Loot (for Adventurers): NFT project and open nature of smart contracts

The rapid launch of Loot (for Adventurers) NFT on August 27, 2021 was like launching a spaceship. At the peak, which the project reached on September 3, the price of tokens soared from zero to $80,000 apiece.

A large-scale ecosystem has actively begun to be created around the startup. The volume of trading for each of the Loot derivatives exceeded 200 ETH, which was about $800,000 as of September 2021. And today, the volume of secondary sales for the main collection exceeds 75k ETH (more than $120 million), which makes it one of the most expensive NFT projects in history.

The secret of the frenzied excitement around the collection is easy to explain: NFT enthusiasts opened up a world completely free from management, which the community created and shaped on its own. So, thanks to the freedom of action and initiative of the community, today 3 separate Loot communities, more than 80 derivatives and 9 guilds have been created around the project.

Loot (for Adventurers) Official Links

• Official site https://www.lootproject.com
• Twitter @lootproject – over 70k followers,
• Discord @lootproject – over 94k members.

What is Loot (for Adventurers)?

Loot (for Adventurers) is an NFT collection generated and launched on the Ethereum blockchain. It includes 8,000 unique digital objects. In appearance, they resemble playing cards, only instead of colorful images, you will see lists of words made in white on a black background.

Each list is a random combination of 8 items related to the equipment of a medieval knight: armor, weapons, symbols of magical power, etc. You may see “sacred helmet”, “studded leather gloves” and “dragon crown” among them. Images, options, and other NFT functionality are intentionally omitted.

Collectors can interpret, visualize and value their trophies however they please. There are no preset rules. A project participant can collect any equipment and go on adventures with it or create their own game project based on the original collection. This fundamentally changes the paradigm familiar to the NFT space.

Even Vitalik Buterin, one of the main personalities in the history of the blockchain, the creator of Ethereum, spoke about Loot.

I think the @lootproject philosophy has it right: pretty much anything that anyone creates "exists", what matters is to what extent other people build upon it.

— vitalik.eth (@VitalikButerin) September 2, 2021

Loot (for Adventurers) in numbers

• The collection was minted on August 23, 2021,
• There are 8,000 NFTs in total in the collection, but only 7,777 pieces have been minted. The rest was reserved by Dom Hoffman, the creator of the project,
• The project is ranked 16th among the best collections in terms of sales of all time on the largest NFT marketplace OpenSea.
• The volume of secondary sales exceeded 75k ETH (more than 120 million dollars),
• Initially, Dom Hofman gave away tokens for free, you only had to pay for gas,
• Floor price is 0.51 ETH,
• Only 2.5k unique holders (33%), that is, each holder owns approximately three tokens from the collection.
• Only about 1% of the collection (99 pieces out of 7779) are for sale, among them the range of offers is from 0.5 ETH to 256 ETH. This shows that almost all holders see a great investment prospect in the project.
• The most expensive Bag #2579 was sold on January 19, 2022 for 15, 179 ETH ($46.8 million at the time of sale).

Data (including exchange rates) are given at the time of publication of the article

Types of NFT Loot (for Adventurers)

There is a total of 7779 tokens in the Loot (for Adventurers) collection. And they are all divided into 8 main types, each of which has exactly 500 attributes:

• Chest,
• Foot,
• Hand,
• Head,
• Neck,
• Ring,
• Waist,
• Weapon.

Who founded Loot (for Adventurers)?

The author of the Loot (for Adventurers) project is 35-year-old New York entrepreneur and programmer Dom Hofmann @dhof. Prior to creating Loot, he was known as the co-founder of the short video sharing app Vine, as well as the founder of the video project Byte (V2) and the Peach messenger.

The designer and co-founder of the project is Lili Feyerabend, a developer of full-featured fintech products and a specialist in decentralized applications.

According to Hofmann, the Loot universe was born from a dream of a fantasy game that allows you to move from one imaginary reality to another. As it turned out, he was not alone in his dreams.

A short tweet from Dom about the launch of Loot (for Adventurers) was enough to make it a bombshell.

text-based fantasy cryptoloot
use ur imagination to play
and maybe a smart contract

dungeons & degens

— dom (@dhof) August 25, 2021

Tokens available to the crypto community – from #1 to #7777 – were sold out in less than 4 hours. The remaining ones were reserved by the author of the project.

It is noteworthy that the tokenization cost Loot-collectors nothing – they paid only the commission for the transaction. But the main feature was that Hofmann decided to entrust the fate of his NFT brainchild to collectors.

