Are you wondering what Loomlock NFTs and Wassies got in the store for you? A recently introduced and popular NFF collection, Loomlock gained a major boost in community members and trading since October 2021. The Loomlock team promotes community engagement and rewards the members by giving free giveaways and additional perks.
Also, to ensure a fair distribution process, the team of Loomlock NFTs released all the NFTs after the final auction was complete to safeguard against early secondary market forming on NFT platforms such as OpenSea. That sums up the intro, you can read below to know all about the release date, price, why to buy, and more.
What Is So Special About Loomlock NFT?
The Loomlock is a collection of 9000 NFTs, called Wassies, with different attributes including hair, face, clothes, and body colour. To assure a safe and random minting process, the smart contract of Loomlock uses Chainlink VRF for the minting and Ethereum Blockchain for storing the NFTs.
3000 Loomlock NFT were available to bid for 3 consecutive days in an English-style auction. This system enables the NFT collector to mint the asset when the gas fee is low. Apart from the initial bid placed by you and the updated bid, you no longer have to pay a hefty gas fee. Moreover, the Loomlock NFT metadata along with the image will exist for a long time due to the use of Arweave to make a decentralized approach.
When Were The Loomlock NFT Released?
The initial auction went live for 24 hours on 14 September 2021, at 4 pm PT, and the following two auctions went live on 16 September 2021 at 12 am PT and 17 September 2021 at 11 am PT, respectively. The bids that won NFTs during the first auction were removed, and the bids that lost got transferred to the next auction.
What Is Loomlock Nft Wassie?
Wassies are the 9000 characters of the Loomlock NFT collection that resemble a platypus. A limit of 30 NFTs was set per address for each day of the auction. Moreover, you get a royalty-free license to use or distribute your Loomlock NFT wassie worldwide along with any extensions you created.
The Loomlock Device: Time To Cure Your Social Media Addiction
As of October 28, 2021, there is a lockout device called Loomlock being developed to help reduce the addiction to social media. It is a free addition to the digital assets and will be airdropped just to the NFT holders.
How To Take Part And Buy In The Auction
- To place a bid: Connect the crypto wallets such as MetaMask to the auction page. Then, select the Place A Bid, enter your bidding price, and pick how many NFT you want. The bids get locked in the contract, and the ETH will be transferred back to your crypto wallet if you were unable to buy the NFTs.
- Total bids: This indicates the total ETH needed for placing a bid depending upon the quantity and unit price of NFTs.
- Updating bids: You can increase the bid anytime during the auction by increasing the Unit Price without changing the quantity. Also, you can increase the unit price and decrease the number of NFTs if you don’t want to add more ETH.
Must read: Everything About Hashmask Collectibles.
Price: Analysing Loomlock NFT Mint Price And Trading Potential
Note All the ETH conversion in $$ is based upon the 28 October 2021 market price.
Just over a month after the auction is complete, the Loomlock has seen 5.4K ETH worth of NFTs traded on OpenSea, which is currently equivalent to $21,573,033. The minimum bid was 0.25 ETH at the auction for minting a single NFT, and now (October 28, 2021) floor price of Loomlock NFT OpenSea has nearly doubled to 0.35 ETH ($1,402.18).
Moreover, in the last 7 days, the average cost of Loomlock NFT was an impressive 0.4749 ETH ( $1,907.49), along with the total sales volume of 196.1477 ETH ( $7,87,848).
Conclusion: Loomlock NFTs: Is It Time To Get Your Wassie?
Loomlock has witnessed constant trading of their NFTs due to their strong community of 30,000 members on Twitter and Discord combined. Recently, Wassie 12044 was sold for 1.4 ETH or $6,137 on 29 October 2021, proving the lucrative opportunities with these digital assets. To add further, Loomlock NFTs used a platform for rare and reliable NFTs called Metadrop.
You can check the official rank and score of each Wassie NFT on Metadrop and find the one you like. Moreover, the Loomlock NFT Opensea is among the top 100 collections of digital assets as of 29 October 2021 and is set to increase in the near future. Overall, Loomlock NFTs are worth collecting for showoff as well as for trading purposes.
A Mass Comm graduate and a post-grad English literature student, Varun has been following the tech and digital domain for the past few years. He possesses an eclectic mix of fin-tech knowledge that enables him to break down convoluted subjects and present them in an unambiguous manner. When not writing, Varun explores the emerging trends and changes in blockchain technology, NFTs, and other tech domains. He constantly tries to expand his current knowledge and skills, so that he can implement them in his work and convey concise as well as meaningful articles.