Loot's imagination and potential vulnerability

Loot: Improv at NFT

Original author: Blue Fox Notes

Over the past two weeks, the hottest in the field of encryption is Loot, the days before or such as CryptoPunks these avatar hot, instantly switch to text NFT hot. It's the rhythm of the crypto world, and it's dizzying.

About Loot, there have been many friends have a lot of understanding. Simply put, it is the text NFT, which contains a bag of items (equipment), but only in words, as shown below:

Loot text NFT example: #6969, LootProject

It looks simple, even rudimentary. However, at the time of writing, the current Loot floor is priced at 12.5ETH, which is close to $50,000 a piece and very expensive.

Loot is a randomly generated adventurer outfit stored on the Ethereum chain. Loot initially launched with a cap of 8,000 items, each Loot bag contained eight items: one for the adventurer's foot, hand, chest, neck and head, as well as a ring, belt and weapon.

But it's just a few lines of text, no numbers, no graphics or anything else, which is intentionally ignored. Its deliberate omission is intended to leave anyone else to play. That is, based on these immutable NFT words, others can interpret and use them in any way they want. Of course, this is also based on the permissionless and composable nature of blockchain.

These Spaces give the community more space. Some say this is a revolution in the NFT paradigm that will have real impact.

Loot's Imagination

· Free distribution

When Loot NFT is generated, it is free of charge and there is no charge for Loot generation other than the necessary Gas fee. At that time, anyone could claim Loot NFT #1 through #7777, and Loot NFT #7778 through #8000 (222 Loot) was reserved by the contract deployers.

There wasn't even a website at the time, and the collection was done through a contract on EtherScan. This kind of distribution is in keeping with the spirit of the crypto community, similar to how Cryptopunks used to be given away for free.

Pioneering,

Prior to Loot, the imagination of NFT was largely limited to crypto collectibles, crypto generated art, game items, domain names, and so on. In particular, avatar JGP, generated art in the recent period of time hot. The emergence of Loot just like a new continent, opened people's imagination of NFT.

In the beginning, people focused on JPG types of NFT, such as Cryptopunks, Pudgy, BAYC, etc. These NFT experiments take advantage of the imtamability of blockchain to show users' digital ownership. With the combination of generative art and crypto, generative art has emerged, which leads to the explosion of generative art on Artblocks (such as Fidenza series).

Now Loot is taking NFT to a new level. It brings the basic building blocks for crypto games or metasexes and so on. In terms of being groundbreaking, it had the same impact as YFI during last year's DeFi boom. As a result, it has attracted attention in the crypto community since its birth.

Loot itself is a building block of a crypto world that can be incorporated into crypto games, meta-universes, NFT, and other projects without permission, and developers can build it any way they want. Also, it will not be exclusive to a game, but will be used in any game with its NFT owner. It's a whole new model.

Loot NFT has no ultimate build for artists or core developers, it's open. Loot itself is a building block, not a finished product. NFT before it, whether it's Cryptopunks, Pudgy, or The Fidenza generation art series, was a finished product.

Because of the openness of Loot, it is given a greater space for imagination. There is already a community of users using it for simple builds, such as creating artwork from it.

Overall, Loot made it clear that NFT can be used as a building block for crypto games or metasurses, that it can be integrated with other protocols, and that it has independence across protocols, that it belongs only to the owner of its NFT. For example, for example a sword NFT item can be used in different games.

Because Loot is a building block, that means it has more room to imagine, more possibilities to build with, and more variability than a painting hanging on a blockchain. Assuming the community enthusiasm continues, loot could evolve into a community-owned NFT platform for games. Of course, this is also very difficult, as we will discuss below.

Cryptopunks, by contrast, is an IP, a collectable NFT, and even Hollywood talent agencies have struck IP deals with their studios. Loot is an open NFT with no brand, no IP, just a community.

Some in the community say Loot is NFT's improvisation. Whether improv will succeed or fail depends on the evolution of the community. No one knows for sure what the future will bring.

Data of Loot

There are 2,561 independent owners of Loot and the current floor price is 12.5ETH. As the floor price increases, the daily transaction volume decreases.

Loot user numbers, Duneanalytics

Loot Daily Transaction Volume Trends, Duneanalytics

Loot's daily floor price trends, Duneanalytics

·Loot's NFT valuation exploration

Relatively speaking, the current valuation of NFT tends to be based on its rarity. For example, the community will rank the value of Loot bags based on their rarity. However, as it is gradually utilized, the value dimension will be more and more. Perhaps with the increase of integration projects, some Loot NFT with low value at present may be mined.

