag. If any reader wasn't already convinced of my personal feelings about AGLD, they are now. I can't say much more about Adventure Gold except that I don't believe it solves any of the problems that DeFi and crypto are hoping to tackle.


That is a good litmus test for trying to grasp more enigmatic notions like those discussed in Adventure Gold. I'm going to let this one go. I don't see it becoming a gaming standard, as its developers claim. It appears to be nothing more than a crypto project riding the coattails of an NFT rise.


Adventure Gold (AGLD) Explained: What Is the Loot NFT Project?


At first glance, Loot appeared to be nothing more than a collection of text. However, it rapidly sparked the community's imagination. Discover how the Adventure Gold token fuels this ecosystem.


The crypto market currently has a plethora of valuable commodities that are attracting investors from all walks of life. Next in line are gamers, with more GameFi initiatives leveraging crypto technologies on the increase. Consider contemporary initiatives like Axie Infinity, Genopets, and Illuvium.


The cause for this trend is the explosive growth of non-fungible tokens (NFTs), which are currently serving as the foundation for a slew of initiatives. What's the source of this fascination? Watershed sales figures, celebrity endorsements, and many mainstream media headlines are just a few of the variables.


Because of its creative nature and dedicated fan base, the Loot NFT project has garnered a lot of attention and hype. Here's how it works - and where Adventure Gold comes in.


What Is Adventure Gold (AGLD)?


Adventure Gold (AGLD) is an ERC20 token that runs on the Ethereum blockchain. It can be used to purchase voting power and governance features for the Loot NFT project, and it will most likely be utilized as in-game currency in a future game. Loot allows AGLD token holders to buy a "Loot Bag," which is a randomly produced list of non-fungible tokens (NFTs) that are essentially fantasy-themed, text-based adventure gear items that are stored on-chain.


AGLD, which debuted in September 2021, allowed Loot NFT holders to collect 10,000 free tokens. Token values surged at debut due to the Loot project's creative character. The existing circulating supply


The number of cryptocurrencies or tokens that are publicly available and circulating in the cryptocurrency... (and the total supply of Adventure Gold crypto) is


Dom Hofmann, the co-founder of the video-sharing software Vine, founded Loot (now archived). Loot first appeared to be nothing more than a lot of text on a basic background. After sharing the idea on social media, it soon drew a lot of attention and piqued the interest of the NFT community, prompting many individuals to check it out.


The permission and endorsement of Ethereum founder Vitalik Buterin is one of the reasons for the excitement around the Loot NFT project. Will Papper, a co-founder of the Syndicate DAO and a Loot community member, quickly released Adventure Gold as the native token for Loot NFTs as a result of this.


What Is Loot?


Loot is an Ethereum-based NFT project that aims to serve as the foundation for a community-created game that is currently in development. It consists of 8,000 Loot Bags containing randomly produced items from the game, such as weapons and equipment of varied rarities.


Some of the items described as weapons, equipment, and stats that may be used as part of a game — likely the yet-to-be-released title that's presently in development — will be familiar to gamers.


As previously stated, the bags were provided for free (apart from Ethereum gas fees during the minting process). Nonetheless, they were immediately minted and began selling for exorbitant rates.


Loot NFTs


Loot goods are, in fact, non-tradeables. They do, however, differ from the majority in a few of fascinating ways. The fact that the NFTs were absolutely free is the most clear. That is uncommon in the NFT space, where everyone is looking to make a profit by selling them.


Furthermore, in the vast majority of cases, NFTs are pictures. In the instance of Loot, the NFTs are just phrases that represent a single in-game object.


Items, for example, are divided into various categories:


  • Common
  • Uncommon
  • Rare
  • Epic
  • Legendary
  • Mythic


The Loot Bag's value varies dramatically based on its contents. The higher the value of an item, the rarer it is. However, we have yet to see how the worth of objects will vary as additional information is provided. Many people are trading these Loot Bags based on the prospective value of their things in the new game.


The most intriguing aspect is that each item in a Loot Bag has smart contract-readable parameters. This means they can interact with another platform-built item. As a result, they can serve as the foundation for a wide range of games and other projects.


The best aspect is that the next game's development is in the hands of the community, which is actively working on fan art, game history, and storyline.


Others can be inspired by the Loot project. Take, for example, the FLOOT token, which derives its name from Loot and provides adventurers with "Familiars" NFTs. People are minting Familiars, as they did with the original Loot, and will receive 110,000 FLOOT tokens for each one they hold.


There are no additional specifics about the sorts and attributes of the minted goods contained within the Loot Bags. Everything has been left open to interpretation, and the community has taken it upon themselves to expand on it. This is another distinguishing trait that distinguishes the project from the many others out there – most NFT initiatives follow the route defined by their developers and founders. Loot, on the other hand, takes a bottom-up strategy, with the community having deciding authority over the project's worth and how it's used.


Loot provides a dedicated community space for Loot owners and enthusiasts to discuss new Loot ideas and construct projects. At the present, the two most popular platforms are Loot Builders Discord and Loot Community Discord.


Furthermore, while Loot began as a text-based initiative, it has already grown to include a large number of dedicated community members who are developing their own ideas about certain things. This can be seen in numerous headcanons and fan art.


Loot Dungeon


Loot Dungeon is a blockchain-based game that uses Loot NFTs. Monsters can be defeated by stacking your Loot items. The battle's outcome is then determined using Chainlink Verifiable Random Functions (VRFs), which provide random, on-chain dice rolls. The winners are then presented with a piece of AI-generated pixel art.


When you enter a Loot Dungeon, your Loot NFT data is forwarded to a smart center. After then, you have a whole day to determine whether you want to confront a monster or flee. Of course, if you die, you lose your Loot NFT... However, you can keep it if you pay a price of no more than 0.05 ETH.


What Is AGLD Used For?


The Adventure Gold token can be used in a variety of ways inside the Loot project. The most crucial is local government. Holders of the currency utilize the tokens to vote and steer the initiative forward. This includes deciding on the storyline and other in-game elements.


A noteworthy example is Holy War Chapter 1, in which the entire AGLD community got the opportunity to vote on how the story's first chapter will conclude. The members had to decide whether or not the main character in the story would wear a crown.


Snapshot, a decentralized mechanism that accelerates voting procedures for many projects, is used for voting.


Apart from governance and voting, AGLD will most likely be used as an in-game currency, with users swapping it for products. Of course, nothing is definitive, and we may see different usage for AGLD coins.


Investors are betting on the prospective value of AGLD tokens, as they did with Loot NFTs. As we learn more about the game, the function of AGLD is likely to evolve. It could also be combined with other Loot-based initiatives.


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