The emergence of Loot has excited the crypto community.
Messari researcher Ryan Watkins said: Loot is the most exciting NFT project I have seen in a long time. This is by far the best experiment in a truly community-driven Metaverse project.
Tandavas said: Loot is different, it has never been seen before, it is a paradigm shift in the NFT field.
Among the emerging new NFT projects, the presentation of Loot is indeed so unique that it was difficult to understand when it appeared in the public eye yesterday.
White text on a black background is all about Loot's NFT works.
Looking carefully at the text on the NFT work, I found that this is actually a creation guide. So netizens drew the following picture according to this guide
Looking at Loot's Twitter account, you can see the paintings of Twitter users in different shapes. There are AI pixel-generated artworks, and there are also hand-painted ones. At a glance, an art exhibition is being held on Loot's Twitter account, and all the works are from netizens, which is a precedent in the history of NFT development.
Loot explodes
1. Loot is unique
The cleanliness of Loot's official website is rare among NFT projects. Two paragraphs, OpenSea link, Discord link, Twitter account, this is all about the official website, which is in line with the style of NFT.
The introduction to Loot is this: Loot is randomly generated adventurer equipment and stored on the blockchain. Statistics, images, and other features are intentionally omitted for interpretation by others. Please feel free to use Loot in any way you want.
To put it more plainly: here are only abstract picture descriptions, please use your imagination freely to make it concrete.
Loot is a "fair casting" NFT project. Users cannot see the casting entrance on the official website, and can only cast NFT through Etherscan's smart contract. In order to generate random scarcity, the contract will assign a token ID to the owner. Each Loot can add a prefix or suffix according to the hash value of the "token" ID. There is a 42% chance of a suffix, and 8.7% Chances of a prefix appearing. There are two suffixes in the figure below.
2. Loot sales and floor prices are higher
According to OpenSea data, as of now, Loot sales have exceeded 70 million US dollars. Especially in the last 24 hours, Loot's sales were about 32 million US dollars, ranking first on the OpenSea platform, which shows that Loot's sales are booming.
The floor price of Loot is also rising steadily. As of 3:00 pm today, the floor price has reached 10ETH. With the price of ETH soaring to more than 3,700 US dollars, the current price of the cheapest Loot NFT work is also more than 200,000 yuan, and the entry cost is quite high. Such a high selling price, coupled with the roughness of text-like NFTs, makes people have to question the existence of bubbles.
However, there are still many people who buy it. According to Dune Analytics data, the number of unique holders of Loot NFT works is currently 2134. It is worth noting that there are many giant whales among the holders, and there are 4 addresses holding Loot between 151-1000. In addition, 1038 addresses hold more than 1 Loot, accounting for 48.6%.
Why is Loot so popular?
1. Loot subverts cognition, and the novelty makes people excited
According to the concrete pictures of netizens, it is not difficult to find that Loot can actually be made into the form of avatar-like NFT.
If it is made into a concrete avatar-like NFT, then Loot is likely to be submerged in the explosive growth of avatar-like NFTs, making it difficult to be found. Even if it is discovered, it is difficult to be remembered by people.
So Loot did the opposite, abstracting the original concrete pictures, and using the feature description as the main content of NFT.
In a period when avatar-like NFTs are becoming increasingly homogeneous and lacking in innovation awareness, Loot’s trick has obviously achieved results, and it subverts people’s perception of NFTs: it turns out that a string of ordinary text can also be made into NFTs, and it can be sold so much. expensive.
In fact, this is a very interesting phenomenon: when you are discussing that this NFT is difficult to understand, although you are very resistant to accepting it, it has been successful for this NFT because you have paid attention to it and started to share it with the community. In the era of scarce attention, this NFT has gained attention, and Loot is a typical example.
However, if a project party sees Loot’s successful experience and wants to follow suit, it is expected that the probability of success will not be very high, and these NFT projects will easily fall back into the quagmire of lack of innovation.
2. Unleash the creativity and imagination of players
Tandavas mentioned the paradigm shift in the NFT field, which changed from top-down to bottom-up. As shown in the figure below, the creator of NFT value changes from the project party to the NFT holder, and the work of creating NFT is handed over by the project party to the NFT holder.
From the use cases provided by Tandavas, we can see that NFT holders can create games, characters, metaverses, and write novels. Loot provides full creative freedom for NFT holders to make images according to their own aesthetics based on the given description.
In addition to images, the current works include articles, peripherals, music, etc. In addition to NFT itself, many ecological applications and derivatives have emerged around Loot. It can be seen that Loot has inspired the imagination and creativity of the encryption community, which was not available in the previous avatar NFT.
3. Realize social interaction based on NFT
When users upload Loot-related pictures through social media, they are generally divided into two parts: their own works and the NFT they hold. It mainly displays two aspects of content: the purchased NFT and my creativity.
Beginning in August, avatar NFTs have become the new favorites of NFT collectors, especially CryptoPunks and BAYC have become the avatars of friends inside and outside the circle. Holders display the newly purchased NFT on social media, which can attract likes and comments from friends. As the most popular NFT project in the past two days, Loot is a very fashionable thing to own a Loot with high scarcity.
"My Idea" is unique to Loot and is an important part of differentiation. Based on the same Loot NFT work, different users can make different characters, novels, pictures, peripheral works, etc., and express their artistic aesthetics and creativity in the process of communication. In this way, Loot is quite in line with the current theme of "involution".
Loot allows community members to successfully interact, communicate, share, and compare, and spread Loot widely while achieving deep social interaction.
Loot considerations
Loot is currently in the early stages of development, and NFT valuation and development sustainability are issues that the project needs to consider.
1. NFT valuation
The difficulty of NFT valuation is a problem that has been mentioned in the NFT upsurge. It is difficult to value NFT at present, and it is even more difficult to value a piece of text or a work of art derived from an NFT.
If it is difficult to determine the valuation standard, it is difficult for us to answer this question: Why are these few lines worth more than 200,000 yuan?
2. Development Sustainability
Loot has been seen by the encryption community so far, and the Loot community has contributed a lot. The foundation of the Loot ecosystem is gradually being built. Whether Loot can finally build a complete ecosystem and operate requires the Loot community to explore step by step.
The idea of establishing the internal ecology of NFT projects has already run ahead of most NFT projects.
Loot creator Dominik Hofmann said recently: There are many ways to build and expand the ecosystem. There is a good reason to tokenize many things (especially at this stage), but as time goes on we will increasingly need to think about what exactly we are trying to achieve.
