127.0.0.1 is the IP address that is assigned to your loopback interface. The general definition of "loopback" is as follows:
Loopback, or loop-back, refers to the routing of electronic signals,
digital data streams, or flows of items back to their source without
intentional processing or modification. This is primarily a means of
testing the transmission or transportation infrastructure.
The hostname localhost, maps back to the loopback address.
So, in sort the loopback address goes nowhere but "loops back" to the originating host. This is how you can install and test a web service or database service, etc. without ever being connected to a network.
For other computers to access your services, you need to use the IP address on your LAN. This is usually
eth0 if you are wired.
# ifconfig -a
en0: flags=8863<UP,BROADCAST,SMART,RUNNING,SIMPLEX,MULTICAST> mtu 1500
inet6 fe80::aa20:66ff:fe39:2c1c%en0 prefixlen 64 scopeid 0x4
inet 192.168.1.100 netmask 0xffffff00 broadcast 192.168.1.255
So, for my Mac, my IP address is 192.168.1.100. If you issue the same command, you should be able to find your particular address. That's the address you need to use to access your computer.