Loot: Use collective imagination as the upper limit to promote the transformation of NFT paradigm

What is Loot

Loot: A text NFT

Loot is an on-chain NFT consisting only of text, and serves as the basis of the original video game. It is a TXT file that allows anyone to cast themed equipment items. To put it simply, Loot is a developer ecosystem that all community members can participate in. The specific gameplay is that users can write codes here, create their own warrior equipment, and collect these equipment.

Fair mint (fair mint) refers to the NFT that is minted by the user through the contract instead of obtaining the NFT issued by the market channel, and its holding cost only includes the gas fee. The Loot project provided a total of 8,000 NFTs, of which 222 were reserved as rewards by the creators themselves.

Once the Loot project was released, it caused a trading boom, and the transaction volume continued to rise. It even ranked first on the OpenSea list, the world’s largest digital trading market , and became one of the most expensive collectibles in history. Three days after the issuance, Loot’s market value has risen sharply and maintained at a stable level in the later period. However, in terms of transaction volume and number of transactions, it can be seen that with the emergence of a large number of imitations and the gradual decline of popularity, these two indicators of the Loot project have also shown a downward trend.

Loot: Use collective imagination as the upper limit to promote the transformation of NFT paradigm

(Data source: NFTGO)

Loot: Use collective imagination as the upper limit to promote the transformation of NFT paradigm

(Data source: NFTGO)

Loot: Use collective imagination as the upper limit to promote the transformation of NFT paradigm

(Data source: NFTGO)

Loot provides a list of items, just like a “treasure bag” (Bag) containing different items, which provides a derivative project space for adventurers to explore, and adventurers can put equipment into their loot list. explore.

Loot: Use collective imagination as the upper limit to promote the transformation of NFT paradigm

(Data source: NFTGO)

In the Loot project, users can spend money to create their own exclusive list of items, and anyone can participate in the casting for free when the project starts. Each Loot NFT token is composed of a set of randomly generated adventurer’s loot, usually including 8 types of equipment, namely weapons, breastplate, helmet, waist armor, foot armor, hand armor, necklace and ring. Users can also collect different items according to their own interests. In the Loot community, there are unions for owning different items and attributes, such as a union for players with crowns.

In addition, in the Loot project, members of a community can participate in the editing of the text list at will, so that the text continues to expand, creating more forms of virtual items, so that the members of the community jointly create virtual characters and jointly design the community Look.

Features of Loot

Randomness

Each Loot list has random scarcity. According to the hash value of the token ID, each item may obtain a prefix or suffix attribute and become an enhanced item. Minting NFT will assign a token ID to the owner. Whenever the tokenURI method of NFT is called, the characteristic attribute will happen deterministically.

Although feature randomization occurs randomly, its generation method is deterministic, that is, the hash function is applied to the concatenation of the token ID and the item type, and it is converted into an integer. After the user finds a new item, a new random integer will be generated between 0-21, and the random number will be divided by 21. When the new number is greater than 14 (about 42% probability), the item gets a special suffix; when the number is greater than 19 (about 8.7% probability), the item gets a prefix. This randomness creates scarcity for every item.

Stronger developer motivation

The Loot project provides a minimum foundation, and all users of the virtual community can be used as developers to build on the minimum foundation.

Compared with the previous model of redevelopment and construction based on the existing ecology of big brands (such as Dapper), Loot, a model in which users completely build their own ecosystem, can provide developers with more free design space. This “power generation with love” model can generate stronger natural incentives for creators.

Loot and Generative Art

The essence of the Loot project is a txt text edited jointly by users. These string codes can issue instructions to the computer to make the computer automatically generate images, texts and other forms of works. For example, the program can automatically generate pictures, pixel tasks, and complete images of soldiers based on programs written by users.

This form of creation of works combines randomness and determinism: how users write codes is random, and the program that issues instructions to the computer is the product of the community’s common creativity, but the process of computer execution is deterministic, that is, it The creation is based on determined code rules. This creation method makes the creators unable to completely control the final output form of the work, so it is more novel and more interesting.

