What is Loot NFT? Loot NFTs Explained

What the heck is this and why are they selling for thirteen, eighth or over fifty thousand dollars? Well, what i can tell you is that this nft project is called loot and could be one of the most important nfts we have ever seen created everyone.

Hopefully, you're doing well today, in this video, we'll, be breaking down the nft project called loot. These nfts have taken the community by storm, and a lot of people are asking what these are exactly.

It can get a little technically confusing there's. Some crypto nerd talk in there. So in this video i'll, be breaking down everything in simple terms for you, but before we get started, make sure you hit the subscribe and like button.

If you end up enjoying the video and with that being said, welcome to the nifty verse. So this nft project has recently hit the community by storm. This nft just looks on the bare look, just a text file a picture of a couple phrases or a couple words, as we can see an example of a loot nft right here.

This is what it looks like. It is just a bunch of words or phrases that are all compiled together as one text file. This nfc project contains 8 000, unique nfts that are all text files of different randomized generated gear.

Now the gear is only phrased within words, and it is up to the user, who ends up purchasing the nft to interpret what to build. On top of that, we can take a look on the loot website. A good explanation of what is loot loot is a collection of 8 000 unique bags of adventure gear originally released by dom hoffman, and if you don't know who dom hoffman is.

That is actually the creator, the co-founder of vine. He has also created a lot more unique nfts within the space is one of the leading innovators within nfts at release. Anyone could claim one of the loot bags just for gas and all bags were claimed in under four hours.

Each loot bag contains eight items. A piece for an adventurer's, chest food hand head neck, ring waist and weapon, as you can see that just provided a definition of basically what the nft project is right.

You still may be confused as to what exactly it is. The idea behind this project behind loot was to provide a community right, provide a community, a set of parameters, which is those text files that contain those eight different pieces of words or phrases for then the community to interpret whatever to build.

On top of that, we can see on august 27th, dom which is the creator of the nfc project tweeted out this without any warning, no website, no rarity tools or anything like that. Just a straight up: tweet for the project, loot, randomized, adventure, gear, no images or stats intentionally omitted for others to interpret no fee.

Just gas 8 000 bags in total available via contract not audited mint at your own risk. This was the only promotion that was done for the project itself, just this tweet announcing the actual release of the project and that's.

It loot was designed just to be a bare bones piece of parameters for the community to end up building on the idea behind this project was to set the most simplest sets of barriers or actual building blocks for a community or any other project to be built.

On think of this, as more of a just a community or social experiment, rather than an official complete nft, as you know, most projects in nfts right now are mostly complete right. The way it works is that you have a nft right that is released by a centralized authority right, whether it be boarded beyond club issues, for an example, releases set pieces of art and once an owner purchases that they already have access to the complete character design.

As well as whatever future airdrops or additions that the token may receive from the actual creators of board api club itself, so it is up to the team of board api club to deliver that value and essentially provide value.

To that token, in luke's case scenario, the creator of loot decided to provide just the most basic bare-bone needs for an nft project for the community to then build upon. So there's, a different approach going on here right.

You have a top-down approach with board api club, where the creator essentially has to provide the value and innovations within that nft and loot, which is really a bottom up. Approach allows the collector and the people who actually own the pieces in the community to build the value of the nft with this project launching right and the whole concept behind it.

There was a lot of speculation and a lot of interest coming out from outside sources. As well as a lot of crypto nerds right, because this is a test of true decentralization in a sense - there is no central authority giving value to this nft.

It is the most bare-bone aspect of an nft and it allows for the community right. It allows for the people that are within this nft community to build out the project itself, and that is the big. What if, whether the community will be able to sustain something in the long term and actually create something that is worth value.

Or if this project will completely fail, it is totally up to the community to end up deciding that, and some of the cool things we have seen is that there's, already derivatives being taken place for this project.

So whatever's based in the loot right, you can build on top of that being the building block of that nft project and there's. People like mo, who have created ai pixel art for the loot project right. So whatever's in your loot, right quote: unquote those little items and everything like that he has been creating pixelated art version of showcasing what they could possibly look like and there's.

Many other derivatives that are currently being made out right now to build the community or build the sustaining model of loot itself. This tweet explains it pretty well from dillon field feels, like two paths are emerging in the nft space, build a universe but hold on to the ip example.

Larva labs deal with uta, which is a talent agency to form a community to build the universe. Give all the ip away see what happens. Example, loot project personally, like the approach number two better.

I like this tweet because it simply explains what the loot project it is at its core. It is a social experiment for the community right it's. To see how powerful is a community really right, how powerful is a community within the whole ecosystem of decentralization? This nft project has the potential to be something so innovative and creative.

That has sparked the attention of so many crypto natives and people even outside of the crypto space. Now i know it may seem like a meme from afar, but at the end of the day, this may be one of the most important projects we have ever seen created in terms of its concept, not the actual reality of what it is, but the concept behind It of it actually being a test of whether or not a community is able to build out this ecosystem.

This universe, for the bare bones of that nft, which is one of the extremely interesting things, is that vitalik was actually doing an ama. And if you don't know who vitalik is, is the founder of ethereum and in response to a question he said, i think the loot project philosophy.