I am not project manager. I give directions when needed. Dom Hoffman’s confession

This decentralized approach has led to a surge of enthusiasm among NFT connoisseurs and an impressive branching of the Loot universe.

Loot (for Adventurers) collection idea

The peculiarity of this project is that within the framework of the project, users use NFT to create their own scenarios for the development of worlds created by themselves, which are combined with each other into a real metauniverse. And the player can be anyone and do anything in it.

Co-creation of the founder of the collection and the community is the main idea of Loot (for Adventurers). It prepared the basis for numerous versions of the original collection.

Each member of the community is free to supplement the Loot universe with their own characters, maps and tools. Derivative Loot products can be anything from games to art projects.

It is noteworthy that less than a week after the release of the collection, about 20 of its versions appeared. Today, several dozen Loot branches are indexed on platforms such as LootWatcher or Bibliotecha (for Adventurers).

Why is the Loot (for Adventurers) collection popular?

Loot is an unprecedented case in the NFT space. There is no team or company behind this project, it is not controlled or censored by anyone.

And initially the project received a boom and popularity thanks to the so-called “Dom effect”. The fact is that the author of Vine has already participated in the creation of several innovative NFT projects earlier (Blitmaps, Nouns DAO, Supdrive), which then became wildly popular among fans of this direction. Thanks to his reputation as an entrepreneur, Dom Hoffman attracted many fans of the above projects who immediately jumped at the opportunity to capitalize on the creative experiment. The result was the rapid growth of the Loot community.

Today, the success of Loot is the result of the creative decisions of the entire community which feels free from artistic canons and evaluation criteria. The decentralized nature of Loot (for Adventurers) results in its unlimited possibilities:

• Users can create an in-game currency that provides a lot of benefits. For example, the project’s original “gold” (Adventure Gold), available at over $50,000 per token, gave its owner the right to vote on critical decisions (today, the forked Adventure Gold project has been replaced by competing versions);
• Since the original samples of the collection are not available to everyone, the Synthetic Loot smart contract allows any Ethereum enthusiast to mint unique tokens that open up the possibility of participating in Loot derivative projects;
• Beginners who want to join the project without having any original Loot NFT can claim 250,000 new tokens that are generated annually under the More Loot program (a little more than 100,000 MLoot tokens have already been minted, about 1 million more to be generated);
• Owners of 2,450 artifacts from the rare Genesis Loot collection are entitled to special privileges, valuable Adventure Time ($ATIME) tokens, participation in quests and rewards.
• Not surprisingly, the project has become wildly popular and the number of its adherents continues to grow.

Loot (for Adventurers) Roadmap

The project does not have an official roadmap. The reason is simple – the project does not have a team of creators that would clearly describe the future development, thereby making promises to its holders. In a free project, the community determines the future.

The active and creative Loot community is not going to stop there. Dom Hofmann previously shared his thoughts on the future of the project. According to him, three main questions need to be answered:

• Can the same Loot Tokens be used in different games?
• How to make collectibles more accessible to those who cannot afford to spend thousands of dollars?
• Is it possible to go without a lot of venture capital?

The main direction of work on Loot remains the same – the search for opportunities to expand and versify the project.

Loot (for Adventurers) Ecosystem

Loot (for Adventurers) spawned very quickly various subprojects that are successfully developing today and make up a large-scale ecosystem of the project. Now 3 separate Loot communities, more than 80 derivatives and 9 guilds are successfully developing.

Let’s mention the most iconic branches of the collection:

• Loot Character is a project that allows Loot NFT owners to create characters based on specified traits. The system returns a second set of features, which is combined with the first one, and a new character is created. More than 7,772 transactions have already been carried out under the smart contract of the project.

