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, original author: William M. Peaster

Odaily Translator |

In just one week, Loot has become the hottest project in the NFT field, attracting the entire Ethereum ecosystem, and triggering a frenzy of social and trading activities unprecedented in the NFT industry. Although Loot appeared in front of people at an astonishing speed this time, it is undeniable that many "outsiders" are still confused and don't know where to start to understand all this.

It's fun, right? So, let us provide you with a "beginner's guide" that will take you deeper into Loot and demystify the project by explaining all the basics.

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Introducing Loot

Loot started it all with a tweet from Dom Hofmann, artist, entrepreneur, programmer and Vine founder, this tweet:

dom@dhof

Anyone want to play this over the weekend?

Text based fantasy Cryptoloot

use your imagination to play

maybe a smart contract

In just one day following a hackathon over the weekend, Dom eagerly tweeted about Loot, a random adventurer gear game consisting of 8,000 NFT Loot packs that were "deliberately omitted [images and Statistics] games for others to interpret" can be freely minted directly from the Loot smart contract, and players only need to pay the gas fee to participate.

All Loot packs can be minted in a very fast manner, and the community can then do peripheral, organic community building around NFTs. It is in this mode that Loot can show an explosive growth trend. If you're still confused about this, don't worry, because confusion -- it's actually one of the reasons why the project spread so quickly.

Viva voce

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Word of mouth has been crucial to Loot's meteoric rise, but what's the real catalyst for these discussions?

Maybe you could call it the "Dom Effect". In recent weeks, Dom has not only created a number of ground-breaking NFT projects, but also played a founding role in a handful of NFT projects that quickly attracted a cult following, including:

1. Blitmaps — community-made sci-fi and fantasy worlds

2. Nouns DAO — an experimental "avatar-a-day" project

3. Supdrive — an on-chain fantasy game machine project similar to Art Blocks

The image above shows some potential Noun variants, Dom is also the founder of the Noun Project, or known as "Nounder".

People then started telling their friends and colleagues about Loot, and this "word of mouth" effect spread like wildfire in the NFT ecosystem as interest soared. Additionally, Loot's "you can do anything you want" mantra has been (and still is) hugely popular, appealing to all Ethereum-savvy Web3 visionaries, a reality that will certainly affect the project's future. The rapid improvement has promoted many construction work in the decentralized world.

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Alright, now that you've covered some of the gist of Loot's history so far, some other helpful resources to help you get up to speed include the project's FAQ and the following useful Twitter threads, for "noobs" are very useful resources, as shown in the image below:

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So, what is the status quo and future development of Loot?

As ethereum creator Vitalik Buterin suggested in a new tweet, Loot already exists as the foundation of the game, and now the community must collaborate to decide what happens next:

In addition, well-known blogger David Hoffman just published an article called "The Metaverse Emerges", which provides some interesting insights into the future prospects of Loot. The universe provides a model well worth exploring further, some of which are quoted below:

"What did the Loot Project bring us?

Probably nothing. Since this is brand new, no one knows the future. 4 days ago (at the time of writing), this project might have had immeasurable risks.

But since the inception of the Loot Project, more and more spin-off projects have started to "add" value or "extra" value in the Loot corner of the Metaverse.

While this corner of the metaverse isn't exactly stable, Loot provides a model for how other metaverse projects can grow quickly, and a good precedent. This new model brings expression to the market, while value and utility are embedded more deeply into the Ethereum protocol.

Some have noticed the potential behind this model, that there is enormous value to be gained by embedding the attributes of “tokenization” deeper in the technology stack. Users can also optimize appearance choices as much as possible, while establishing a single source of truth for object properties within the Metaverse.

Above: Loot’s related applications, all of which are based on Ethereum.

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Unlock Culture LEGO!

Due to the openness of Loot and its smart contract infrastructure, the project is essentially more of a "cultural Lego" that can be easily connected with other Web3 projects.

For example, in the fan art below, you can see Blitmaps (pictures on the wall), Nouns (characters), and Loots (items) all mixed together, isn't that a whole new player experience? Maybe it's about to happen.

For that, we'll have to wait and see. At the same time, a large number of community projects have actually emerged, and more new resources have been built for Loot users. Here are some early highlight projects, such as:

1. 0xinventory.app — tool to color code loot by rarity

2. $AGLD — Adventure Gold, a governance token for story building, has been used to vote on Loot Chapter 1

Still, we've started to see a dizzying array of Loot spinoffs and spinoffs emerge, some of which could prove to be pretty awesome, but with so many unaudited releases hitting the community so quickly, It also means that the conditions for scammers and hackers to enter the market are ripe. In this rapidly changing and risk-prone environment, everyone needs to maintain a high degree of vigilance!

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Loot: for you, for me, for everyone

Many people missed the Loot minting event, at the time of writing, the Loot floor price has reached about 13 ETH. So, will most people pay a large cost for wanting to participate in the Loot project?

No! First, anyone can now participate in the community-building and world-building efforts around Loot. In addition to this, Dom recently released Syntheti Loot (Synthetic Loot), he added:

"Any creator building on top of Loot can choose to think of Synthetic Loot as a way to allow a wider range of adventurers to participate in the ecosystem, while still being able to easily differentiate between 'Original Loot' and 'Synthetic Loot' (Synthetic Loot)."