When asked about the most popular gaming project, many people may think of Loot. In just over 3 months, Loot has attracted the attention as well as the money bags of the entire industry, which has set off a new carnival in the field of non-fungible token (NFT).
Most people have a preliminary understanding of Loot. Basically, it is a text NFT composed of 8,000 "Adventure Gears." Each NFT has different scarcity attributes:
Each Loot bag contains 8 items: a piece each for an adventurer's chest, foot, hand, head, neck, ring, waist, and weapon.
Loot is an unaudited project. Bags #1 to #7777 were claimable by anyone and #7778 to #8000 are currently reserved for the contract deployer.
The way of launching the Loot project is interesting, where minting fees are not charged—investors only need to pay gas fees to mint Loot.
According to Nansen data,
2.5k wallet addresses hold Loot.
Interestingly, no "billionaire" status wallet owns Loot but about 100 "legendary" status wallets do.
Loot has a fairly good distribution—about 62% holders own 1 Loot, which means more people are involved in the community and have an incentive to develop the community.
Loot has established its own official website, where projects of the ecosystem can be inquired about. The website states an interesting point: Derived projects "remix or build on top of Loot. Because Loot is decentralized, there are no 'official' derivatives, tokens, or DAOs." This statement is a good manifestation of Loot's philosophy.
Loot's low supply and high price out many enthusiasts who wanted to join the Loot community. In this context, several Loot-imitated projects emerged, such as mLoot and Rarity. mLoot is fundamentally similar to Loot in design and form, but the supply is much larger. mLoot is essential and meaningful for the Loot community since its large supply and low price have brought more people in and expanded the community, which is the basis for "Loot Consensus." Rarity is a game created by Andre Cronje on Fantom; it borrows the "bottom-up" core of Loot. Rarity has set up 11 adventure characters, and the subsequent gameplay is designed by players. Up to now, more than 4 million characters have been minted and owned by more than 170,000 holders. The booming development of Rarity's ecosystem shows people the feasibility and unlimited potential of Loot's philosophy.
In addition to imitated projects, there are a number of Loot native projects, which can be roughly divided into the following categories:
Storyline and trait-based projects: These projects are an extension of one-dimensional txt (e.g., Rarity.tools, The Genesis). They assign different levels of scarcity to Loot items.
Marketplace: OpenSea for Loot ecosystem, projects like Loot Exchange and LootMart.
Games: Most of these are simple word games, characterized by relatively low playability for the time being. For example: Loot Wars, Looterra, A Quest for Adventurers.
Tools: Data query and analytic tools such as Bibliotheca (Encyclopedia & Analytics), 0xinventory, and Market Trackers.
Loot visuals: These platforms upgrade loot from one-dimensional text to two-dimensional image (e.g., Loot Swag, HyperLoot, and Loot Character).
Trait-based guilds: The Ancients, CastleDAO, CrownDAO, Divine Lodge, Divine Roles, Dragon Guild, Katana Garden, Loot Libraries, Mythics.
Although most of the Loot projects are still in the early stage, the many interesting ideas and designs are worth attention and appreciation. As stated on Loot's official website, Loot is completely decentralized, and there is no official or unofficial distinction. Moreover, the community should uphold its open and inclusive concept to welcome new members and focus more on long-term development of the ecosystem than the short-term benefits brought by high prices.
The uniqueness and value of Loot lies in its bottom-up decentralized formation, which differs from all other top-down centralized projects. When Loot was born, it was just some txts with white characters on black backgrounds—simple but a bit abstract. However, from another perspective, this unrestricted form also gives Loot a broad space for imagination—as they say, there are a thousand Hamlets in a thousand people's eyes. Thus, everyone can have a different interpretation of Loot. I believe that the path may start from one-dimensional text and gradually evolve to two-dimensional images and finally upgrade to 3D characters that can be used in games and various apps. Community's imagination and collective efforts are the core of this evolution, where more applications will be built, eventually forming a Loot metaverse—Lootverse. In the current stage, Lootverse has a relatively obvious tendency to leap from one-dimensional space to two-dimensional space. Nowadays, many image design projects have appeared in the Loot ecosystem, making the original abstract txts more vivid and concrete.