Has it right pretty much anything that anyone creates exists? What matters is to what extent other people build upon it. There is absolute truth in that, once an object exists. What you can do with it is limited by the rules coded into that object, but the question of which objects matter is decided by much fuzzier forces kind of similar with what the whole purpose of ethereum was to build out an ecosystem and have others build upon It right giving the parameters is the actual foundation allowing other projects or other people to end up building on top of it and it's.

Kind of like whatever happens, is whatever ends up happening. You know he vitalik didn't, initially know what was going to be built on ethereum. At that point, once you build the foundation blocks for ethereum or let's, say the loot project in general.

It is kind of just this. Let it free and see what happens now, of course, for the project itself. This is peaked like i said the interest of many and caused for a extreme amount of speculation to happen for these specific nfts, and now they're being sold between 12 to 15 8 in some cases, and some have sold for above.

I believe 30 eth for rare pieces of loot that contain some actually pretty rare items. Now i would say at this time the price doesn't completely justify the nft itself as a whole. The community actually has to build something.

On top of this nft to provide it value to make it actually true to what it's being valued at right now, i think a lot of this price is being determined in the what, if case scenario of what could happen with this project Or it could be valued at this because it's, one of the first projects to identify these models and, at the same time provide a new set of creation for nfts.

If we take a look at loot's website there's, two questions that i want to read with you here on this video. Why is loot? Special loot is unique. The first project of its kind with no company art team or attributes loot, makes it impossible to gatekeep any creative decisions.

Loot is the unfiltered uncensorable building block for stories, experiences games and more in the hands of community at no cost. Luke pursues the complete decentralization from day one. The second question: can i build with luke? Yes, you are free to use loot in any way you want for inspiration, seeing existing resources put together by the community.

I said loot was specifically designed for this purpose to see the creativity that a community can end up coming up with for the project itself. I find this model extremely interesting because it provides the opportunity to see what could happen if decentralization is implemented within day one.

What can the community actually come up with? Can the community develop something that is world changing or actually something so phenomenal that it gives the nft value? What can be done? And i think this is also a programmers and also a crypto nerd stream - just to think about the what ifs of decentralization of allowing people just to build right, a community to build out a project and they're.

Not being one centralized order of authority, like i said, some of you still may be confused as to what this project is. A full description of what this is. Loot is an nft project that sets a bare-bones set of parameters for it to be the foundation and building blocks for the community to build whatever it wants to.

On top of that, instilled with day, one is decentralization, no central form of authority. It is completely up to the community to add value to this nft and create something worthwhile like i said, this concept may be confusing to some, but there is some interesting case scenarios what this could end up being if it & # 39.

S played out correctly. The questions we could be asking is: can this actually work? Can the community within the nft project agile, actually builds something worthwhile? Is there other projects that are going to follow this same type of model? I also think this is further proof that a community, a group of people are the most important thing to whatever you end up, creating right.

They are the most powerful nft that could ever ever be created. The nft is just a thing right: the community behind it ends up giving value to that nft, and i think this project specifically is signaling that now, with loot actually breaking out, we've, seen a lot of troll derivatives of this project itself.

I'm sure we're gonna see a lot of projects that end up kind of copying. What loot did, instead of just setting a bare bones set of parameters, this will also cause for a lot of speculation. At the same time, it's extremely easy for a developer, to just put something out, put a bunch of just words in the text file and sell that as a as an nft to then be like.

Oh, it's up to the community to end up deciding whatever this happens. This is a warning to all of you that this is completely speculative. This is as speculative that as you can get. Basically, there is no centralized authority or team that you're, going to be able to end up betting on besides the community itself.

So if the community is not good, if the people within that community for these type of projects, aren't actively building on the nft there's, a possibility that that nft, those just words in the text file, are worth nothing.

This can end up being a total failure or a massive success right that is kind of like the role of the dice people are going to end up taking with these type of projects. Now, loot itself may still hold value just because it's.

One of the first projects or the first project to actually bring this concept mainstream, but other projects that you end up. Seeing like this right that are just a text, file of a bunch of words trying to copy or do the same thing that loot is doing are most likely to fail.

Like i said in that case scenario, it's totally up to the community. To end up building on that project, so if you end up deciding on trying to purchase one of these make sure you check out the community first make sure that the people within that community are really actively trying to build something out with these parameters.

And if you don't see that that should be a very big signal and not to purchase those nfts. But i digress. That is totally up to you, not financial advice. So i hope i was able to provide somewhat of a kind of clear explanation about what this project is and why there is value to it.

This is a very unique nft project that was introduced into the space. One of the reasons why you're clicking on this video is because it's made waves within the community, and people are talking about it.

So, like i said, i'm interested to see how this ends up playing out. Will the community be able to build something? On top of it? Are there going to be other ones that end up succeeding, which one which derivative will succeed, which community will win and actually build something worthwhile in the end? And is this approach right? This bottom up approach going to be continued to be implemented within future nft projects that we see, so i'm gonna leave it at that.

Let me know what your thoughts are in the comment section down below. If this is a little too confusing, are you still confused as to why there's any value to this at all? Let me know your thoughts down below in the comment section and with that being said, i hope you enjoyed today's, video and if you did make sure to slap to subscribe and like button, and i will catch you all later -