What is Loot (for Adventurers)
By the end of August, the founder of Vine Dom Hofmann, had launched Loot (for Adventurers), a Non Fungible Token collection consisting of 8 RPG game items. We wrote an article about the Loot phenomenon shortly after its release.
Just one month later, more than 100 derivative projects and tools have been built based either on Loot or around it. Teams and individuals from across the world have created pieces of art, stories, music, games and guilds.
With Loot, the project has a bottom-up approach. Instead of the creator bringing value to the collection after launch, Loot lets the community decide the value. This is a new and more decentralized way of building an NFT project.
Loot has 4 primitives
Currently the project has 4 primitives : Loot Project, Project Genesis, More Loot (mLoot) and Synthetic Loot
Each NFT consists of 8 elements: an object for the chest, foot, hand, head, neck, height, adventurer’s weapon and ring type. No graphics, just a black image with 8 lines of white text. The project bags are numbered 1 – 7,777 will be able to be claimed by anyone, while bags 7778 to 8000 will be reserved for the project developer.
Project Genesis or Genesis Adventurers
The Genesis Project (for Loot) is under construction and wants to “resurrect” the origins of Loot.
Timshel is one of the most active members of the community with one of his main responsibilities creating a story for the Loot universe. This initiative was born out of an investigation into the smart contract that created Loot, which contained more detail than anyone imagined. For example, it contained 16 classes or categories of objects.
By collecting a perfect set of 8 Genesis Mana from a single Order, corresponding to the 8 item types (i.e. weapon, head armor, chest armor, etc.) players can resurrect a Genesis Adventurer using a 2nd smart contract. The Loot Foundation claims that the smart contract would comprise a primitive collection with 2,540 Genesis Loot. About 414 Adventurers have already been resurrected.
More Loot (mLoot) was another airdrop of Loot items that gave many more users access to the game. When Hofmann launched it in early September, it created more than 1.3 million additional Loot, with an expanding supply that will create about 250,000 additional bags per year.
Synthetic Loot (sLoot) is a virtual form of loot that every ETH address has automatically and does not need to mint. Developers who build on Loot can easily integrate it into their projects.
In October, the Loot.exchange team launched a “Royalty DAO” funded by a portion of the Loot.exchange trading fees. Shortly after, the Loot community voted to implement a 5% royalty on OpenSea and all other marketplaces to fund royalties in the same DAO.
On December 25, the first Loot Royalty DAO proposal “Retroactive Public Goods Funding – Round 1” was unanimously passed allocating 25 ETH to projects selected by the community.
Retroactive funding allocated treasury funds to these projects for past work, motivating them to continue building the loot ecosystem.
How the funds are spent is entirely up to the community. Its scope is deliberately limited. It does not seek to be “The DAO”, but rather “a DAO”. For now, its only function is to manage the treasure trove of royalties collected from the Loot Exchange. The Loot Royalty DAO currently possess a treasure equal to 144 ETH or about $500,000.
Other community initiatives
In the meantime, many community projects have already been launched and have created new resources for Loot users. Here are some examples:
Loot Exchange : A marketplace with 0% fees where you can buy and sell 3 collections: Loot, Genesis and mLoot.
0xinventory.app : a tool to classify Loot items by color and rarity.
The Adventure Gold Token (AGLD): a governance token for story creation that is already being used to vote on Chapter 1 of Loot. The token was distributed to the community via an airdrop. Thus, each holder of an NFT Loot had the opportunity to claim 10,000 AGLD tokens.
Realms were one of the very first Loot derivatives to be released and basically contain some of the elements needed for the foundations of a functional metaverse.
We can also mention other Loot related projects such as Loot Rarity, MetaFactory DivineDAO, Loot Chararcter, A Quest for Adventurers.
Today, the trading volume on Loot does not exceed 200 ETH in a 7-day and less than 8 Loot NFTs change hands daily. The floor price is currently 1.75 ETH or about $5563.
Currently, 2,541 wallets hold at least one NFT with an average of 3 per wallet. 25.3% of the collections supply is held by the top 25 wallets, which is a significant proportion.
To put it shortly, it seems that the project is at an important point in its life cycle. While just a small number of die-hards continue to focus on building the Lootverse, a large portion seem to have turned their attention elsewhere.
Loot is a truly innovative concept that will undoubtedly be remembered as a pioneer in its field. But the extent of its impact will be determined by the ability of the community to grow. These are the same questions that were asked in the early days of the project, but several months later, they are still just as open.
What Loot has already accomplished, however, should not be underestimated and the creativity of the community is more than impressive.