If you are scratching your head over Loot, read this

Crypto Jade

3 min readSep 7, 2021

Just look at this.

19 words were sold for 10 ETH, about $37K as the time of writing.

There are 7779 pieces of Loot NFT like the above one listed on Opensea now with the floor price of 8 ETH.

Overview

So, what is Loot?

It all started with a tweet from Dom Hofmann,

After a hackathon on the weekend, Dom can’t wait to release Loot on Twitter in just one day. According to its website,

“Loot is a collection of 8,000 unique bags of adventurer gear, originally released by Dom Hofmann. At release, anyone could claim loot bags for just gas, and all bags were claimed in under 4 hours. Each loot bag contains 8 items: a piece for an adventurer’s chest, foot, hand, head, neck, ring, waist, and weapon.
Loot is an unaudited project. Bags #1 to #7777 were claimable by anyone and #7778 to #8000 are currently reserved for the contract deployer.”

Loot’s Power

To put it simply, Loot’s power lies in its bottom-up approach, the exact opposite of most NFTs and current gamefi projects.

As @tandavas wrote on Twitter:

Typically, NFT projects have a top-down approach. This means the creators create something like an ape profile picture, game item, or art as NFT. Then the creators expand the ecosystem to bring more value to the NFT which will increase the value/price for the collectors.
However, Loots doing it differently. It’s a bottom-up approach. Instead of the creator bringing values to the NFT after the drop, Dom let the community decide its value. This is a new and more decentralized way of building an NFT project.

Before the emergence of Loot, people’s imagination for NFT was mainly limited to “encrypted collectibles”, “encrypted generated artworks”, “game items”, “domain names”, and so on. In particular, avatar jpg and generated artwork have been hot in recent times. The emergence of Loot is like a new world, opening up people’s imagination for NFT.

Loot takes NFT to a new level by bringing basic building blocks to crypto games or meta-universes. In terms of groundbreaking, it gave people the same impact as YFI during the DeFi boom last year. Therefore, it has attracted attention in the crypto community as soon as it was born.

What is Loop Bringing to us?

What did Loot Project unlock? As David Hoffman puts in his article The Metaverse Emerges,

Potentially nothing. But ever since the genesis of Loot Project, derivative projects have been spun up to ‘attach’ or ‘append’ value upon the Loot corner of the metaverse.

While this corner of the metaverse is completely unstable, this model for establishing how the metaverse grows has gained precedent. This new model has pushed expression to the surface, while value and utility are embedded deeper into the Ethereum protocol.

A few people have noticed the potential behind this model. By embedding tokenized properties into a deeper layer of the technological stack, you optimize for maximal cosmetic choice, while establishing a single-source-of-truth of object properties inside the metaverse.

This helps reduces complexity and development costs for developers while giving freedom, creativity, and expression to users.

If you are scratching your head over Loot, read this

Overview

Loot’s Power

What is Loop Bringing to us?

Links

Written by Crypto Jade