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A quick thread on @lootproject or why a wall of text is the hottest thing in the world of #NFTs right now. 👇
Note - I will be writing a long-form on them in tomorrow's issue of my newsletter at http://decentralised.co . Consider signing up to receive it in your inbox for more on them + the latest in the bizarre, exciting world of NFTs.
Loot is a NFT venture that embodies the idea of less is more. Their landing page literally has just this wall of text for anyone looking at it.
The NFTs are not complex pieces of art but walls of text - describing traits This leaves the market in limbo in two ways 1. Defining scarcity / valuating the NFT is difficult 2. Any Play to earn game can plug into Loot to get characters and a captive userbase
Why does this matter? Because in-game assets have a decade long history of being stores of value at least among gen-z. The most common-trait based asset being traded likely being - Cs:Go skins. Here's what some of them fetch in the gaming world
Loot is interesting because it leaves the interpretation open for any gaming publisher. One checks the NFT cards held by a user, generates character traits and gives back to the user. What's in it for a publisher? A captive userbase that is willing to spend thousands of dollars
Why would users pay thousands of dollars? Imo its largely linked to the play to earn ecosystem Axie Infinity has built. In the future, if a cash-flow generating game is built - NFT holders can use them to redeem characters that can be leased out to others.
In other words - a holder of loot, the NFT gets - access to the tradable NFT - (possible) access to characters on any games using it - (possible) cash-flow from a play to earn model built off it - signal value that comes from holding a wall of text
In case you think play-to-earn games are a fad, consider this comparison from @tokenterminal comparing revenue of @opensea with that of @AxieInfinity. Stand alone gaming economies can have higher revenue than entire marketplaces due to higher frequency of transactions
Some stats on loots - There are a total of ~7780 Loots in circulation held by ~1500 wallets. Quite a low figure on both supply and holder side (not good for game publishers) - There has been 2000 ETH's worth of volume on the asset with prices ranging from .15 eth to 20 ETH
- Somebody paid $60k for a wall of text. I will need to understand why at some point. - Part of the reason is speculatory. Early minters have been realising profits ranging from a 4x to 35x (depending on demand for the traits) Data source : @nansen_ai
I think we will likely see more open-access assets in the market like Loot in the future. They will be curation engines for inviting sticky holders with asset ownership. There is a risk that we are rebuilding walled environments (like web2) but for now, this is interesting.

My Notes:

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Joel John

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