Surely you must have heard about Loot Project and thought, "What in the bananas does that mean?"
It is pretty simple, but to whet your curiosity, let's wonder together why Loot is an NFT project that has completely wowed the Crypto and Blockchain community.
The outbreak of the spontaneous Loot project has sent chills down the spines of traders and a frenzy around the global Ethereum community. In a manner that some would call unprecedented and out of this world! Curious yet? So sit back as we take you on a journey about the Loot NFT.
It is bewildering how the origin of the social NFT frenzy, Loot, started with one tweet from the Vine creator, artist, and programmer Dom Hofmann.
Dom tweeted on the 26th of August about jamming over the weekend in a fun and unsuspecting manner.
After Dom unveiled Loot on Twitter, the Loot Project kicked off. The project contained randomized adventurer gear with 8000 loot bags in total.
These virtual loot bags omitted stats and facts intentionally to give others the power to interpret them. Players could freely mint the game bags directly from the smart contract and cost just the gas price.
The mind-blowing NFT project exploded due to Dom's experience in organic community building. As a matter of fact, before the Loot NFT project, Dom had pioneered other projects that gathered massive response in the crypto world, projects like:
Zooming into Blitmaps for a minute, the intention was to use Blitmap as the foundation of a Blockchain mimic of the Marvel cinematic universe, turning game characters into merchandise.
Dom worked with 16 other artists to create one hundred 32×32 pixel images combining fantasy and science fiction. Expectedly, the project was a big hit.
Not surprisingly, when Dom unveiled the Loot Project, many of whom were involved in his previous projects jumped on the opportunity to pick the brains of the outstanding artist and creator.
Loot's main advertising channel was word of mouth. Friends telling friends about the NFT project caused it to spread like wildfire! With projects having mantras such as You can do whatever you wish, causes them to spread even more because it suits and accepts all sorts of Ethereum-savvy Web3 enthusiasts.
At this point, you are abreast of what the trendy NFT project looks like on the inside, but just in case you need a little more detail, you can either visit the project's FAQs.
Right now, you can safely say the best of Loot NFT is a game. Ethereum creator, Vitalik Buterin, tweeted:
The project's foundation is a game, and it is now left to the community to decide what the next step or its future would look like.
A better insight into Loot NFT includes the game bag containing 8 items with readable smart contract parameters, unique in the Loot universe.
"Divine Robe of the Fox" and "Short Sword" are rare NFTs in the game. Whereas, others amongst the bags are considered common.
The Divine Robe appears only once while the Short Sword a total of 325 times across 8,000 Loot bags.
Now that you have read and seen all that you have, you may be thinking, what then is all the fuss about? What problem does it solve?
Well, hopefully, you are still strapped in 'cos the ride has just started. You see, Loot and its entire 8,000 Loot bags can function as the basis of a gaming metaverse.
The end goal of Loot is an ecosystem of games where items in the game (Like the Short Sword) serve multiple functions. Can you see it now? Whoever builds on Loot NFT can decide the functionality of an item.
This is the angle! Asides from the massive value of the project, Loot NFT gives creative freedom, one that Web3 dreamers can engage in. Loot successfully built the foundation of a game without creating an ideal game in itself, leaving its fate to be decided by a decentralized community.
Thus, plenty of experiments have sprung up since the inception of Loot NFT. One of such is Lootmart. This project enables Loot holders to unbundle their game bags into NFTs and allow the individual exchange of items between holders.
Likewise, Lootcharacter was developed to generate pixilated characters based on these bags.
In another instance, a community member, while waiting in an airport developed an ERC-20 token. He named it Adventure Gold ($AGLD). For this token, anyone with a loot bag can claim up to 10,000 $AGLD.
A spot and futures market was dedicated to it by FTX. After the token hit the market, it was worth $7.70. This makes that loot holders receive gift tokens worth over $77k.
The concept and intention behind AGLD is the hope that someday it will be as a game currency.
Those are not all of the amazing things Loot brings to the table; it changes the conventional gaming and community development path. What Dom did was simply set the foundation for a gaming universe and opened the floor for creators to build on it.
The frenzy around Loot NFT and bullish NFT market put Loot NFTs on a pedestal, with the cheapest bag worth at least $23,000.
How the Loot NFT has created value still baffles many. The creators only created a foundation for games and threw it in the wild for many gamers to make do with what they think. With this, one is safe to say Loot NFTs have energized communities together with its host of new projects.
The response of the people in conjunction with the Loot NFT's current bull market price fired up the pricing. With no guarantee of creating an actual game or utility, Loot builds hope for future developers and utility builders.
Like other NFTs, creating a Loot NFT would not be much of a hassle. Once creators are ready with the NFTs, they release the items into the market together with airdrops, competitors, and an array of events. All of these events and competitors help to increase the hype of NFTs sales in the market. To further expand the project, creators can intensify all these events and project a stronger team.
It’s worthy of noting that all of these events are decentralized. In a decentralized launch, NFTs are launched without a prior underlying project. Its community will then hover around its items in its bag- the Loot bag.
With this type of platform that uses decentralization and the creativity of users, one can easily switch between the models of NFT businesses.
There have been several NFTs dropping over the months but Loot NFTs stood out from them due to two obvious distinctions. One of which was that it did not have pictures like other NFTs; The Loot NFT only had text! So, instead of the regular penguin and chimps, you will only be seeing texts instead.
Another obvious distinction with the Loot NFT was the free NFTs it offered users. Although users were to claim their NFTs with an Ethereum gas fee, minting the NFT was free.
Despite all of these, the Loot NFT sold massively. It started with about tens of thousands of dollars and sold more than 220M from then till now.
Several times, users are excited about new NFTs' arrival. However, this excitement is not tied to what NFTs are but what they can be.
Just like other NFTs, Loot NFTs were released into the market for the users’ muse. The aim was to leave people with varying interpretations of its NFTs.
An expert linked Loot NFT to 52 wild cards where each card with its picture has its interpretation. That is most probably why it had been used as the foundation for several games and pokers.
Loot has imprinted its name in the hearts of many by creating thousands of games without really creating a game. Whatever developers want to do with the experiment is up to them.
Kinda like every shiny object, there's an off-side to it. Sadly. In the case of Loot, the first thing observed is there is currently no guarantee that any substantial utility or a real game gets built on Loot.
Owning a loot bag is more or less a big bet on future utility, and only IF the community chooses to make it worth that much.
Another point where it's hard to connect the dots will be the cost of entry. To many, it doesn't make any sense. Game developers build games to fit the masses, but Loot has a different slant to it. A large number of gamers are left out due to the high cost of owning a loot bag.
But does this mean that the vast majority of gamers will be priced out for life? Of course not. Do we have all the answers? Not yet - but close.
As it stands, there are possibilities to incorporate loot without segmenting the market. A perfect example is the Axie Infinity and Yield Guild games.
At a point the game got too pricey for the majority of gamers, thus a lenders market emerged which enabled gamers to borrow the NFTS needed to play the game in exchange for a portion of the winnings.
While a good number of questions remain unanswered, this start is very impressive, and the Ethernet ecosystem is right on the verge of something massive and promising. We can safely say it is the early stages of a completely new project that beats the conventional game development model.
And being backed up by an organic, thriving community, committed with the responsibility to build real games and utilities with all that Blockchain technology has to offer.
The suspense around Loot's future makes it even more interesting and worth monitoring over time.
Also read OpenSea: A walk to NFT Marketplace