A Guide to Creepz NFTs and $LOOMI Token
On January 6, 2021, some creepy lizards crawled out onto the blockchain and quickly slithered their way up the NFT rankings. Cold Blooded Creepz are a collection of 11,111 reptiles that are the centerpiece of the Creepz Universe. The Creepz utilize a staking mechanic to earn in-game currency, $LOOMI, which can be spent on other Creepz NFTs, events, and experiences.
Of the total 11,111 supply, only 76 original Creepz are listed for sale as of writing, while the rest are staked to yield daily $LOOMI, ERC-20 tokens. Let’s dig into the Creepz NFT ecosystem, $LOOMI and the underlying mechanics.
The Creepz Minting
Although Creepz are crushing it now — currently at a 5.9 ETH floor, they got off to a bit of a rocky start.
Originally there was a plan for anyone whitelisted to have 24 hours to mint their Creepz passes that would allow them to claim a Creep in the following days, but the whitelist was oversubscribed and sold out within an hour. Passes were 0.069 ETH and you could mint up to seven Creepz.
Of course, this created some FUD, but the secondary market hovered just a bit higher than mint price afterward, so those who missed out could still hop in. The devs also swept the floor to allow some who missed out on the whitelist mint a chance to buy a Creep for mint price — a good faith effort to keep the trust of their community.
A few days later, you could mint your Creepz with your passes. Minting a Creep did not burn the passes so you got two NFTs for the price of one. Pass holders could sell them or hang onto them to exchange for a 3D VX Creep in the future.
From there, the scaly lizards finally revealed themselves to the world with the price actually increasing after reveal. The art style is distinct with its loud colors and reminds me of old Cartoon Network shows.
The Creepz NFT Ecosystem
Creepz as a whole are not just the genesis Creepz collection, which can be a good thing or a bad thing, depending on your perspective. It lets others get involved at a cheaper price point, but also takes the focus off of the genesis collection, lowering the value for current holders.
Creepz earn $LOOMI by being staked in the Creepz ecosystem. The $LOOMI can be used to upgrade your army and fight the OVERLORD.
There are many other aspects to the Creepz ecosystem. Let’s take a look at each of them.
$LOOMI is the currency of the Creepz economy. By staking your Creepz, they earn a certain amount of $LOOMI per day based on their rarity. You can then use it to mint upcoming drops within the Creepz universe or sell it on the secondary market.
There is a 25 percent penalty for withdrawing $LOOMI to try and discourage people from selling it. You can see the price of $LOOMI on CoinMarketCap — contract address: 0xeb57bf569ad976974c1f861a5923a59f40222451.
Loomi Vaults were introduced alongside Shapeshifters — which wasn’t ideal, because it spammed the Creepz ecosystem with so many new NFTs at once. The 5,000 vaults were 1 ETH each and gave the buyer 10,000 $LOOMI right away. After that, they yield 500 $LOOMI per day when staked, which adjusts dynamically based on the current $LOOMI price.
The floor on Loomi vaults is 1 ETH as of writing.
The Reptilian Armory is a collection of 20,000 support units that were only available to mint with 3,000 $LOOMI. Each piece from the armory is able to be staked to earn 600 $LOOMI a day, adding to one’s yield.
As of writing, the Reptilian Armory NFTs have a floor of .95 ETH.
Shapeshifters from Creepz
Another 20,000 piece collection, the Shapeshifters are a group of famous people recreated in Creepz art, like Donald Trump and Mark Cuban. They were 10,000 $LOOMI each to mint, which was a way to burn $LOOMI supply in hopes of sustaining the price.
If you assemble five Shapeshifters, you can burn them to create a MEGA, which gets a piece of the 50,000,000 $LOOMI bribe pool. The Shapeshifters drop recently happened, so it will be interesting to see how prices settle for Shapeshifters and MEGAs.
As of writing, Shapeshifters have a collection floor of .35 ETH.
What’s Next? Creepz Analysis
What’s next for the Creepz is a bit vague, but the devs keep teasing surprises and big things coming, and new utility for $LOOMI. The roadmap hits on breeding, going to space, and a million dollar universal platform.
One of my criticisms of the project is that they released a bunch of different NFTs all at once, pulling attention away from the genesis collection. Diluting the project’s supply so quickly usually does not go well, and may create unrealistic expectations in the long-term.
I also am not a huge fan of them constantly saying “BAYC flip incoming!” I understand why they do it, but it’s pretty cheesy. It’s generally not a great sign to see a project talking about price so much in their official communications.
Despite that, the team seems committed to pushing the project further and continually adding value to it. They also have the support of people with very deep pockets and experience in the NFT space.
We’ll see if they can execute all they are talking about doing. If they can, and continue to build the $LOOMI economy, I think Creepz will carve out a nice spot in the space.