Loot ultimately represents the building block of NFT. How high it can fly depends entirely on the upper limit of the community’s collective imagination. It is a paradigm shift in the field of NFT.
The NFT project Loot started the airdrop only 5 days ago. With simple text lines instead of fancy jpg images, it swept the entire NFT community.
Let me talk about what exactly is Loot?
This is a seemingly simple concept.
“It’s just a TXT file with a black background,” consisting of a set of randomly generated adventurer’s trophies. In fact, anyone can cast for free when the Loot project starts. Its founder, Dom Hofmann, is the co-founder of Twitter’s short video sharing application Vine. He also founded the NFT community Blitmap and the video game project Supdrive. Hofmann did not set any secondary sales fees. He allowed the community to use Loot NFT in any way they wanted, without being affected by him.
At first glance, it feels like Loot is like any other regular NFT airdrop-in fact, it is indeed unobtrusive at the beginning, and the activity of minting Loot tokens did not even cause network congestion and increase Gas fees.
However, after further thinking, its essence is much more than this: it may represent a paradigm shift in the NFT field, becoming better, and bringing us closer to cross-compatible games.
Loot ultimately represents the building block of NFT, and how high it can fly depends entirely on the upper limit of the community’s collective imagination. It feels like almost the entire community is building an open source role-playing game (RPG) in real time. The fact that they reversed the entire script is why everyone is so excited about it.
This is because Loot is essentially a minimum viable product that anyone can adopt and expand, build, derive and complete, and complete it in any way they imagine. So far, the community has at least welcomed this new development perspective of NFT, as can be seen from their active participation and the depth of knowledge built around the project. Everyone wants to be a part of it.
Looking back at the DeFi summer last year, and DeFi Lego bricks like loans and decentralized exchanges (DEX) that triggered the emergence of new Lego bricks (such as Yield revenue aggregators).
Now a similar phenomenon also occurs in the Loot project.
The project team’s decision without any official explanation for Loot is an ingenious and bold design of the ever-increasing text version of NFT. The community has been given complete autonomous creation rights to Loot. Imagine if you like certain features of a Punk, but don’t like the appearance of the entire Punk. If you change it to suit your style, the “identity” of the Punk you have is destroyed.
For Loot, because its holders have complete creative autonomy, people can easily make new designs according to their own tastes, and the entire community will flock to it, praising it for “looks rare.”
It can be said that the fact that there is no official artwork makes the artwork produced by the community more unique, because each artist has his own interpretation of Loot, which can expand his knowledge more widely.
Loot is the evolution of NFT, betting call options on the creativity of the community and the projects that began to form around it. It fully embodies the essence of the ecosystem in both collaborative features and creativity, and injects new ideas into areas that we think we have seen fully understood.
The irony is that this is just a “TXT” file, which is the perfect writing driver we desperately need; now everyone has the opportunity to expand its knowledge base.
This raises a big question, how do you value Loot?
How do you value a TXT file?
How do you value an artwork that continues to be completed with the help of the unlimited creativity of the community?
According to the sum of the rarity of the components?
The special equipment that makes the whole suit exciting?
The Meme game strength of the faction behind?
Or even the concrete practice of the bottom-up decentralized game ecosystem theory.
To be honest, there is no correct answer so far, but we will definitely go all out.
Perhaps as the knowledge base around Loot continues to grow, people can better determine the intrinsic value of Loot tokens.
No Financial Advice📢
This report does not constitute financial advice or a recommendation to buy in any way. Always do your own research and never invest more than you can afford to lose. Investing in cryptocurrencies is high risk, and you could lose 100% of your investment.