"JEPG"To "TXT", Magical Loot
During the NFT boom in the past few months, various encrypted assets have been pushed to the altar, and their prices have soared. In the past half a month, in the encrypted field of NFT, there have been phenomenal assets that continue to drive the boom. —Loot. The specific form of Loot's existence on the chain is easy to confuse people who see it for the first time.
To sum up, Loot is a NFT in text form. The NFT asset contains 8 items/equipment randomly combined (both are described in simple text), and the 8 items as a whole are called "Bag" (expressing a bag of equipment) .
The specific form of expression is very simple, and currently appears in the form of pictures with black background and white characters on the NFT trading platform.
Bag #693 Loot (for Adventurers)
In addition, Loot is not the black-and-white picture itself displayed on the trading platform. Loot is these 8 text entries. It does not have the form of a picture. The NFT trading market displays it in a more figurative form in order to facilitate users’ understanding. .
And it was this project that did not even realize the front-end casting interface at the beginning, and needed to manually call the contract to cast NFT. Loot, which appeared in the form of 8 simple English instructions, swept the NFT trading market in just one week.
The situation in the encryption market is changing rapidly. Some time ago, the avatar NFT in the form of "JEPG" such as CryptoPunks was still used to guide the huge market, and it switched to the NFT boom in the form of text "TXT" in an instant.
It has only been a few weeks since the project of Loot was minted and praised by the market, and the price has changed drastically.
The NFT of Loot itself is minted for free (only the minting fee is required), and anyone can claim Loot NFTs #1 to #7777, while #7778 to #8000 (a total of 222 Loots) are reserved by contract deployers.
But as of September 8, 2021, on the Opensea trading platform, the NFT floor price of the Loot project has reached as high as 8.95 ETH (the unit price of ETH was 3431USD when the article was written), about 30,000 US dollars.
Some NFT experts and encryption enthusiasts believe that the core idea of the project has subverted the consistent design method of NFT, and truly realized the "bottom-up" decentralization, which is the greatest value of the Loot project.
Before the emergence of Loot, people's main ideas for traditional NFT were limited to encrypted collectibles, encrypted generated artwork, game items, domain names, etc. Especially the "JPEG" type of NFT, such as Cryptopunks, Pudgy Penguins, BAYC, etc. These NFT projects take advantage of the immutable characteristics of the blockchain to show people the digital ownership of the user.
This traditional NFT construction idea is "top-down", that is, NFT content creators have established relatively mature NFT content, and at the same time, the project issuer is the main body to expand the project ecology and establish a community foundation.
In general, what NFT creators provide is a "finished product" like a house. Based on this, NFT creators will carry out the next step of expanding operations around the "finished product", such as decorating houses in different styles and customizing furniture etc.
Loot, on the other hand, breaks the long-standing traditional idea of NFT construction. Each Loot bag only has a few lines of text. For conventional NFT, Loot itself does not have any values, related images or background descriptions other than text. These contents are created by Loot were deliberately omitted.
The purpose of its omission is to allow the community to carry out more unfettered ideas.
A visual display of the Loot bag made by the community, the picture above is Bag #693
In other words, based on these non-tamperable text NFTs, others can interpret and design and build other ideas according to their wishes. Loot is like a cornerstone in the encrypted world or metaverse. It does not require permission. Any Anyone can use its relevant information to build encrypted games, Metaverse, NFT and other projects, and the community or other developers can create new worlds in the way they imagine.
At the same time, since Loot is not a "top-down" NFT finished product, it will not be exclusive to a certain project or background, but will be used in any other game or project following its NFT holder.
This is to transform NFT into a more ideal decentralized solution. Loot uses a "bottom-up" method to let the community decide the value and scalability of NFT through the "blank space" of its own information . In terms of groundbreaking, Loot is similar to the same impact that YFI brought to people during the DeFi boom last year.
Loot(for Adventurers) spin-off project Characters(for Adventurers)
But everything is too experimental, there is no project operator, no planning roadmap, no core developers, no content artists, everything is decentralized.
Can it develop for a long time purely relying on the enthusiasm of the project and the support of the community? When the market turns from boiling to calm, can it still maintain a large number of supporters and ecology? Will other ecology be interested in this form and participate in this system architecture?
We don’t know these things. Loot is like a future experiment launched by the NFT encryption market. We must pursue the spirit of innovation, but we must also have the courage to face failure, especially under the bubble of the NFT market at this stage, let alone because of temporary speculative impulses to make wrong decisions.