Loot is also paving the way for Metaverse, from theory to reality. For the entire crypto world, Metaverse is no longer an unfamiliar concept. In the 7th Shanghai Blockchain International Week, the most discussed topic was Metaverse. At present, Metaverse is still at a nascent stage of exploration, and many people's cognition of Metaverse is still at the level of "games with cosmic elements." In Lootverse, there are initially only 8,000 adventurers. This is just like in the early days of human existence: No city or civilization exists; the world is barren, but there is also unlimited potential in the barrenness. The world we see today is constantly created by the community. In Lootverse, people can also use unlimited imagination and create social platforms, games, virtual cities, and other diversified scenes. Therefore, we consider Loot/Lootverse an important tool for the crypto world to move toward Metaverse as a whole.
The inspiration that Loot brings to people is undeniable, but a truly successful project should not only be a flash of light; it should create value for the community sustainably. Today's Loot craze is reminiscent of CryptoKitties, the veteran of Blockchain games. CryptoKitties is the record holder for once occupying 16% of the Ethereum transactions. As the first influential GameFi in history, CryptoKitties expands the application of blockchain to the game field. Same as today's Loot, at that time, CryptoKitties sparked a lot of heated discussions in the field of NFT gamification. In fact, the founding team of Axie Infinity met each other at CryptoKitties Discord and discussed how to build an ecosystem around CryptoKitties and develop derivative games.
However, the smashing CryptoKitties quickly went into decline. The main reasons are as follows:
Excessive supply caused the value of a single NFT to decrease
Poor game experience and simple design
The game cost and revenue do not match
Worryingly, we also foresee similar problems in Loot's game design.
First, is the completely decentralized development mode really conducive to Lootverse? We believe that centralization is still the most efficient way in the early stage of a project. The decentralized DAO is more suitable for projects that are in a relatively mature period. However, as we can see, Lootverse is highly fragmented. For example, LootSwag, Loot Character, and HyperLoot did not form a unified standard. This has brought great difficulties to the linkage of game construction.
Next, the game development of Loot is extremely difficult, the design cost is high, and the economic benefits lag behind. There are two reasons: First, contrary to the excess supply of CryptoKitties, the total circulation of Loot is only 8,000, and the number of Loot holders is even smaller; with such a small community and limited market, it is difficult to attract developers to contribute to the Loot ecosystem. Second, application of the underlying logic of the Lootverse to the game is a complicated issue. A good game should allow players to have a smooth gaming experience, from easy to difficult. Just like World of Warcraft, gamers start from being penniless and eventually collect the Grand Marshal's suit via a step-by-step process. Ingenious level design and linear expansion values are the precision gears that support the operation of this immersive virtual world. Once there is a slight deviation in the numerical design, the player's game experience will easily fall into a vortex, which is too difficult or too simple. This will eventually lead to the collapse of the worldview. The introduction of exogenous assets such as Loot will undoubtedly make the originally difficult game design even more difficult. Therefore, developers should carefully design the game to make both a high-level and an ordinary adventurer undergo a smooth gaming experience.
Last, the early minters of Loot are the greatest vested interests. They only need to pay a minimal gas fee to get exorbitant returns, which is unfair to the subsequent community participants. Taking Fantasy Westward Journey as an example, which is an early game that has no players, we can ask why can its equipment is still being sold at a high price? Equipment, here, is the sum of money cost and player time cost. The answer is that players need to buy some cards to play the game. And Loot's high price does not match the contributions of the players in it, which is another issue that needs to be considered.
Will Loot be short-lived like CryptoKitties? The answer depends on whether the three above-mentioned pain points can be solved. Although there are many obstacles to Loot's future path, we still see the dawn of hope.
The Loot community will launch a treasury in the near future. The founder Dom decided to transfer more than 200 founder Loots to the community treasury. It once again demonstrated his unprofitable starting point. In addition, a 2.5% gas fee will also be included to fund high-quality projects. The Loot community has also established a Loot Alliance, which comprises developers, designers, and project leaders to support and guide players and developers. This is undoubtedly an exciting news. Loot treasury can empower developers, players, and communities continually as a DAO. This is an advantage that CryptoKitties did not possess 5 years ago. The support of the Treasury and DAO provides greater guarantee for the sustainable development of Loot.
When everybody adds fuel, the flames rise high. Wisdom of the community should not be underestimated. Coupled with the support of the Treasury and DAO, we have an open attitude and are full of expectations for the successful future of Loot. At the same time, we also call on Loot holders to pay more attention to the long-term benefits of community development with an inclusive attitude. We are looking forward to the infinite possibilities that community wisdom will bring to us.
