Loot Project: The first community-owned NFT game platform | Via Coinbase | September 2021

Around the block Research from Coinbase Ventures reveals key trends in encryption. In this edition, Justin Mart with Connor Dempsey Explain what the Loot Project is and why it is interesting.

The picture below is a loot package: a text file consisting of 8 phrases overlaid on a black background. It turns out that this text file is also an NFT, “Loot Bag #748,” and sold for 250 ETH, or About US$800,000 At the current price.

So what can you do with it? Not much…at least for now.

Dungeon and degradation

On August 27th, the famous Vine co-founder Dom Hoffmann, Introducing the loot. A project consisting of 8,000 NFTs, full of words describing “random adventurer equipment”. A closer inspection reveals items that the character might use in games like Dungeons and Dragons.A sort of dagger, or Robe of the Fox, E.g.

Although we have seen a lot of NFT declines in the past few months, there are two things that make Loot unique. First, these NFTs can be obtained for free. The claimant only pays the standard Ethereum gasoline fee. Another more obvious difference is that these NFTs are just a bunch of words.

Despite claims that there was a clear lack of chimpanzee or penguin art, these plain text NFTs soon began to sell for tens of thousands of dollars. At the time of writing, the $230 million in Loot has changed hands.

Looting NFT under the hood

One’s knee-jerk reaction may be to see Loot as another symptom of speculative NFT fever. However, Loot did introduce an interesting new NFT primitive. Before we understand the interesting aspects of it, it helps to understand what Loot NFT is.

Each of the 8 items in a given Loot package has smart contract readable parameters, not just a provably scarce image. Most importantly, each of these 8 items has its own rarity in the wider world of loot.

Going back to package #748, although 6 of the 8 items are considered “normal” items, short swords and fox robe are absolutely rare.The short sword appears only 325 times in 8,000 loot bags, while the fox robe appears Only one time.

Okay, so we have NFT with the words Dungeon and Dragon-ey on it. They are compatible with smart contracts. Some words appear less frequently than others. so what?

A game platform owned by the community

People seem to be excited about Loot not because of what NFTs are, but because of them possible. These NFTs were released into the wild and left for anyone who found them interesting to explain.Anyone can build something Use Loot NFT as the basis.

A reasonable analogy comes from Avichal Garg of Electric Capital, who compares Loot to 52 decks. For its part, a deck of cards has only 52 sheets of paper with pictures on them. With a little ingenuity, it is also the basis for thousands of games, from poker to hearts to Crazy 8.

Similarly, Loot and its 8,000 NFTs can be used as the foundation of the entire game meta-world.The ideal final state is the entire game ecosystem, where Loot items such as Robe of the Fox Provides different functions: think of the dragon and the dungeon in the meta universe. Anyone who builds something on top of Loot NFT can determine the functionality provided by a given project.

By building the foundation of the game, rather than building the game itself, Loot puts its destiny in the hands of the decentralized community. Whether people think it will succeed or not, this is an interesting idea for many people.

So what are people building?

Early loot experiments

On the one hand, the image I showed above ranks rarity Loot Bag #748 From an app built by someone named @scotato In the loot community.By pasting your Loot contract address to 0xinventory.app, NFT owners can see the rarity of their Loot packages (please note that the ranking system is also designed by the community).

Another project called Lootmart Loot holders will be allowed to split their Loot Bags into separate NFTs to exchange items with other Loot holders, and will be equipped with a single item image generated by AI.

Similarly, lootcharacter.com Create pixelated characters based on Loot bag. This is package #748.

A community member also created an ERC-20 token called Adventure Gold ($AGLD) while waiting at the airport. Anyone who owns a Loot package can get an AGLD of $10,000. FTX created spot and futures markets for tokens and reached a high of $7.70, which means that Loot holders were basically gift tokens worth $77,000 at its peak.

The idea behind $AGLD is that it can be used as a game currency and integrated into a game built someday. But like Loot itself, its value remains to be explained. This has not stopped people from incorporating it into other budding Loot projects, including the Loot-themed “Choose Your Own Adventure” story, in which $AGLD holders can vote to determine the direction of the story.

In Chapter 1, “Legend of Jihad”, $AGLD holders are allowed to vote on whether a person wearing a robe should wear the devil’s crown to absorb his power (they voted for him to wear the crown).exist chapter 2, The royal family got this man into trouble and is currently voting to decide how he should handle this situation.

These are just a few examples that the grassroots community of Loot enthusiasts has created so far.this Loot discord Extensive discussions were displayed for builders, artists, writers, etc. through different channels.

Create value from chaos

In retrospect, Loot is interesting because it reverses the typical game and community development path. The creator of the loot just built the foundation of a game world, and then threw it into the wild to see what other people would do with it.So far, it has inspired a diverse community with many new Loot items In development.

This excitement, coupled with the current NFT bull market, has caused Loot NFT to soar, and the cheapest Loot bag is trading at $23,000 today. However, there is no guarantee that anything similar to real games or real utilities can be built on Loot. Owning a Loot package is a bet on future utility, which depends on the construction of the community.

This is the challenge Loot faces. Can a decentralized community use its enthusiasm to create the inherent utility of owning a Loot package?The utility may come from creating something like Axis infinity Loot items can be used in battles, artworks, and avatars unique to the loot owner, or from other undeveloped applications.

We have just entered this project for two weeks, so imagination is needed today, but the attraction is tangible.

Entrance fee

A key question surrounding Loot is “Why do game developers develop games that include Loot packages when only a few people can afford it?” Developers develop games that appeal to the mass market, but today the vast majority of gamers cannot afford loot packs.

The issue of motivation is at the core of Loot’s future. Is there an answer? Yes-some. First, game developers based on Loot can guide their games through a core community of enthusiastic Loot enthusiasts. Second, and more importantly, there may be unique ways to integrate Loot without having to price most of the market. We can get inspiration from Axie Infinity and Yield Guild Games. When Axie NFT became too expensive for most players to afford, the lending market emerged, allowing players to borrow the NFT needed to play the game in exchange for part of the bonus. Play to make money game. We can see the emergence of Loot DAO, which designs similar solutions. Synthetic loot It is another solution being explored. Synthetic Loot allows anyone to declare a pseudo Loot package that cannot be sold or transferred but can be used in Loot games, if the developer chooses to allow it. This could in theory open the door to more players.

Although there are still many problems, we are in the early stages of a brand new project that completely subverts the typical game development model. The task of a self-organizing grassroots community now is to use all the tools that cryptocurrency, NFT, and metaverse economy must provide, use the foundation of Loot and build something real. The pressing issues surrounding Loot’s future make it one of the most fascinating experiments in the crypto space; it will be a fascinating thing in the coming months and years.

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