• Extension Loot is a package of extensions for Loot tokens. It uses the same algorithm as the original collection, but in this case, the NFT is visualized on a white background instead of black.
• Abstract Loot is a system that creates animated art objects based on Loot NFT metadata. Loot tokens are used as building material. Thus, each owner who has the main token at his disposal can purchase a work of digital art and start collecting his own art collection.
• Role is a project that allows each Loot NFT to be provided with a companion character that can use the original token’s feature set. A metaverse participant creates a Role and independently configures combinations of attributes such as gender, strength and dexterity, race, occupation, and more. Thanks to this, players can generate characters’ adventure stories as they see fit.
• Realms is a project that gives community members the opportunity to mint Realm NFTs for free. Each such token is a map with absolutely unique features, right down to the language used for its name.
• Loot: Explorers is a derivative created to generate new characters by combining Loot’s original fantasy attributes with the features of unique PFP-style NFT projects (avatar tokens).
• Bibliotheca is a system that unites community projects into a single catalog. Participants determine by voting which projects should be included in the system.
• N is a project that uses lists of randomly generated numbers stored on the blockchain. Each member of the community can use these numbers as he wants.
• Bloot (Based Loot) – a joke project launched by an NFT collector with the nickname Beanie. Bloot has replaced the original treasures of the Loot universe with memes from Reddit, 4chan and Crypto Twitter. The collection includes such “masterpieces” as the “Propeller Cap”, “Noodle Hands” and “Twitter Fingers.” Since launch, the Bloot community has created many child projects, including the $BGLD token (in imitation of $AGLD).

How much does Loot (for Adventurers) cost?

In August 2021, at the time of project creation, the free minting was available. Future holders only had to pay for the gas. And then this case had the effect of an exploding bomb. Already on September 3, the price of tokens soared from zero to $80,000 apiece.

To visualize the price dynamics, we made a cut at the average price for 1 NFT:

• in October 2021 – 5 ETH,
• in January 2022 – 2.5 ETH,
• in March 2022 – 2.3 ETH,
• in June 2022 – 1 UTN,
• in September 2022 – 1.2 ETH.
• in December 2022 – 0.9 ETH.

Now (January 2023) the minimum price is 0.5 ETH. On average, the latest sales are in the range of 0.45-0.8 ETH. And the total volume of secondary sales amounted to more than 75k ETH (about $120 million).

Most Expensive Sales of Loot (for Adventurers)

The most expensive sales are led by the following NFTs from the Loot (for Adventurers) collection:

1. Bag #2579 sold on January 19, 2022 for 15179 ETH ($46.8 million at the time of sale).
2. Bag #3834 sold on January 20, 2022 for 14673 ETH ($44 million at the time of sale).
3. Bag #396 sold on January 20, 2022 for 14597 ETH ($44 million at the time of sale).
4. Bag #311 sold on January 20, 2022 for 9185 ETH ($27.6 million at the time of sale).

Where to buy Loot (for Adventurers)?

Loot (for Adventurers) is currently only available on the OpenSea secondary market.

How to buy Loot (for Adventurers)?

1. Remember that initially you need to connect your crypto wallet with self-storage to the marketplace of your choice.
2. Next, find the official collection using the search bar on the marketplace,
3. Analyze and choose the NFT you want to buy; click on it and then on the “Buy” button.
4. Or you can bet on the token you like. Make sure you leave enough ETH for gas or transaction fees. If the seller approves your bid, the deal goes through.

Should you invest in Loot (for Adventurers)?

According to Dom Hofmann, even he cannot appreciate the usefulness of the NFTs he created. However, many perceive this project as an investment prospect with fantastic potential. It’s proved by the volume of secondary sales amounting to more than 120 million dollars.

There are compelling reasons to invest in Loot (for Adventurers):

• community support from individual members who are actively funding the Loot NFT project via Gitcoin;
• the growing industry of role-playing games, which is gaining more and more fans around the world;
• providing every NFT enthusiast with the opportunity to join a friendly and creative community.

Unlike the up-down strategy, where the value of the project is increased by the decisions of the project developers, Loot (for Adventurers) uses a down-up approach. Therefore, the benefit from the project directly depends on how the community interacts with it.

The Loot Universe harnesses the power of blockchain technology to enable the community to collectively build a multimedia empire of games, art, stories, valuable items and characters. With a global fan base working on projects together, Loot can outdo media giants like HBO or Disney.

Opinion of NFTMetria

Loot (for Adventurers) is not just a game and a community. This is a whole virtual universe in which users themselves decide what the world they have created will be like. That is why many believe that this project can be the starting point for creating a real, fully functional metaverse.

Overall, this is a phenomenal NFT project. It is distinguished by a fundamentally new approach to the use of collection tokens and almost unlimited possibilities. No wonder its participants are willing to pay thousands of dollars for the possession of fantasy swords and helmets in the form of a white list on a black background.

Also, one of the main advantages of the Loot-universe is its creative and friendly community. Everything here is subject to initiative and collective creativity. If you are a crypto wallet owner, fantasy fan, and DeFi addict, join Loot (for Adventurers) for an exciting and challenging NFT adventure.