What is Loot?
Summary of Loot NFTs
- Loot, also known as Loot (for Adventurers), is a collection of text-based non-fungible tokens (NFTs) representing items that can be used in fantasy games created by token holders.
- Like CryptoPunks, minting original bags of Loot NFTs was free and there were no predefined uses for the NFTs. Instead, holders of Loot continue to use their creativity, collaborating to drive the direction of the project.
- Loot’s value comes from its novelty, its origins and its near-endless potential for applications generated by its active and creative community.
Loot, also called Loot (for Adventurers), is a collection of 8,000 non-fungible tokens (NFTs) expressed as images of white text on a black background. Each NFT represents a “bag” of Loot reminiscent of fantasy-adventure games.
Loot NFTs are simple images that list items, not stats or pictures. Each Loot NFT contains eight pieces of randomized adventuring gear, such as weapons and armor, that one might find in the care of a wandering medieval hero. For example, items like the “Divine Robe of Protection” or “Silver Ring of Anger” can be found in these Loot bags.
When Loot was released in August 2021, there was no single predefined purpose or set of rules that governed how the game should be played. Without stats or images associated with the various items on the list, everything but the item’s name is left to the imagination. This has given the Loot community complete control over the game system being built around these items. Their collective creativity has built an array of tools, maps, characters and other NFTs that all supplement the original Loot (for Adventurers) collection.
Who created Loot NFTs?
Loot (for Adventurers) was created by programmer and entrepreneur Dom Hofmann, known for co-founding Vine, the video-sharing platform. Hofmann has said that Loot (for Adventurers) was an experiment inspired by his desire for a sci-fi/fantasy game that would be portable across gaming realms. Prior to Loot, Hofmann created the sci-fantasy pixel-art project Blitmap.
Adding to the mystique of the project, the collection of 8,000 Loot NFTs was released without any prior marketing. Those in the crypto community were only made aware of Loot (for Adventurers) by a single tweet from Hofmann in August 2021. Hours later, all 7,777 available bags were claimed. Even more remarkably, there was no minting fee for Loot NFT collectors – those claiming their bags only had to pay Ethereum gas fees. The remaining bags, #7778 to #8000, were reserved by Hoffmann.
Because there is no company or team behind Loot (for Adventurers), the future of the project is entirely in the hands of Loot NFT holders. Hofmann has taken a back seat to this community, preferring to let the project’s direction remain in the hands of its fans. This has led to several offshoots including Loot-inspired projects that have added to the imagined world of Loot.
What makes Loot NFTs unique?
The lore of the Loot project is constantly evolving as the community builds it, making Loot (for Adventurers) a project like no other.
Unlike many other NFT collections, Loot NFTs were intentionally created without a canonical backstory. This has resulted in various interpretations of how the NFTs might be used and an abundance of spinoff projects.
There is a long list of projects spawned by the Loot (for Adventurers) collection. Some are visual interpretations of the original Loot NFTs while others extend the collection into new realms.
Adventure Gold: Released within a week of Loot, Adventure Gold (AGLD) was designed to be the currency of the Loot NFT world. In addition to its monetary function, Adventure Gold serves as a governance token so Loot NFT holders can cast votes on proposed changes to the ecosystem. It is also expected to act as a currency in future Loot-inspired ecosystems.
Realms: Just as there are 8,000 Loot NFTs, there are 8,000 procedurally generated map NFTs called Realms. Each Realm has properties such as orders, cities and resources (like gold and wood), similar to the popular metaverse project NFT Worlds. These Realms have evolved into a separate game called Settling of the Realms.
The Genesis Project: A community of curious users delved deep into the Loot NFT smart contract and discovered that there are sixteen Orders of Adventurers. For instance, the War Belt of Brilliance is associated with the Order of Brilliance. One of the Genesis Project’s objectives is to create a “human game” of cooperation and network-building, where members of the same order can come together to create new NFTs.
Loot Character: The Loot Character smart contract generates a pixelated depiction of an adventurer according to the items in their bag. This is one of many Loot NFT visualizers that translates text-based NFTs into a graphical representation. These characters are NFTs tied to individual bags of Loot and remain connected even when a bag is transferred.
Loot (for Adventurers) is meant to be enjoyed by anyone wishing to apply their imagination and get involved in the game. While the original Loot NFT bags are finite and quite valuable, anyone with an Ethereum wallet can use the Synthetic Loot smart contract to generate a “virtual” Loot NFT that is non-mintable and non-transferrable. Finally, More Loot (mLoot) generates approximately 250,000 new bags per year that can be claimed by anyone who wants to play Loot (for Adventurers) but may not be able to afford any of the original Loot NFT bags.
Why buy Loot NFTs?
Loot (for Adventurers) may be interesting for anyone who wants to join a unique group of NFT owners who value the community, creativity and excitement of growing an early-stage open-source project. The project’s pure simplicity and its element of nostalgia has excited the crypto space in a truly unique way.
Loot NFTs’ floor price climbed significantly after its inception and not only because they were originally free. NFT enthusiasts embraced Loot’s novelty and nearly endless possibilities.
Loot takes the common denominator of the RPG gaming genre (item bags) and lets fans fill in the rest. Anyone who wants to be a part of a community-built fantasy world can get their own Loot NFT and get involved.
What makes Loot NFTs valuable?
Given how high the Loot NFT collection’s floor price is today, it’s easy to forget that minting the original Loot NFTs was free, minus gas fees. Loot’s collectibility has been a product of people’s desire to be a part of the Loot (for Adventurers) community, as evidenced by the creation of “guilds” of Loot NFT holders that admit users based on ownership of certain items (like crowns and katanas) and attributes contained in their bags.
While there is prestige in holding one of the original Loot NFTs, holders are offered not just status, but the opportunity to participate in the collection’s many offshoots and derivative projects.
Loot owners can generate new NFTs, claim new tokens from related projects and play mini-games based on Loot.
Loot (for Adventurers) is based around a collection of eight items stored in a bag. Some items are commonplace adventuring gear while others have a more mystical quality. For example, there are 1,905 pendant necklaces, but only four bags hold a Shirt of Anger. An item with a suffix like “of Anger” or “of Brilliance” indicates a higher level of rarity.
Some items also include a nickname, as if the item were the stuff of legend; for example, Apocalypse Whisper: Heavy Belt of Titans.