What is auto-generation art

Automatically generated art, also known as generative art, derivative art, and self-derived art, usually refers to algorithmic art, which refers to art created entirely or partially using an automatic creation system.

Automatically generated art is generated based on the code. People observe the creation and research process of artists and scientists, write code rules, and at the same time give the computer a certain degree of autonomy. The computer is the subject of creation and executes instruction programs to create art works that cannot be copied.

Artistic limitations of Loot

Although automatically generated works of art can bring more “surprise” to people, some critics believe that the automatically generated works of art produced by coding lack artistic quality and gradually lose their own value. Art created by humans usually contains meaning, structure and organization, not just a random combination of elements. Artwork created by humans is sometimes difficult to understand, but it can also give viewers an intuitive feeling when they appreciate it.

After programming has become a tool for artistic creation, the artistic creation process has gradually become predictable (people can write systems and understand what will happen in a given state), which conflicts with the desire for unpredictability of artistic creation. Therefore, the development of automatically generated art to a certain extent may produce a high degree of homogeneity.

Loot’s prospects

The future of Loot depends on collectors

Loot, as a NFT co-created by collectors, is a product of collective imagination in the virtual community, so its upper limit also depends on the upper limit of collective imagination.

What Loot developers provide to users is similar to what Lego manufacturers provide to players. They provide the most basic “bricks” and components. Users can use these basic components to build different objects at will. What kind of work will eventually be produced depends on the imagination of all those involved in the construction.

However, it is worth noting that in the Loot project, there are 12 giant whales with a value of more than 1 million US dollars, which is rare in many NFT projects.

Loot: Use collective imagination as the upper limit to promote the transformation of NFT paradigm

(Data source: NFTGO)

Leading the transformation of NFT paradigm

Loot is different from the previous NFTs, it has a strong collaboration feature and contains broad creativity. All members of the virtual community can participate in the coin-minting process of this virtual currency at will. The coin-minting process is similar to an open source role-playing game, and the entire community can participate in real-time.

This decentralized minting process allows anyone to participate in the expansion, construction, derivation and completion of Loot, and also allows everyone to adopt it. Each user can add codes in the txt file according to their own preferences, and the community has complete independent creation rights to Loot, which enables the community to create more unique artworks.

Unexpected cost recovery?

Although users do not need to bear the cost other than gas when participating in the Loot project, the gas cost of casting Loot is very high, which also makes many users worry about the recoverability of casting costs.

In fact, on September 4, the founder of the Loot project released more than 10,000 new Loot project TemporalLoot (More Loot), which triggered a sharp drop in the price of the original Loot project, which also warned users to be wary of the potential risk of Loot bubble .

Rarity is also a Loot-style NFT, released by Andre Cronje. It borrows many aspects of Loot, but it has high-frequency interactivity, so it is usually only suitable for surviving on layer2 and sidechains.

The main difference between Loot and Rarity lies in the worldview. Loot is a project that extracts the worldview and settings of the NFT, and exists in the Ethereum mainnet Hassan in text form , which can be freely created by other creators; while Rarity is a part of the game on the chain, with its own worldview, and its characteristics It is to encourage players to interact multiple times and achieve game hero upgrades through interaction. Rarity is a native chain game suitable for surviving on layer2 and side chains, with a more complete economic model.

All in all, Loot provides a code space for community users to edit together. In other platforms, users create items within the framework provided by the project developer, and these items are usually created by one person or a small group of people, and people obtain new items through transactions. In Loot, users can directly participate in the construction of the framework, which gives users a higher degree of autonomy; more people can participate in the creation of items, which provides more possibilities for stimulating group creativity.

 

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/loot-use-collective-imagination-as-the-upper-limit-to-promote-the-transformation-of-nft-paradigm/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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