Summary, History and Status of Loot (for Adventurers)

Summary, History and Status of Loot (for Adventurers)

Summary, History and Status of Loot (for Adventurers)

...and what to do with it?

NFTs

·

13 min

Summary, History and Status of Loot (for Adventurers)

...and what to do with it?

NFTs

·

13 min

Summary, History and Status of Loot (for Adventurers)

...and what to do with it?

NFTs

·

13 min

Summary, History and Status of Loot (for Adventurers)

...and what to do with it?

NFTs

·

13 min

TL;DR: With a new update or NFT collection being released almost every day, it’s clear the crypto ecosystem is constantly evolving. Loot (for Adventurers) is one of the NFT collections paving the road to the digital universe — but it’s just the beginning. Knowing what brought it here and why it was created will lead you to make better decisions when investing or simply interacting with Loot (for Adventurers).

In this article, we’re gonna dive into the Loot (for Adventurers) lore, answer all the Loot (for Adventurers) related questions and even more. Prepare yourself for a fantasy story and a journey to the future of Loot (for Adventurers)!

What is Loot (for Adventurers)?

Loot (for Adventurers) is an NFT collection of 7,777 loot bags that live on the Ethereum blockchain.

The Loot NFTs represent a text file with a list of items taken out of Dungeon & Dragons i.e. linen shoes, silk hood, or amulet ring. If you’ve been playing Diablo or Borderlands, then you know a big part of the game is about collecting that sweet, sweet loot. It may come in the form of a hidden chest, or after beating a boss fight. What matters is that the loot accumulates and it makes for an awesome mechanism to customize a character.

Loot (for Adventures) has started from people’s fascination with in-game gear and lets holders imagine what it would look like if it served as the basis for a novel or video game.

The essence of Loot can be captured as follows: open-source art.

Listing names of items instead of art is what makes Loot (for Adventurers) unique. Items can mean whatever the holder wants them to be, and there’s an entire community that wants to give meaning(s) to the Loot NFTs.

Owning an NFT is different than screenshotting a JPEG — just like holding an original Rembrandt is more valuable than owning a replica. As their name suggests, NFTs are non-fungible by design. This is different from digital tokens like Bitcoin and Ethereum.

Fungible assets can be exchanged for another asset of the same type, much like BTC, ETH, or even fiat. NFTs, on the other hand, are unique assets where their ownership details are documented on the blockchain, ensuring digital scarcity and unique attributes for each asset.

But how exactly is digital scarcity being enforced?

The concept of NFTs first emerged in 2012 with the creation of Colored Coins, which could be used to represent real-world assets on the blockchain. However, Colored Coins only worked in a permitted environment, making it more similar to a database than anything else.

As the crypto industry became more popular, people have continued to experiment with the idea of a digitally scarce asset. This led to the creation of ERC-721 and ERC-1155.

The ERC-721 standard is like a set of rules for making NFTs. These actions help in making special tokens with their unique information, making them different from one another.

Behind the scenes, ERC-721 smart contracts keep a list of who owns which token, making it safe to pass tokens from one person to another. The contract also keeps count of how many tokens there are altogether and how many each person has.

As previously mentioned, Loot (for Adventurers) NFTs are secured by the Ethereum blockchain. Ownership and transaction history are publicly visible on the Ethereum blockchain along with other important info such as the NFT’s metadata.

Understanding how to access an NFT’s metadata is essential for holders to grasp the specifics of what they’re buying.

Metadata usually includes visual attributes like color, type, wearables, and so on. On the blockchain, it looks something like this:

Loot (for Adventurers) have their own set of traits that make up their uniqueness. These are chest, foot, hand, head, neck, ring, waist, weapon.

Each loot bag contains a list of 8 items from each trait category. Furthermore, there is no hierarchy of rarity when categorizing the NFTs — it’s rather subjective.

Let’s put it into perspective: how can you compare the “Dragonskin Boots” to the “Demonhide Boots?” As awesome as they sound, there is no objective way of determining their rarity because it’s just text.

Rarity of Loot bags therefore depends on how the owner decides to build around the items.

The first Loot (for Adventurers) NFT collection has been algorithmically generated. This means that only 7,777 Loot (for Adventurers) will ever exist!

More Loot bags were issued later on, but the initial collection is referred to as the OG Loot bags.

Seeing the success of the collection, the founder has issued 1.5 million more Loot (or mLoot) for the community, with 250,000 more available per year (they are free to claim).

What is the utility of Loot (for Adventurers)?

Loot (for Adventurers) is your ticket to the dedicated Loot community, where imagination knows no bounds.

Calling it a “dedicated community” is an understatement. Holding Loot (for Adventurers) gives you the keys to an infinitely expansive universe. Hundreds of Loot holders are working together to build a lore around the items.

