Cast Gray Merchant either from your hand by paying 3 or from the top of your library by paying 5 life.
When Gray Merchant enters, it triggers, causing each opponent to lose life equal to your devotion to black and causing you to gain life equal to the life lost this way.
Activate Shilgengar by sacrificing Gray Merchant.
When Gray Merchant dies, Mortuary triggers, putting Gray Merchant from your graveyard onto the top of your library.
Resolve the Shilgengar ability.
Repeat.
This looping engine relies on Shilgengar, Sire of Famine to repeatedly sacrifice Gray Merchant of Asphodel for Blood tokens, while Mortuary catches the Merchant as it dies and immediately recycles it back to the top of your library. To keep the loop going without running out of cards in hand, Gwenom, Remorseless lets you bypass mana costs entirely by casting the Gray Merchant straight from the top of your library at the cost of your life total—a toll that is comfortably offset by the life-draining trigger of the Merchant itself.