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This is what I have been SUPER EXCITED about... It's @dhof and his creations: @blitmap @sugarthegame @supdrive, and most importantly @lootproject ❀️ Loot is something different. It's something that has never been done before ever. It's a paradigm shift in NFT space. Thread πŸ‘‡
1) What is Loot? Loot is an on-chain NFT that contains just text. Yes, just text! It's a list of adventure items as texts. When you mint one, you get a set of items – as texts. Simple as that.
2) How did @dhof drop it? He dropped it 3 days ago on Twitter: - it's FREE - just pay gas to mint - no website (at first) - no info aside from the tweet below - you have to mint directly via the contract on @etherscan
dom @dhofLOOT - randomized adventurer gear - no images or stats. intentionally omitted for others to interpret - no fee, just gas - 8000 bags total opensea: etherscan: available via contract only. not audited. mint at your own risk
3) The current floor price of one Loot is now 4 ETH !!! You are probably confused why an NFT with just white text and black background is worth so much. Here is why...
4) Typically, NFT projects have a top-down approach. This means the creators create something like an ape profile picture, game item, or art as NFT. Then the creators expand the ecosystem to bring more value to the NFT which will increase the value/price for the collectors.
5) The creators create incentives for collectors to hodl – increasing the scarcity of the NFT. This can be airdropping another NFT for hodlers, etc... Basically, the creators sell a "finished product" like a house. Then, make the neighborhood better or give you extra furnitures.
6) However, @dhof doing it differently with Loot. It's a bottom-up approach. Instead of the creator bringing values to the NFT after the drop, Dom let the community decide its value. This is a new and more decentralized way of building an NFT project.
7) With this approach, the value of the NFT no longer ties to a single entity or person. Sound familiar? That's how @ethereum works! You can jump into Github and write code immediately. You can contribute new ideas to Ethereum by writing a proposal for a new EIP.
8) Instead of selling a house, @dhof sells bricks and let you decide what you want to build with those bricks. You can build a house. You can build a bridge. You can build a stadium. The freedom is yours. Dom creates a canvas. The collectors paint it.
tandavas.eth πŸ‘˜ @tandavasThe creator creates a canvas. The collectors paint it.
9) The future of @lootproject depends on the collectors. If ppl buy Loot and no one build anything. Then, Loot are probably worthless 😭 But if ppl buy Loot and build something on top of it, the sky is the limit 🌈
11) The community even build a SDK to build things around Loot already:
13) We might enter a new era in NFT space. No leader. No roadmap. No core dev. No core artist. Everything decentralized. Ofc, This is not a financial advice. 100% experiment project as @dhof said. I could be wrong BUT THIS IS FUCKING COOL πŸ”₯πŸ”₯
tandavas.eth πŸ‘˜ @tandavasThis is what NFT should be like. Freedom and decentralized. No limit, no boundaries. Maximum creativity.
14) I was lucky enough to mint 15 Loots. Gave one to my friend as a birthday gift. Got one Divine Robe (floor 23 ETH). So the 14 Loots I have now worth about: (14 * 4 ETH) + 24 = 80 ETH at floor price Cost of minting them: ~0.3 ETH ROI = 26,566% in 3 days (79.7 ETH profit)
End) Oh... and since my friends and I are super excited about Loot. @herinkc @mamomew @santiparp_a and I are building a side project on top of Loot too πŸ˜‰ Coming soon πŸ‘€

My Notes:

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tandavas.eth πŸ‘˜

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