Fully explain the value of Loot from 5 angles

Original title: "Ethereum in the NFT world? Explain the value of Loot comprehensively from 5 angles", author Wu Huoqiu leader

It's not that I don't understand, but that the world is changing too fast.

The JPG model NFT (Punk, monkey, penguin...) that was still trendy a few days ago was instantly marked as a "classic NFT" by a TXT model NFT with black and white characters last week.

How else can it be said that it is getting more and more difficult in the industry, and the threshold is getting higher and higher? The most widely spread in the past two days is probably the following passage.

I just learned about cex, you play dex
I just learned about dex, and you all play defi
I just learned about defi, you guys play nft
I just figured out nft, you play gamefi
I just figured out gamefi, you play jpg
I just understand jpg, you play txt
Tsinghua University and Peking University don’t know as much as you!

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01 Loot first impression

The first time you saw Loot, what did you think of?

Those who have never played the game are likely to be confused. Young people who have played games are probably Diablo.

Some older people who have played games are probably Mud (a multiplayer real-time virtual world, usually based on text descriptions).

For someone like me who has played games, is a little old, and is relatively familiar with European and American RPG culture, the first thing that comes to mind is the DND running group (abbreviation for "Dungeons & Dragons", also known as "Dungeons and Dragons", which is A tabletop role-playing game developed by TSR).

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02 Ethereum in the NFT world?

The most exciting analogy in the community is that if Punk is the BTC of the NFT world, then Loot is the ETH of the NFT world.

It is not difficult to understand that Punk has basically been shaped as a "value storage" + "social demand" NFT project, and its historical status and functions in the NFT world are very similar to those of BTC in the encryption circle.

If Punk is BTC, Boring Monkey is undoubtedly LTC. So where is ETH? Everyone has been looking for it.

As soon as Loot came out, the whole circle exploded. This is the Ethereum of the NFT world! Because it works very similar to Ethereum, anyone from the bottom up can go to Github to write code, submit EIP proposals, and use it to build what you want to build.

JPG gives you restrictions, but TXT can let your imagination fly. In less than a week, Xloot, Ploot, Bloot, Root, Zoot and other imitation disks, as well as tools, plug-ins, and trade unions built on the basis of Loot... can't be counted.

However, when I first saw Loot, I felt more like NXT (future currency) in the NFT world. Because in fact, NXT proposed the concept of smart contracts earlier than ETH, but the template of the contract is far less flexible than ETH, and was eventually defeated by ETH.

If it is said that Loot has set off a new era of NFT metaverse, is a pure equipment NFT as a seed too limited?

There are always some feelings that are not low-level and abstract enough. Then, within a few days, we really saw something more low-level and abstract.

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 03 Rarity

As I said earlier, my first reaction when I saw Loot was the DND running group. At that time, I was wondering why your running group only has equipment and characters? What about occupation? What about monsters? What about skills?

If I’m just a layman in group running, then it’s amazing for experienced group running enthusiasts to see the energy bursting out of Loot.

For example, AC, our DeFi god, is a fan of real running groups. So AC was inspired by Loot, and directly worked out an FTM version of Loot, named Rarity.

You can directly use any one of the 11 occupations in the contract mint (casting) to complete the interactive upgrade on the chain every day, and various functions such as skills and synthesis will come soon, so let’s run Mud!

So it’s no surprise that FTM’s performance in the past few days is also “in full swing”, because this kind of high-frequency interactive chain game is absolutely impossible to run on the expensive and slow ETH (By the way, Solana also started Engaged in their own Loot).

Of course, the more definitions there are, the less room there is for people to freely develop and imagine. AC basically uses the framework of Loot to build a game with its own world view, which is more for gamers, while Loot is for other creations. It is more for developers to play and create freely.

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04 From the perspective of developers and users

Seeing some developer comments, I am a blockchain game developer, so why should I introduce Loot into my game? What are the benefits for me?

I don't know if there is any benefit, but it is more likely that Loot was not designed for the current chain games. Before each new thing comes out, we always use the old thinking and templates habitually to see what this new thing can do.

For example, at the beginning of Dex, everyone used it to imitate the order book of Cex, but later found that except for the controllable assets, everything else was inferior to Cex, so why should I use Dex?

Until the emergence of AMM and Uniswap, Boom! It turned out that Dex looked like this.

For example, when NFT was first born, everyone thought it was to move the real IP to the chain, or put the real artwork on the chain and then burn it. It is called "using the blockchain".

However, in the end, it was found that the really hot ones are all blockchain-native IP or art, such as Beeple, Artblock, Punk, Boring Monkey...

Now with Loot, we can only take one step at a time to see what it will turn into chain games, GameFi and NFT.

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05 Investment angle

From an investment point of view, the first to understand or get in touch with Loot information has already made a lot of money.

However, in fact, many people also saw Loot when the floor price was only 2 or 3 ETH, but they felt that buying a few words for 10,000 US dollars was more inconceivable than buying a boring monkey JPG for 10,000 US dollars.

After all, I can still use the monkey as an avatar to show off, so what can I do with these broken words?

But the investment capital is like this. When you don’t understand, everyone can’t understand it. If you understand it, everyone understands it, and the income from Alpha will be gone. You can only eat Beta at most.

So when a brand-new thing is born, if you are convinced that it is a new species that has never appeared before, but you can't understand it, then it is definitely a good idea to take the losses you can bear first, and then go back and study slowly. Strategies worth learning from.

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06 Summary

At the end of this article, I use the speeches of two big guys I saw on the Internet. One sentence is about Loot, and the other sentence is about the entire NFT.

1. The future development of Loot depends on the collectors. If people buy Loot and no one continues to build on it, then Loot is worthless; but if people create something on it, the possibilities are endless.

2. NFT is essentially a software protocol. The value of a software protocol does not lie in its individual and isolated characteristics, but in the essence of how many nodes will adopt and access this software protocol in the future, and how large a network it can form.

People in the canal network cannot understand the value of the railway network; traditional newspaper networks cannot understand the value of search engine networks and social media networks. Chickens and ducks cannot communicate, and whoever has the bigger network is more reasonable in the end.

The value of NFT does not lie in the artwork itself bound to it, but in the community identity behind the work and the potential for future development of the community network.