This introduction to Loot was originally published on September 9, 2021 on RabbitHole’s Mirror account.
If you’re reading this, I think it’s safe to assume that you’re familiar with crypto twitter. And if that’s the case, then I’m sure your newsfeed over the last week has been consumed by Loot – Dom Hofmann’s latest attempt to “promote the creation of blockchain-based art and communities to surround them.”
The first iteration of Loot, Loot (for Adventurers), featured 8,000 NFT Loot bags that each contained a list of eight different adventure items as text. Yep, you heard that right. It’s just a black background with eight lines of white text.
So, what’s all the hype? How did this spontaneous NFT project manage to attract $46 million in sales and a total market cap of >$180 million in just five days?
Well, to be honest, it’s too early to tell. While some people believe that Loot is the latest sign of an unsustainable NFT bubble, others view it as a stepping stone to achieving an open-source fantasy Metaverse.
Regardless of where you stand on Loot, the frenzy surrounding the project’s August 28 drop has been overwhelming to say the least. To clear up some confusion, I’ve put together a curated list of must-read content on the project.
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This Bankless beginner’s guide does a great job of explaining the basics of Loot as well as some initial theories concerning why the project went viral so fast. While you’re on the Bankless bandwagon, you should also check out David Hoffman’s proposition about the Metaverse and the role that Loot could potentially play within it.
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In this Twitter thread, Thanakron Tandavas visually explains why he thinks Loot represents a bottom-up rather than top-down approach to NFTs – a paradigm shift in the space.
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Lastly, here, gaming company founder Kyle Russel discusses Loot’s high barrier to entry. The current floor price for Loot (for Adventurers) is 7 ETH, making it difficult for many of our web3 frens to join in on the fun.
As Loot founder Dom Hofmann said, “At the end of the day, these are just items on a list,” [...] It’s just what people do with it and how they ascribe value to it.” To be determined…