When asked about the most popular gaming project, many people may think of Loot. In just over 3 months, Loot has attracted the attention as well as the money bags of the entire industry, which has set off a new carnival in the field of non-fungible token (NFT).
Most people have a preliminary understanding of Loot. Basically, it is a text NFT composed of 8,000 "Adventure Gears." Each NFT has different scarcity attributes:
Each Loot bag contains 8 items: a piece each for an adventurer's chest, foot, hand, head, neck, ring, waist, and weapon.
Loot is an unaudited project. Bags #1 to #7777 were claimable by anyone and #7778 to #8000 are currently reserved for the contract deployer.
The way of launching the Loot project is interesting, where minting fees are not charged—investors only need to pay gas fees to mint Loot.
According to Nansen data,
2.5k wallet addresses hold Loot.
Interestingly, no "billionaire" status wallet owns Loot but about 100 "legendary" status wallets do.
Loot has a fairly good distribution—about 62% holders own 1 Loot, which means more people are involved in the community and have an incentive to develop the community.
Loot has established its own official website, where projects of the ecosystem can be inquired about. The website states an interesting point: Derived projects "remix or build on top of Loot. Because Loot is decentralized, there are no 'official' derivatives, tokens, or DAOs." This statement is a good manifestation of Loot's philosophy.
Loot's low supply and high price out many enthusiasts who wanted to join the Loot community. In this context, several Loot-imitated projects emerged, such as mLoot and Rarity. mLoot is fundamentally similar to Loot in design and form, but the supply is much larger. mLoot is essential and meaningful for the Loot community since its large supply and low price have brought more people in and expanded the community, which is the basis for "Loot Consensus." Rarity is a game created by Andre Cronje on Fantom; it borrows the "bottom-up" core of Loot. Rarity has set up 11 adventure characters, and the subsequent gameplay is designed by players. Up to now, more than 4 million characters have been minted and owned by more than 170,000 holders. The booming development of Rarity's ecosystem shows people the feasibility and unlimited potential of Loot's philosophy.
In addition to imitated projects, there are a number of Loot native projects, which can be roughly divided into the following categories:
Storyline and trait-based projects: These projects are an extension of one-dimensional txt (e.g., Rarity.tools, The Genesis). They assign different levels of scarcity to Loot items.
Marketplace: OpenSea for Loot ecosystem, projects like Loot Exchange and LootMart.
Games: Most of these are simple word games, characterized by relatively low playability for the time being. For example: Loot Wars, Looterra, A Quest for Adventurers.
Tools: Data query and analytic tools such as Bibliotheca (Encyclopedia & Analytics), 0xinventory, and Market Trackers.
Loot visuals: These platforms upgrade loot from one-dimensional text to two-dimensional image (e.g., Loot Swag, HyperLoot, and Loot Character).
Trait-based guilds: The Ancients, CastleDAO, CrownDAO, Divine Lodge, Divine Roles, Dragon Guild, Katana Garden, Loot Libraries, Mythics.
Although most of the Loot projects are still in the early stage, the many interesting ideas and designs are worth attention and appreciation. As stated on Loot's official website, Loot is completely decentralized, and there is no official or unofficial distinction. Moreover, the community should uphold its open and inclusive concept to welcome new members and focus more on long-term development of the ecosystem than the short-term benefits brought by high prices.
The uniqueness and value of Loot lies in its bottom-up decentralized formation, which differs from all other top-down centralized projects. When Loot was born, it was just some txts with white characters on black backgrounds—simple but a bit abstract. However, from another perspective, this unrestricted form also gives Loot a broad space for imagination—as they say, there are a thousand Hamlets in a thousand people's eyes. Thus, everyone can have a different interpretation of Loot. I believe that the path may start from one-dimensional text and gradually evolve to two-dimensional images and finally upgrade to 3D characters that can be used in games and various apps. Community's imagination and collective efforts are the core of this evolution, where more applications will be built, eventually forming a Loot metaverse—Lootverse. In the current stage, Lootverse has a relatively obvious tendency to leap from one-dimensional space to two-dimensional space. Nowadays, many image design projects have appeared in the Loot ecosystem, making the original abstract txts more vivid and concrete.
