Thread by @TheHypeMan2019

1/ NFT discussion series by paji #7-1: "Appreciating the Loot NFT Project" #NFT #NFTcommunity #anime #japan

2/ Today, I'm going to write about the "Loot" project, which you should know about if you are into NFT. If you observe any NFT project, you will notice that the "Loot purity" of that project is a scale between 100% and 0%.

3/ It reminds me of the significance of "Loot", which has identified the essential characteristics of NFT.

4/ To put it simply, "Loot" is an NFT of the "text" of the initial setting materials for creating a game together, similar to Lego blocks in the sense that they are used as the minimal building materials.

5/ By using the "Loot" standard on the NFT, all kinds of contents can be connected to each other with digital data whose value is guaranteed by the NFT.

6/ What was innovative about "Loot" was that, although it set a grand vision of creating a game with people from all over the world, all it prepared was 8,000 NFTs (7,777 to the general public),

7/ which were just the text of the setting materials, and distributed them free of charge (GAS fees were required). People who realized the potential of these NFTs went crazy, and soon after, they were worth tens of thousands of dollars.

8/ What is amazing about Dom Hofmann's idea is that he saw the beginning of the creation of the content as only the "textual" definition of the concept (setting documents).

9/ In a place where everyone assumed that the use of NFT was visual-centered, the unusual idea of having only a list of "words" became an attractive innovation.

10/ Why did a string of letters have value? Because having the Loot allows people from all over the world to participate as DAOs in a free game-building community.

11/ When you create a game from a large, common, early source setting material like Loot, you can participate in the co-creation process of determining its earliest 'parents'.

12/ Moreover, it is also noteworthy that for each of the setting materials, the "governance tokens" provided the war chest for the creation of the game.

13/ Governance tokens are the right to vote on the direction of the community, and depending on the amount of tokens you have, you will be able to vote on the proposed agenda and participate in the decision making process.

14/ If you look at it from a different perspective, "Loot" can be said to be a project that is at the forefront of "building the metaverse world" as defined in Web 3.0.

15/ In the case of the NFT so far, if you first see a picture of a "longsword," you then decide to call it a "longsword."

16/ In the case of Loot, the term "longsword" is first defined in the NFT in the form of a setting document, and then participants are free to create and associate images and other elements with it.

17/ Once a universal concept of "longsword" is created on-chain, it can be deployed in various services without permission.

18/ By carving the words describing the "concept" into the blockchain, it becomes an open setting that cannot be tampered with, and new uses will be created.

19/ It is also called composability, and like the laws of physics, once established, it is easy to refer to and link data.

20/ In Service A, "Longsword" is "pixel painting" x "big sword" x "heavy sword"... But in Service B, "Longsword" is "Animated" x "Big Sword" x "Heavy Sword"... And so on. The design of the "child" part of the "parent" word "longsword" will be developed further.

21/ Once the "parent" that is being created now has come full circle, the creation of the concept of "child" will proceed. There will be a price to pay for this.

22/ It's almost as if, after the state has built the infrastructure of highways, the transportation industry will be born and business will grow.

23/ Just like in the real world, the world derived from the Loot will continue to grow.

24/ The "loot" (equipment) of the Loot makes up only about 0.001% of the world by itself, so there are many Loot derivatives, such as "maps", "skills", "characters", etc., all in the same Lego shape. And so on.

25/ When Lego and Lego are combined, the world becomes three-dimensional. With text alone, there is too little information and too much room for imagination, but with illustrations and music, it becomes equivalent to the three-dimensional world in which people now live.

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