That was the only information during its humble release. In less than a week it went berserk. Becoming the most trending topic of discussion in the NFT space.
It is a simple idea that grew and spread as a community formed around it.
A Dom Hoffman Creation
Hoffman has been around the Metaverse since its evolution. With his Solidity knowledge coupled with social experimentation, he went on to create NFTs and started working on creative projects.
“A lot of people have been wanting some sort of game that takes place in a fantasy realm, or a science-fiction realm. They want it to be compatible with other realms. They want to be able to build on top of that. They want to know that the items that they have will always be with them. I was just kind of building in that direction. It was an experiment.”- Hoffman
On 27th August, Hoffman announces Loot in a tweet
LOOT— dom (@dhof) August 27, 2021
- randomized adventurer gear
- no images or stats. intentionally omitted for others to interpret
- no fee, just gas
- 8000 bags total
available via contract only. not audited. mint at your own risk pic.twitter.com/uLukzFayUK
Loot is an unprecedented approach to the traditional narrative of NFTs, it had nothing to start with, no website, traits, team, company. We are not sure what it will turn out to be in the coming weeks or months. But what’s certain is the speculation. Trade Volumes speak for it.
Unique Bottom-Up Approach To NFT
Hoffman's tweet mentions that the images were omitted intentionally for others to interpret. By introducing such a mechanism, Loot brings in a paradigm shift to the NFT world, adding a new dimension by bringing in a Bottom-Up Approach. In a typical project, the NFT creators create the value, but Loot derives its value from the community which gets engaged with it. This in turn creates endless growth opportunities for the Ecosystem, and a strong community has also joined hands around Loot.
Loot already has evolved into a derivative game of games. With multiple interpretations and additions by the web3 builders and DAO dreamers. A reality that has surely factored into the project’s rapid rise is its anarchic nature.
As Vitalik mentioned in a new tweet, Loot gave everyone a chance to do whatever they want. But the real VALUE lies with the community.
I think the @lootproject philosophy has it right: pretty much anything that anyone creates "exists", what matters is to what extent other people build upon it.— vitalik.eth (@VitalikButerin) September 2, 2021
In effect, it is creating a lego where culture, finance, art, and millions of other use cases can be attached to it.
0xinventory.app is a tool for classifying Loot items by rarity.
$AGLD - Adventure Gold, a governance token used to vote on Loot.
The Grand Exchange is a front-end Loot auction house.
Andre Cronje, the mastermind behind the original Yearn Finance, appreciated Loot’s approach of building from the ground up.“My very first design was for Eminence, with a goal of creating micro-economies within different factions, with these economies later on expanding out towards crafting, which would lead to gear, and eventually full fledged mmo’s.” - Cronje
His team has already made a fully-fledged roadmap. At the time of writing, they are finalising in-game assets. Further short term development includes the ecosystem and launching 3 flagship games. Cronje seems to have a potential solution for rarity and inclusivity. This is the fundamental problem, as Loot needs adoption and community in the long run for it to evolve. But, It cannot sacrifice rarity. So what if instead of creating the loot first, we could create the world wherein people could create the loot?
That's exactly what he did and created rarity
Those who are willing to adventure with “summoner” and want to go deep into the rabbit hole, you can free mint from the above address. Every day you get 250xp for your adventure.
As you level up, you earn feats and spell slots.
He made it clear that it will not be his fulltime contribution and he is considering it a hobby project. He is looking for enthusiasts and developers to build and grow the ecosystem.It is deployed on the Fantom chain (FTM). Cronje justified it for being gas friendly.
To The Moon and back in a Week
A project just a week old with a parabolic rise in price. The Floor has currently dropped to 9 ETH from 30 ETH. An NFT which at its launch appeared to lack imagination has taken the NFT space by surprise. Now a community has started to build upon Loot which has sent the price in hyperdrive. Ultra rare with unique traits #748 and #3043 were sold for a staggering 250 ETH and 200 ETH respectively. If speculating on jpegs were difficult for the mainstream, wrap your head around a list of texts that cost a fortune.
Adventure Gold Free Airdrop
Adventure Gold ( AGLD ) is the official DAO token of Loot.
Syndicate DAO co-founder Will Papper launched the $AGLD token and enabled Loot owner to claim 10,000 tokens to all the loot NFT holders.
🔥 Pleased to announce $AGLD #AdventureGold — the official DAO token for @lootproject @WillPapper will be listing @OKEx!— OKEx (@OKEx) September 3, 2021
▶ Deposit is NOW open
📈AGLD/USDT Spot trading goes LIVE 🟢 at 9:00 am Sep 3 (UTC) #NewListing details: https://t.co/pbvOSccW8I pic.twitter.com/jDZ5m214TC
Since its launch, the price action has been extremely volatile. With 6 million in initial liquidity and the trade volume reaching 300 million. The price shot from $0.254 to $7.29. With that stats, trading fees alone will be in millions.
In a recent tweet by Dom, he announced the release of more Loot causing further disagreements and mixed opinions in the community.
i like synthetic loot better, but just for optionality— dom (@dhof) September 4, 2021
mint with bag 8001+
increases at 1/10th of ethereum's block rate
~250k per year
current cap ~1,316,005
no fee, just gas
Talk about keeping up with the space. One user made a custom bot called dhof-apes, a dedicated bot that will automatically mint from any contract which Dom launches.
introducing: dhof-ape— malone (@malonehedges) September 4, 2021
it has been really hard to keep up with everything happening this past week, so i built a bot that automatically mints/buys any Etherscan contract or OpenSea collection linked by @dhof https://t.co/mwxMwFfIEr
More Loot did put an end to all derivative loot that removed gatekeepers. Opening for all potential players. But it is a dangerous precedent with a drastic change to the initially set parameters of the game. What will be the utility and competitive edge of the new Loot compared to the original Loot?. There are more questions than answers with Loot and more Loot.
There are multiple permutations and combinations. In the end, it is up to the community to adopt. In the modern era of followers and idolisation, it is easier to have a biased community. We want to see actual development. like those who built tools such as the grand exchange the cosmetic and visual landscape. A base layer infrastructure, common ground and vision to build on and an MVP.
We also want to caution our readers on the potential of bad actors scamming, or unaudited codes getting exploited. Always DYOR.