For the past month, I feel like everyone in the NFT space is talking about Loot. So I went down the rabbit hole for answers to what it is, why people are crazy about this "text file" NFT project, its success and how it changed the NFT space.

It all started with a tweet from Dom Hofmann, the co-creator of vine, creator of Blitmap and Supdrive.

Loot is a text-based NFT. It has 8,000 randomized adventure gear bags generated and stored on chain. Each loot bag contains total of 8 items. This is what a Loot bag looks like:

Loot bags were free to mint with only the cost of gas. The #1 to #7777 bags were claimed within 4 hours of release and the rest of #7778 to #8000 are reserved for the contract deployer.

One of the main reasons why Loot attracted so much attention is because Dom has accumulated a large cult following from the success of his previous projects. So as soon as he released Loot, fans just aped in. At the moment of writing, the floor price of one Loot is around 5.1 ETH.

But the value of Loot doesn't stop at this text file. It's the Loot metaverse ecosystem the community has been building on the OG Loot.

Since the Loot release, derivative projects from the community continues to grow rapidly.

In just a few days, discussions took place in Discord channels emerged projects like: rarity explorers 0xinventory.app; floor trackers for different items: robes, bookclub, weeb, ancients, hoods, sacrednumber, demon-crwon. A rather controversial project among the community is xLoot, which is an extension of Loot, free to mint from ID 8001 to 15777.

Derived art projects like: Abstract Loot, a generative art project which is a collection of generative animation based on the Loot metadatas. Realms, a procedurally generated realms map for all 8000 Loot Bags.

Want some wearable gears? MetaFactory has released luxury apparel for your Loot Bags - MetaLoot. A physical bag of apparel and accessories custom embroidered with the adventurer gear in your Loot Bag, Synthetic or OG Loot, plus a 3D metaverse wearable NFT.

For people who think they missed out on the OG Loot mint, there is a project called Synthetic Loot Viewer. Anyone with an ETH wallet address will generate a different Synth Loot base on that particular address, however it is not possible to mint yet.

The simplicity of its text form, a strong community and governance, its fair-mint nature, the creator's direction of "Feel free to use Loot in any way you want" are what make the project so successful, and it changed how NFT can be used for all future projects.

The Loot ecosystem will continue to grow as the creative possibility is limitless. So go check out Loot!