Loot is also paving the way for Metaverse, from theory to reality. For the entire crypto world, Metaverse is no longer an unfamiliar concept. In the 7th Shanghai Blockchain International Week, the most discussed topic was Metaverse. At present, Metaverse is still at a nascent stage of exploration, and many people's cognition of Metaverse is still at the level of "games with cosmic elements." In Lootverse, there are initially only 8,000 adventurers. This is just like in the early days of human existence: No city or civilization exists; the world is barren, but there is also unlimited potential in the barrenness. The world we see today is constantly created by the community. In Lootverse, people can also use unlimited imagination and create social platforms, games, virtual cities, and other diversified scenes. Therefore, we consider Loot/Lootverse an important tool for the crypto world to move toward Metaverse as a whole.
The inspiration that Loot brings to people is undeniable, but a truly successful project should not only be a flash of light; it should create value for the community sustainably. Today's Loot craze is reminiscent of CryptoKitties, the veteran of Blockchain games. CryptoKitties is the record holder for once occupying 16% of the Ethereum transactions. As the first influential GameFi in history, CryptoKitties expands the application of blockchain to the game field. Same as today's Loot, at that time, CryptoKitties sparked a lot of heated discussions in the field of NFT gamification. In fact, the founding team of Axie Infinity met each other at CryptoKitties Discord and discussed how to build an ecosystem around CryptoKitties and develop derivative games.
However, the smashing CryptoKitties quickly went into decline. The main reasons are as follows:
Excessive supply caused the value of a single NFT to decrease
Poor game experience and simple design
The game cost and revenue do not match
Worryingly, we also foresee similar problems in Loot's game design.
First, is the completely decentralized development mode really conducive to Lootverse? We believe that centralization is still the most efficient way in the early stage of a project. The decentralized DAO is more suitable for projects that are in a relatively mature period. However, as we can see, Lootverse is highly fragmented. For example, LootSwag, Loot Character, and HyperLoot did not form a unified standard. This has brought great difficulties to the linkage of game construction.
Next, the game development of Loot is extremely difficult, the design cost is high, and the economic benefits lag behind. There are two reasons: First, contrary to the excess supply of CryptoKitties, the total circulation of Loot is only 8,000, and the number of Loot holders is even smaller; with such a small community and limited market, it is difficult to attract developers to contribute to the Loot ecosystem. Second, application of the underlying logic of the Lootverse to the game is a complicated issue. A good game should allow players to have a smooth gaming experience, from easy to difficult. Just like World of Warcraft, gamers start from being penniless and eventually collect the Grand Marshal's suit via a step-by-step process. Ingenious level design and linear expansion values are the precision gears that support the operation of this immersive virtual world. Once there is a slight deviation in the numerical design, the player's game experience will easily fall into a vortex, which is too difficult or too simple. This will eventually lead to the collapse of the worldview. The introduction of exogenous assets such as Loot will undoubtedly make the originally difficult game design even more difficult. Therefore, developers should carefully design the game to make both a high-level and an ordinary adventurer undergo a smooth gaming experience.
Last, the early minters of Loot are the greatest vested interests. They only need to pay a minimal gas fee to get exorbitant returns, which is unfair to the subsequent community participants. Taking Fantasy Westward Journey as an example, which is an early game that has no players, we can ask why can its equipment is still being sold at a high price? Equipment, here, is the sum of money cost and player time cost. The answer is that players need to buy some cards to play the game. And Loot's high price does not match the contributions of the players in it, which is another issue that needs to be considered.
Will Loot be short-lived like CryptoKitties? The answer depends on whether the three above-mentioned pain points can be solved. Although there are many obstacles to Loot's future path, we still see the dawn of hope.
The Loot community will launch a treasury in the near future. The founder Dom decided to transfer more than 200 founder Loots to the community treasury. It once again demonstrated his unprofitable starting point. In addition, a 2.5% gas fee will also be included to fund high-quality projects. The Loot community has also established a Loot Alliance, which comprises developers, designers, and project leaders to support and guide players and developers. This is undoubtedly an exciting news. Loot treasury can empower developers, players, and communities continually as a DAO. This is an advantage that CryptoKitties did not possess 5 years ago. The support of the Treasury and DAO provides greater guarantee for the sustainable development of Loot.
When everybody adds fuel, the flames rise high. Wisdom of the community should not be underestimated. Coupled with the support of the Treasury and DAO, we have an open attitude and are full of expectations for the successful future of Loot. At the same time, we also call on Loot holders to pay more attention to the long-term benefits of community development with an inclusive attitude. We are looking forward to the infinite possibilities that community wisdom will bring to us.
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