Dom Hofmann

Loot NFT: free-to-mint gibberish worth ~$30K in a single day

Vine co-founder Dom Hofmann launched Loot, an NFT that's just a black square with computer-generated gibberish words. Mintable for only the gas fee (~$50-100), a unit was worth roughly 10 ETH (~$30,000) one day later.

“So it came out, Ben saw the tweet, Ben minted one. And I think today it's worth 10 ETH, which is about $30,000. This is in one day. Oh, well, he paid, he paid, you know, probably under $100 to mint one of these just to just for the processing fee, he paid $50 or whatever, the gas price.”