The build-up around Loot can be traced to chapters.

Chapter 1

This chapter is all about minting, claiming, and trading additional items. It’s like building the ground lore for the Lootverse. There’s a Banner minting service, an on-chain dungeon map, 3D renders of the ring items, 8000 realms, and an XP engine.

Basically, the early community created the basis for new holders to chime in. Accessing the Lootverse requires holding a Loot NFT, so there’s the utility.

Chapter 2

Chapter 2 strives to give some form to the characters in the Lootverse. It’s the next step in having a clearer picture of where the creators are going with the artwork.

Their website currently lists 6 aesthetics for the Loot adventurers, each with its own style. For example, there’s HyperLoot (more animated), M3taloot (3D rendered characters), or Lootpunks (for the pixel art fans.)

Loot holders can mint NFTs from each of these universes. In turn, the versions explore a story of their own.

The least you can do is turn that Loot bag into an awesome avatar pic.

Chapter 3

Chapter 3 delves add the final stepping stone people have been waiting for since day 1: a universe to explore and go on quests.

Three Lootverse actions are listed on their website. Out of the three, “The Crypt” has been by far the most successful. With dungeon runs and relics to be found, NFT holders are organizing raids to complete all the 84 runs.

Participants can connect their wallets, select a Chapter and an available Dungeon, choose a Loot bag, and initiate a raid. After defeating the Dungeon, raiders can claim a number of Relics based on the hits they inflicted. The earliest conquered Dungeons yield the rarest Relics, encouraging participants to unite, swiftly defeat Dungeons, and secure valuable rewards.

Loot (for Adventurers) also has its native token. Adventure Gold (AGLD) was introduced shortly after Loot, aiming to function as the primary currency within the Loot NFT universe. Beyond its role as a monetary unit, AGLD doubles as a governance token, enabling Loot NFT holders to participate in voting for proposed ecosystem changes. Additionally, it is anticipated to serve as a currency in upcoming ecosystems inspired by Loot.

As the Loot (for Adventurers) brand expands, NFT holders will be able to continually earn rewards. Whether you are hodling for a season or longer, the Loot (for Adventurers) ecosystem continues to explore new ways of keeping holders engaged.

Who created Loot (for Adventurers)?

Loot (for Adventurers) was created by Dom Hofmann in August 2021. Most events revolve around the founders’ journey into NFTs and what later led to the idea behind Loot.

Dom Hofmann, previously known for creating the short format content platform Vine, has joined the crypto space during the 2021 bull run.

After Dom sold Vine to Twitter, he ventured into a new project named Byte. Byte gained traction amid concerns about TikTok’s data sovereignty in the summer of 2020 and became one of the most downloaded social networking apps on Apple’s App Store. Despite its initial success, Byte struggled to match the widespread popularity of TikTok.

Eventually, Hofmann decided to sell Byte to Discord. He joined the Discord team to contribute to the goal of boosting creator revenue by enabling individuals to monetize Discord servers and communities. During this period, he observed the potential of the NFT space as a platform for digital creators to derive value from their work.

As an experiment, Hofmann listed the oldest existing Vine on Foundation to explore the process. To his surprise, the piece sold for nearly nine Ethereum, providing him with a foothold in ETH and further solidifying his interest in the NFT realm.

With the ETH acquired, Hofmann went deep down the rabbit hole. He bought a Cryptopunk, and got intrigued by the tech side of web3. Even though he hadn’t finished his time with Discord, his newfound interest in web3 led him to leave.

While creating unique works using common contracts, Hofmann turned his focus to on-chain art. He wanted the art to live directly on the Ethereum blockchain, not on traditional servers. So, he started working on his own on-chain contracts.

Noticing a lack of on-chain pixel art, Hofmann drew inspiration from existing projects. He worked on the Blitmap contract, learning Solidity as he went.

Being part of a Discord server for game developers during the pandemic, Hofmann saw the rising interest in NFTs and web3, so he pitched his idea for a new project: Blitmap.

The Blitmap collection would consist of only 1,700 total pieces and the person minting the NFT would know what they are getting. This marked a significant change in the NFT landscape. Blitmap’s uniqueness, with a limited number of traits, and the added effort of crafting NFTs instead of a simple mint button, went against the norm. This shift was a key factor in why it took over a month for Blitmap to complete its minting process.

During the minting process, the project started attracting attention. Blitmap stood out from typical projects, drawing in curious individuals. Instead of randomly selecting an NFT, participants could actively craft the Blitmap they desired. The Discord channel buzzed with celebration as the mints rolled in, creating anticipation for the diverse composition and palette combinations that would emerge.

The experience with Blitmap would set the stage for Loot only a few months later.

Hofmann had long envisioned a text-based adventure reminiscent of early video games. In the developmental stages, he crafted a random item generator, generating names for weapons, armor, and accessories.

