Riding on the NFT mania, Loot (for Adventurers) is a new Ethereum-based NFT project that launched for free last week. The viral Loot NFTs, which are simple lists of fantasy game gear in text, recorded millions of dollars in trading volume. Even Ethereum co-founder Vitalik Buterin is a fan.
So, what is Loot? In the Loot project, each NFT consists of simply a list of fantasy gear in text on a plain black background. They are a total of 8,000 randomized bags from a role-playing game loadout – each contains 8 weapons and equipment. No minting cost for each Loot NFT. Users will only need to pay the Ethereum network’s gas fee for the transaction.
The Loot NFT project was launched on August 27 by Dom Hofmann, co-creator of short video sharing app Vine. Also, Hofmann created Blitmap, a “community-created fantasy universe”.
The text-based adventure NFT project is Hofmann’s latest initiative to push the boundaries of NFTs. Simply put, he provides the random item generator, without any artwork or any instructions on what to do with them.
“A lot of people have been wanting some sort of game that takes place in a fantasy realm, or a science-fiction realm,” Hofmann explained in an interview with Platformer. “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.”
After the release of the Loot NFTs, people started drawing their Loot bags by hand or by AI-generated pixel art. Then, they created guilds based on the items in their Loot bags. Moreover, they are using smart contracts to let people sell items from within their Loot bags to “upgrade” their “adventurer”.
Loot NFTs: Turning Metaverse into Open-World RPG
However, will there be any developers to turn the set of in-game items ‘backward’ into actual gameplay? “Obviously, games are very involved. It remains to be seen what’s done with that, but it’s definitely a possibility. I think it would be really cool,” says Hofmann. He enjoys seeing whether Loot items can span different games built by different people.
To make Loot more accessible, Hofmann has announced “synthetic Loot”. There are about 1.3 million bags of ‘replica’ Loot NFTs that can be claimed by anyone who sets up an Ethereum wallet for free. Hofmann named the contract TemporalLoot, but the community is calling it “More Loot”.
Meanwhile, SyndicateDAO co-founder Will Papper has launched Adventure Gold ($AGLD) tokens. Loot owners will be able to claim 10,000 tokens for free. The AGLD tokens will serve as Loot’s native currency.
Now, Hofmann says he has no plans to shift full time to working on Loot. With hundreds of bags yet to release for minting, Hofmann is still the biggest ‘shareholder’ in the project. Yet, he’s not sure he could truly steer the community, even if he wanted to, due to the decentralized nature of Loot.
“What LOOT ultimately represents is a NFT building block, limited only by the community’s collective imagination. It feels almost like an entire community is building an open-sourced RPG in real time,” says The Daily Ape’s Darren Lau. “The fact that they flipped the entire script on its head is the reason why everyone is so excited about it.”
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