NFT Lootbox ($LOOT) Review: This NFT project is going Viral in September 2021
What is NFT Lootbox? NFT Lootbox is a platform that aims to provide the fairest NFT farming in DeFi, for users to obtain rare and valuable NFT art. It claims it is an innovative blend of DeFi, NFT, and Loot Box Tech.
NFT farming currently is unfair. There is a high prevalence ad well as a high potential for unethical behavior. Individuals close to or even working for NFT projects are given early notice on NFT releases before the community, bots claiming NFTs in less than a second, prior to majority of the users even get the chance, individuals executing denial of service (DDOS) attacks on websites, to obtain rare NFTs before others can and many more.
Additionally, many individuals simply do not have the time in their schedule to claim or start farming new NFTs. The NFT market is vastly global, many users live in different time zones and might be sleeping, working, or spending time with friends or loved ones while the opportunity to start farming for valuable NFTs arises. It is a first-come and first serve world, where unethical users have the opportunities to take shortcuts to get ahead and legitimate users left behind. NFT Lootbox is the solution for this problem.
What we are going to learn?
Lootbox: The Next Big NFT Thing?
NFT Lootbox is an innovative Non-Fungible Token (NFT) Project which allows users to stake their L00T tokens to earn coins. These coins can then be used to open NFT Loot Boxes. The Loot Boxes contain a variety of NFTs – some produced In-House and some from other popular NFT Projects and Artists.
A Loot Box can be opened in any pool once a user has earned a minimum of one coin. Opening the Loot Box will cost the user one Coin and provides the user with a chance to mint an NFT.
The rarest NFT available in the NFT LootBox is the Genesis collection. It can only be found in Gold and Platinum Loot Boxes. There is only available in existence, making it the rarest.
Silver Coins can only be used to open Loot Boxes from the Silver Pool and Gold Coins can only be used to open Loot Boxes from the Gold Pool. Note that the Rarest NFTs are only available in the Gold Pool.
NFT Lootboxes can be bought on UniSwap and Hotbit.
L00T has only a limited and low supply of 40,000 tokens.
The token allocation is broken down as follows:
- 10,000 Team and Unsold Tokens are locked for a year.
- 5,000 Tokens have been added to Uniswap and locked for a year.
- 8,000 Tokens are reserved for Marketing and Development.
- 17,000 Tokens were sold during pre-sale.
The $LOOT token is equipped with two main benefits, that include:
- Liquidity locked: 5000 $Loot tokens and 80 Ethereum (ETH) are locked as liquidity. This has been verified on Unicrypt.
- Team Token Locked: Team tokens and unsold tokens from pre-sale are locked for one entire year. You can find the proof of lock here.
LOOT can easily be purchased by clicking here, checking the “I understand” box, and then hitting the “Continue” button, that is right next to it. After that, simply click on “Connect Wallet” and enter the amount of ETH or any ERC-20 token that you wish to swap for LOOT. Uniswap will automatically provide the user with the current market price for LOOT.
If you wish to swap another ERC-20 token,that you are already holding for LOOT, tap on the ETH dropdown, and search the token or paste the token’s contract address in the “Search name or paste address” search bar.
Next, tap on “Approve”, execute the transaction with sufficient gas, and then once it is completed, click on the “Swap” button, “Confirm Swap”, and then execute the transaction with sufficient gas. You will need to use enough gas to execute the transaction or the transaction will most likely fail to get through.
With the NFT industry booming, NFT Lootbox is sure gaining a lot of traction. Although I found the concept similar to $MEME, it is still is being liked and looks like the project has gone viral.
At the time of writing, NFTlootbox token is trading at 235 USD.
To stay updated about the platform, make sure to follow their social media handles given below:
25% Of Total Fixed-Supply Locked: https://app.lock.finance/proof-of-lock-details/240
You are advised to match the contract address from the official source of NFTlootbox before making any decision on buying or selling the token.
NFT LootBoX NFT Sale
1 Mythic card was sold for 10000 USD last night.
This 1/1 Mythic Card sold for 3ETH ($10k+) last nighthttps://t.co/wmd8HdTjRR
— NFTLootBox.com (@NFTLootBox) September 7, 2021
If the trend keeps going viral, and the BTC stays in the bull market, $LOOT could be predicted to touch 1000 USD due to its low supply. I see a lot of big NFT players jumping into NFT lootbox.
If you have any questions on $LOOT, please drop the same in the comments and we will try to answer your queries.