Post-Blitmap’s launch, Hofmann contemplated innovative ways to foster blockchain-based art creation and community building. One intriguing idea was to allow people to freely mint NFTs using his random-item generator, providing no artwork or instructions. These “bags” of items would be distributed for free, with recipients covering only Ethereum network transaction fees. Hofmann aimed to explore how users would engage with this experimental concept, emphasizing the community-driven and imaginative aspects.

He then dropped a Tweet announcing the Loot NFT collection, and the entire NFT space FOMO’ed in.

Some might cynically describe Hofmann’s initiative as having people pay the Ethereum network for a list of seemingly useless names. However, his fans perceived it differently, transforming Loot into a sensational phenomenon. The 7,777 bags made available for minting were swiftly acquired, and within five days, secondary sales of Loot bags reached $46 million, boasting a market cap of $180 million. The price surge was remarkable, with the cheapest Loot bag doubling overnight to over $46,000 from about $20,000.

Who is developing Loot (for Adventurers) now?

Loot (for Adventurers) is being maintained by the NFT holders. Since day 1, Loot was created with the sole purpose of making the project 100% community governed.

What makes Loot stand out from other community governed NFT projects is the degree of creative freedom — there’s no roadmap, and anyone is free to create their own story.

The creative frenzy around Loot bags led to a cultural phenomenon in the NFT space. Holders didn’t stop at drawing; they formed guilds centered on bag contents. For instance, those with “divine robes” established a dedicated community with a robe marketplace. Smart contracts entered the scene, enabling the sale of individual items from Loot bags for “adventurer upgrades,” despite the absence of an actual game or adventurers in Loot.

Described as “NFT improv,” Loot now faces the intriguing question of whether it will transform from a set of in-game items into a playable experience. The potential remains uncertain, and Hofmann, monitoring developments as a Loot Discord server moderator, expresses curiosity about items spanning different games, a concept aligned with the emerging metaverse.

Hofmann unveiled a significant move to enhance Loot’s accessibility: the introduction of “synthetic Loot,” essentially a replica Loot bag available to anyone setting up a free Ethereum wallet. This initiative aims to enable a broader audience to participate in the Loot ecosystem. Creators working with Loot can opt to acknowledge Synthetic Loot, providing a means for a more extensive range of participants while maintaining a clear distinction between “original” Loot and Synthetic Loot.

Hofmann has no. plans to shift full-time to working on Loot, so the community rallied behind the Loot.foundation.

The mission of the Loot.foundation is to collaborate on building the Lootverse — an experiment in decentralized world-building.

NFT holders can vote on proposals using the AGLD token. Adventure Gold has been 100% airdropped to the NFT holders and also serves as the in-game currency.

AGLD is deployed on the Lootchain, an optimistic rollup chain powered by Caldera. This makes AGLD suited for fast and cheap transactions while benefitting from the security of Ethereum.

Investors are also an important component of any ecosystem. Although they don’t get involved directly in the governance of the project, they do exert an influence over the brand’s expansion into the mainstream. As of 2023, Loot.foundation has pursued grants from Gitcoin.

How does Loot (for Adventurers) make money?

Now, let’s get to the juicy part – how does Loot (for Adventurers) make money?💰 (No, flipping and rug pulling are not the correct answers)

The answer to this question is strongly related to intellectual property.

Think of popular trademarks such as Mickey Mouse, Spider-Man, or Coca-Cola. Every time you see movies, books merch, or posters with them, know that the owners of the IP get a share of the profits. The same thing goes with the NFT holders, in theory.

When it comes to NFTs, it’s quite challenging to fit them into the traditional framework of copyright law. To give more context, owning an NFT doesn’t mean holders have automatic control over the creative work. This creative control needs to be granted by the creator.

As such, NFT holders should pay attention to what IP rights, if any, come with owning the NFT.

Dom Hofmann, the founder of Loot (for Adventurers), has authorized the use of the IP of any individual's owned loot bags. This means NFT holders have full commercial rights to the art in their owned wallets. There are no monetary limits on earnings on merchandise, derivatives or other commercial uses.

Another way of generating revenue is via royalties. Loot (for Adventurers) has never enforced royalties – and probably never will.

The mission of Loot (for Adventurers) is to build fictional worlds that are able to sustain themselves. Despite the 2022 bear market, Loot continues to thrive and attract more curious web3 adventurers.

The main source of revenue for Loot.foundation comes from the issuance of AGLD tokens. Tokenomics of AGLD mentions a maximum supply of 80 million AGLD. Every year, the AGLD issuance is halved, which makes AGLD a deflationary token.

Where can I buy Loot (for Adventurers)?

You can buy Loot (for Adventurers) on OpenSea.

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