Developers in the community rank scarcity by the number of times items appear in Loot bags, as shown below:

From github.com/bpierre/loot-rarity

There were 8,000 NFT in Loot, eight items per NFT for a total of 64,000 items. There were 30,237 common items with 375 or more occurrences. A total of 8,073 unusual items appeared less than 375 times; There were 7,537 rare items, with fewer than 358 occurrences; There are 6,587 epic items that occur less than 101 times; There are 6,189 legendary items that appear less than 10 times; There are 5,377 deified items, and they only appear once.

·Loot community governance token

Loot's community governance token is called AGLD and was first allocated to Loot holders, whose NFT holders received 10,000 AGLDs. AGLD can determine the development direction of Loot ecology in the future, and also can realize the support of ecology through it. But it's up to the community.

· Some Loot based attempts

As mentioned above, on lootcharacter, different Character pixel people can be generated according to different Loot NFT, as shown below:

From lootcharacter.com/

Based on the combination of Loot NFT and generative art, generative art can be launched, as shown below:

From lootvisions

More Loot,

More Loot is also a NFT launched by Dom, the founder of Loot, which is similar to Loot but has a large number of NFT. The current ceiling is 1,316,005 and the annual issuance is 250,000, which is a dynamic supply model. Currently, it has more than 18,000 holders, ranking first in the NFT field.

, The n Project

There are even random 8-digit literal NFT that others can use to build things like generative art.

The N Project number NFT: #668, LootProject

Generated artwork based on NFT: #5563 of The N Project, Voz works

Role,

Role is the account Role NFT, a total of 10,000, created by users, it uses Loot to equip their roles. Role as a character, created by players, has 3 genders, 6 basic attributes, 6 races, 9 factions, 8 core classes, etc. Classes include warrior, mage, Dragon knight, etc.

In terms of Role practice, crypto games have already begun the construction of composability. Will there be NFT like skills and potions in the future?

The difference between Role and Loot comes from Role

The combination of Role and Root comes from Role

The potential vulnerability of Loot

We mentioned Loot's creativity above, and its innovation is reminiscent of last summer's YFI, which also gave the crypto community an impact and imagination.

So is there nothing wrong with Loot? It's impossible. There are always two sides to everything. For example, the following two points are the potential shortcomings of Loot.

· Publishing NFT is easy, but building crypto games is hard

Loot now has some community supporters and currently has close to 5,000 holders of its governance token AGLD. About 4,000 people who have held Loot's NFT. It's not a huge community, and it's a problem to motivate people.

Where does it take a lot of people and money to build really fun crypto games come from? This requires Loot to have a public Treasury that can support the development of encrypted games and other applications. This is Loot to support the key value.

If these ecological constructs are not built, then where is the value foundation of Loot? It is understandable that people have such questions.

Will other crypto games take advantage of Loot? May not. Aaron, a crypto game developer, says: "First, all NFT in the game should be adapted to the theme and content of the loot, and second, NFT is an important part of the game economy. If all the loot users take away, there is no special incentive for the project. Even if the project can bring traffic to the loot, but the flow is not very large."

In the crypto world, where there is no shortage of speculators and bubbles everywhere, does the community have enough motivation or organizational power to create a sustainable ecosystem on its own? Hofmann, who initially deployed the Loot contract, said he wasn't sure he would lead the project and would only provide guidance as needed.

In what ways Loot will turn a collection of written objects into a realizable experience, no one knows what will happen. If the Loot community gets organized and develops as a DAO, it will be a major breakthrough in DAO history.

The interesting thing about the future is that it evolves on its own. Anything is possible.

· Will the birth of various Loot dilute the value of Loot

Crypto community is difficult to be closed, currently there are many different Loot, Loot itself has Loot and More Loot; Loot, Lootcreature, The N Project... .

It is conceivable that more themes and content are on the way, and that these different Loot will have the opportunity to be used in crypto games and meta-universes.

High risk of NFT

It should be especially reminded that the practice of NFT is still in the early stage of experiment, full of uncertainties, accompanied by a large bubble, and there are also high risks. Very few projects can be successful. Do not invest in funds that cannot bear losses and control risks.

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