What is Loot (for Adventurers)?
Loot (for Adventurers) is the definition of an innocuous creation taking the world by storm. With a string of randomly generated words, these community-based adventure gears have set the tone of what an NFT can become. But what is it? And what is the reason behind ubiquity?
Loot (for Adventurers) NFT
Loot is a randomized adventure gear taking the form of randomly generated words and stored in the Ethereum blockchain. Meant more to be like building blocks rather than finished NFTs, every stat, image or functionality of this NFT is left for the users to interpret.
In true words, it is one NFT that epitomized the term “community-driven.”
Coming from the mind of Don Hoffman, who you might know as the founder of Vine, a platform for short comedic videos that defined internet comedy in the early 2010s, Loot came into existence with no purpose.
Launched as 8000 unique items for free with only requiring the users to pay gas fees, the purpose of the project was a social experiment to see how much worth could a community add to it.
As a result, in the coming days, the ubiquity of these randomly-generated texts that could be anything that the users wanted started to grow at a rapid pace. And that pace has mutated and given rise to other derivative NFTs that are getting more customized with each passing day.
A building block within the Ethereum NFT ecosystem, Loot has epitomized what diversity and customization can be. And thus, the reins of controlling the worth of this project lies in the hands of the users.
And they are responding in kind, coming up with everything from CryptoManga to epic pixelated creations that are being shared across Twitter at a breakneck speed. Needless to say, with the introduction of Loot, the metaverse is about to go larger than before.
Who founded Loot (for adventurers)?
On August 27th, 2021, Don Hoffman, founder of Vine, launched the NFT via twitter.
All the advertising that the NFT had to garner interest was this tweet that read something like this, “Loot. Randomized Adventure Gear. No Images of stats. No fees, just gas. 8000 total bags.”
There was no warning, no website, no murmurs around the NFT space about a Loot drop that seemingly had no purpose. However, despite the lack of apparent awareness, within the next four days, all 8000 bags were claimed.
Each bag contained eight items for chest, food, head, neck, waist, ring and weapon.
Calling it free to be interpreted by others, this “free” Loot drop soon took the NFT space by storm, giving rise to a community that is refusing to stop growing.
As for Don Hoffman, Loot isn’t his first tryst in the NFT space. Considered one of the leading innovators in the field, just four days before dropping Loot on Twitter, he introduced an NFT project called Supdrive – an actual video game NFT.
But unlike that full-fledged NFT project, Loop is one with a bigger mission- a social experiment that slowly revealed the uniqueness of this randomized collection of words.
Why is Loot (for Adventurers) NFT so special?
At first glance, Loot (for Adventurers) appears to be a random collection of innocuous words, each representing a type of gear in a bag. But, it has no art, no team, no attributes and no way to gatekeep any creative decisions. Once Dan decided to release these words into the wild, people started to realize what Loot truly is.
It is a cornucopia of unfiltered, uncensored building blocks for characters, games, stories, and when in the hand of a community that knows what it’s doing – a metaverse.
Being truly decentralized right from the get-go, Loot unveiled its composability to the community once the right members started to become aware of it.
Taking these building blocks, users can build anything. And if they are a novice at the building aspects, there is a whole community to help them. And many are continuing to come together, bringing forth creations that even Don Hoffman admits that he couldn’t have imagined.
“I want Loot to be a long-term investment made fruitful.”
With time, more people will come around and engage with these assets and later, they will build upon these assets to create new derivative NFTs. But the true value of these Non-Fungible Tokens won't be on what they are now, but what they could be in the future.
And that’s where the true nature of Loot started to emerge, and it's true value came into the picture.
A risky NFT whose worth relies on the community?
It is not the developers that give loot its true value. With no attributes, assets or teams, all the work on the items is up to the NFT owners. And while all of them are hard at work – ideating and creating unique creations ranging from a pixelated warrior to a flying monkey, the value of Loot is based on speculation.
For instance, take BAYC as an example. The Bored Ape Yacht Club has a defined artwork and developers keep working on spin-off collections (MAYC, BAKC, etc). Simply put, they are taking the top-down approach.
And the other hand, you have Loot, a bare-bones collection of randomly generated gears that people can take and then derive into unique creations on their own. As every gear is open to interpretation, the range of traits is infinite - and that is what is giving Loot its value.
Simply put, Loot is taking a bottom-up approach to add worth to the gear.
Everything is based on speculation – and people are betting on the potential of the bags, rather than what they represent currently, to estimate the NFT's worth.
It is a thin line, but that hasn’t stopped people from being excited about it.
The Loot metaverse
People’s excitement around the potential of the bags has given birth to the Loot Metaverse. Being all about creating an IP and letting other people come up with their creations, this unique NFT shows no sign of stopping.
From in-game currencies to a “Loot bag holder” (costing $50,000 on the Openseas), the creations people are coming up with are both rare and wild. And it is all because of a bunch of randomly generated NFTs that have changed the blockchain space forever.
And now, courtesy of Lili Feyerabend, we have also seen the Loot Metaverse. Every asset in this virtual universe has been created using derivatives – new NFTs using the original loot bags. Currently, she is working on another NFT project called CryptoManga to integrate it with the Loot Items - allowing them to interact within the metaverse.
How can you buy Loot (for Adventurers)?
If you were also the one who somehow could sense what Loot could become at the time of its launch but didn’t go for it because of some apprehensions, don’t worry – it is now available in the secondary market.
However, keep in mind that, unlike the creator-backed value, the value of these NFTs come from the users themselves. This community firmly believes in the potential of these Loot bags and what they could represent in future. That belief is what gives these bags of gear their steam and their high price.
Thus, only jump into the fray and buy one bag if you’re truly ready to believe in this community and the potential of the upcoming Loot Metaverse.
And if you want to stay updated about the price of Loot (for Adventurers) and other collections, be in touch with NFT Price Floor. Here, you will have the data you need so that you can go beyond speculation and add an informed weight behind your decision to buy the next trendy non-fungible token.