Abstract

The Loot series collects 8,000 NFTs, each of which is composed of a series of RPG-style items. These NFTs are called "Loot bags" and are unique combinations of items, each of which appears a different number of times. These bags have no casting fee and can be purchased by paying only a fuel fee (transaction fee).

The bags can then be ranked based on rarity score or bag score, both of which measure the quality of the items in the bag.

There are no games, rules or official systems related to Loot bags yet. These generated NFTs are used as items in community-made games or projects, promoting the emergence of communities, developer tools, guilds, market tracking tools, and spin-off projects that use Loot bags in related worlds.

Loot is highly hyped due to its innovative attributes. It doesn't add any new features or usefulness, but that's exactly why it's so popular. People can use Loot however they want, making it quite versatile.

Introduction

It didn’t take long for Loot to become another popular project in the NFT field. However, these virtual item bags have created many innovative NFT uses. It has spawned a large community built entirely around the users’ own ideas, uncovering entirely new use cases for the token.

What is Loot?

Loot is an NFT (non-fungible token) project consisting of 8,000 RPG-style unique adventure equipment "bags". The initiator of the project is Dom Hofmann, co-founder of the social media platform Vine. Each "Loot Bag" contains eight pieces of adventure equipment, covering everything needed for the adventure: breastplate, gloves, shoes, helmet, belt, necklace, ring and weapon. These NFTs are issued free of charge to users, who only need to pay minting gas fees (transaction fees). Bags 1 to 7777 are open to the public, while bags 7778 to 8000 are reserved for the project founders.

So far, this sounds like a standard NFT project. However, Loot is currently unique and there are no official use cases for each Loot bag. NFTs are usually designed for games or applications. Instead, Loot lets the community decide what to do with NFTs and integrate them into the platform and creations.

How does it work?

Loot NFT is a non-fungible ERC-721 Ethereum token. Each token is unique and cannot be copied. Loot's smart contract has a certain degree of randomization and can generate 8 Loot items corresponding to each token and their "excellence" score. The higher the rating, the higher the variability of the item name.

Specific examples are as follows: Listed below are the eight items in Bag #6161. Contains two common items, three rare items, one rare item, one epic item, and one mythic item. Mythic items have the highest rarity and only appear once among all items in the Loot ecosystem.

The rarity of the items in the bag is one of the most important factors in determining the value of the bag. However, there are other factors to consider when measuring value.

How do we determine the value of Loot NFT?

Although Loot has not yet officially defined the value core of its NFT, the community has developed its own value determination system. The main current methods rely on rarity. Each item appears a limited number of times and has a different rarity rating.

Item Rating Calculated by adding the rarity scores of all items in the bag. You can also learn about the bag ranking, which is determined by the total number of occurrences of each item in the Loot ecosystem. People determine the monetary value of Loot bags primarily through item ratings and bag rankings. Based on market projections of their future value, these Loot bags are expected to sell for tens of thousands of dollars.

The long-term value of Loot bags depends on the applications and ecosystem developed around them. Some games value items that aren't necessarily the rarest. Each bag may have value in different ecosystems, so various use cases will impact the price.

How is Loot different from typical NFT projects?

The key difference between Loot and other NFT projects is its "bottom-up" approach. What does this mean? NFT projects almost always have founders and developers setting the direction. The mechanics and rules of most newly launched NFT blockchain games or projects are defined by the development team, with little involvement from the community.

However, Loot takes a bottom-up approach. Although the founder creates this NFT, it is the community that determines its value and how to use it. Soon after Loot came out, the community and projects have grown to give each Loot bag its own unique use.

As mentioned above, within the scope of NFT, every item in the Loot bag has smart contract readability. Therefore, although the bag is a collection of items, each item contributes a large portion to the value composition of the bag. This property is relatively rare even for NFTs, as they are usually viewed more as a unit.

Based on Loot NFT, how does the NFT community develop?

Developers and fans have created a large number of Loot NFT-based projects. The potential is endless, depending on how you integrate NFTs with your project. The main contribution methods are divided into five categories: community, developer tools, guilds, market tracking tools and derivative projects. Let’s take a look at them one by one.

Community

The community space brings Loot holders and fans together to build projects and discuss new Loot concepts. To date, the two largest live discussion venues for Loot are the Loot Community Discord and the Loot Builders Discord.

Developer Tools

Developer tools include scripts, packaging tools, and art generators to help developers create projects. For example, the Pixel Character Generator can create automatic images from each Loot NFT for use in games or other applications.

Loot Sound generates a unique sound for each Loot NFT, making it usable in other applications or games. Each item in the Loot bag has a unique sound, combined with the sound effects of the other seven items.

Guild

Katana Garden is owned in the Loot bag&ldquo "Katana" is a guild composed of Loot NFT holders of this weapon. Exactly what they do is known only to the wielder of the katana. Guild members can gain membership by interacting on Reddit and proving their ownership of the Loot item "Katana".

Market Tracker

The Market Tracker is a simple tool you can use to find which NFTs contain a specific item, the address they belong to, and the current market price. For example, if you go to robes.market, you can see which wallets have "Holy Robes" in their collection.

Derivative projects

"Loot Dungeon" is a blockchain game integrating Loot NFT. By staking Loot items, you can fight monsters with results determined by Chainlink VRF. These results are verifiable random functions, providing a random on-chain "roll the dice" experience. In Loot Dungeons, Chainlink VRF runs battles and provides unique items to the winner through AI-generated pixel art.

After entering the Loot Dungeon, your Loot NFT will be sent to the smart contract. You then have 24 hours to decide whether to fight the monster or run away. In the event of death, you will lose the Loot NFT unless you pay a fee of up to 0.05 Ether.

Why is Loot so popular?

Since its launch, Loot has quickly captured the imagination of NFT fans, developers and investors. The bottom-up approach supports decentralization, a key principle of cryptocurrency. Giving users the power to decide what to do with each NFT can reduce the control of centralized development teams and greatly stimulate creativity. On the other hand, traditional NFTs also have innovations, but their applications are limited to specific platforms. Staking income, game utilities, governance systems, etc. are all practical and typical NFT use cases, but they have now developed into the standard of the NFT community, and their novelty is not as good as before. Loot can offer all of these advantages as well, but it's people finding themselves choosing how to apply Loot NFTs that are driving Loot's popularity.

Summary

Loot provides a novel concept that has been supported by Vitalik Buterin and There was unanimous praise from the cryptocurrency community and others. Blockchain has always supported decentralization and transferred power to users. After applying a top-down approach to NFT projects for a long time, let us wait and see what kind of projects and concepts will be derived from the Loot concept.