Being willing to lose 100% of capital at risk is *very* important to our long term success," heVine founder Dom Hoffmann launched Loot in August 2021. Unlike other collections that display images or the so-called profile picture-style NFTs, Loot featured randomly generated texts. The idea was that the text would be used inin the NFT space with over $230 million in sales in the first week. Communities quickly formed around the collection leading to the creation of derivative projects .
This popularity did not, however, last long as trading activity on the collection soon plummeted. Data from NFT marketplaceshows that Loot’s floor price on September 5 last year was about 9 ETH . The floor price of Loot is now 1.1 ETH which amounts to $3,100 at current prices. Today, Loot ranks outside the top 50 NFTs on OpenSea with a floor market capitalization of 8,557 ETH — that's calculated if you multiple the price of the cheapest Loot NFT by the number of NFTs in the collection.
Samani says Multicoin is still holding its Loot NFTs despite the 95% decline in the value of its investment in the NFT collection.that buying NFTs directly is not viable enough for Multicoin Capital to invest in at scale. He said it was unlikely that the firm would have even a 1% position in NFTs. Instead, he said the company will focus on the infrastructure layers supporting NFTs.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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