Original title: "Through Loot, we not only see the NFT paradigm shift, but also the future of NFT", author Kyle, original author Greg Isenberg
JPEG summer is over, and the new format fall has arrived.
August has been a crazy month for NFTs.
Back in August, Opensea alone had a staggering $3 billion in NFT sales.
While that number is largely due to sales of BAYC, Artblocks, and CryptoPunks, a new NFT format has captured the internet's attention. It changes everything.
The emergence of Loot gives us a general understanding of the future of NFT.
Welcome to Loot Era
Launched on August 27, 2021, Loot (For Adventurers) has already surpassed $24 million in transaction volume in just 5 days of its launch. And that's just the beginning.
To summarize why Loot is a new and noteworthy project:
It's a new format, not just animal pictures
It's an ecosystem, not just NFTs
Not only shareable, but also memetic
Let me explain a bit more...
1. This is a new format, not just another animal picture
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And Loot's example looks like this
Loot removes the visuals to focus on the text. This is in stark contrast to the 10,000 animal NFT profile picture projects we've become accustomed to.
The result is that Loot captures the reader's imagination and attention. It makes you feel like a kid again.
Giant's sacred gloves? Defense titanium ring? Holy greaves? Glorious linen hood? Well, I'm addicted to this gear.
Loot's aesthetic is instantly recognizable and possessable. An 8-item list of white Tinos text on a black background indicates the Loot's regular rarity, while colored text corresponds to increasing rarity and value.
NFT projects are like consumer social apps. If you invent ephemeral messaging (ie: Snapchat) and it goes viral, it's like you got lightning in a bottle.
If you invent a new text list NFT concept (ie: Loot) and it goes viral, you get the same lightning in the bottle.
It's very difficult to execute, but very rewarding.
2. It’s an ecosystem, not just NFTs
Loot is designed to allow the community to control its destiny. People are getting creative with Loot and using it as a platform to create real value. All without the permission of a centralized company. This is a big change.
Examples of emerging ecosystems:
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Robes Market
Weeb.market tracks bags containing katana swords.
Crowns-market tracks bags containing crowns.
Sacrednumbers.market tracks bags containing sacred numbers.
Divine Lodge is a thriving Discord for Divine item holders.
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Loot Pixel Project by @Emrecolako
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DnD meeting
NFT projects like this showcase the beauty of permissionless creativity. It is encouraged and built into the product's DNA.
The result is a rich ecosystem that may develop around Loot. Its product roadmap is controlled by the community, not product managers.
3. It’s memeable, not just shareable
Loot's simplicity is perfect for going viral. The project follows an easy-to-reproduce recipe/format, reducing the meme barrier.
Example: John Palmer shared this Figma file for the public to make/remix their own loot list.
Liquids from LaCroix, monitors from Dell, hair loss...
The opportunities for meme loot bags are endless. Remember Drake's Hotline Bling music video from 2015? Of course you do. Because it's for memes.
The same goes for loots.
Reducing barriers to memes will be a core part of the future of viral NFT projects.
The future of NFTs looks more like Loot
They will be the key to unlocking new gaming experiences
They will be the key to unlocking new community experiences
They will be the key to meme your status and reputation
they will be mysterious
Example: Loot may soon involve the ability to forge land in virtual worlds, as a leaked screenshot from @Juan_Snow1 suggests
Loot changes the NFT paradigm.
This article is from The Way of DeFi, reproduced with authorization.
This article is from The Way of DeFi, reproduced with authorization.
