The 10-day old Loot NFT project of prolific app and NFT creator Dom Hofmann (@dhof) is spreading like wildfire. Since its launch, the ecosystem has expanded with a myriad of rarity explorers and fun derivative projects. In this article, we’ll trace back to why the community considers this project as “the latest proof of the compatibility of the NFT Metaverse.”
Explaining the Loot NFT Project
It all started with a single tweet. Hoffman called for a weekend hackathon jam for a randomized adventurer gear project consisting of 8,000 NFT loot bags in a very casual manner. These game bags, which “intentionally omitted [images and stats] for others to interpret,” were free to mint directly from the project’s smart contract. Moreover, the only cost was the gas fees.
The mint event was a massive success; all loot bags were swept away. Then, an organic explosion of derivative and utility projects ensued around the NFTs. For example, Oxinventory.app, a tool for color-coding Loot items by rarity. Then $AGLD or Adventure Gild, a governance token for story building that is already being used to vote on Loot Chapter 1.
So why exactly is the community hooked on this project? Basically, it introduced a paradigm shift in the NFT space. User @tandavas explains that traditionally the process starts with the NFT creator creating the value of the NFT. This may be through Sending airdrops, growing fanbase and other utilities.
Meanwhile, for NFT loot bags, it’s the community giving the project value. In fact, the project proclaims: “Feel free to use Loot in any way you want.” So using the NFT loot bags, you can build games, create an avatar, build a metaverse, write a novel and many more.
Many missed the Mint event. As of press time, the floor price of the project has skyrocketed to 12 ETH or almost $50,000. Meanwhile, the project has a lifetime volume of 45,900 ETH or around $180 Million.
So why exactly did the project explode so quickly and at such a pace?
According to NFT blogger Metaversal, you might call it the “Dom effect.” Dom has created or played a founding role in a handful of innovative NFT projects that have become household names in the space, such as:
- Blitmaps — a community-crafted sci-fi fantasy universe
- Nouns DAO — an experimental avatar-a-day project
- Supdrive — an Art Blocks-like on-chain fantasy game console
Many of the first holders of the NFT Loot Project are actually the previous project’s existing communities. In fact, the only marketing strategy they used was “word of mouth.” The project’s “you-can-do-whatever-you-want” mantra resonated with the NFT lovers. Soon enough, Web3 fans and creators descended onto the project.
The Loot NFT project even caught the attention of Ethereum founder Buterin Vitalik. Responding to a tweet, he said, “I think the @Lootproject has it right. Pretty much anything that anyone creates “exists.” What matters is to what extent other people build upon it.
Despite all the action, we haven’t seen the last of the NFT Loot Project. According to them, the “open and ground-up nature of Loot provided a model for growing the metaverse atop Ethereum”. Certainly, fans are exploring the boundaries of what is possible with the tokens.
Want to explore the loot and follow the NFT collection’s growing utility? Jump on to the Loot Project’s official Twitter Page.