The increasingly popular text-based non-fungible token project Bloot (not for Weaks) has about 8,600 Ethereum (CRYPTO: ETH) in sales volume since its launch.
The project came to be after the NFT project Loot (for explorers) launched and changed the idea of what an NFT project was supposed to look like, co-founder Hunter Orrell said on Benzinga’s NFT show “The Roadmap.”
“The whole idea of putting something out and saying ‘hey we’re going to build something and hand it to you and you can do whatever you want with it,'” was the point in which the Bloot team realized they could create a different type of NFT project, he said.
The team worked with Pixel Vault investor and advisor Beanie, who didn’t see the project as a parody, Orrell noted.
The rest of the team seemed to think there was a parody aspect to the project, highlighted by the project description on OpenSea: “It’s basically worthless.”
There are plenty of people who have assigned value to the NFTs with their overwhelming support of the project. The team’s Discord currently has over 23,000 members. The Bloot project is a polarizing movement in which many people have built around, Orrell said.
“There have been so many cool things that have kind of spawned off of this idea, but there is definitely more to come.”
Free-To-Mint Model: Bloot is unique in the way it priced its NFTs. The project incorporates a free-to-mint model and includes secondary royalties.
Bloot co-founder Dylan Orrell, who interviewed alongside his brother, told Benzinga the free-to-mint model refrains from assigning value to the tokens which allow the market to decide what it thinks is valuable.
“It was really, really interesting to see how the different traits sort of gained value based on the perception of the community.”
Bloot co-founder tropoFarmer said one of his favorite traits is the “bald f**k” trait. It’s one of his favorites because he is bald.
The best way for people to get involved in the NFT market is to learn about it, tropoFarmer said: “It is very important to do your own research and not just blindly follow.”
The team said it’s working on another NFT project and that prospective investors can expect to hear something within the next week or so.
See the full interview here: