Loot is a new one-of-a-kind NFT-based social network from Dom Hofmann, the former co-founder of Vine, a popular video-sharing social media platform that, in many ways, presaged the rise of TikTok.
Loot is experimental in nature. The platform launched by offering users 7,777 Loot bags, which contained an assortment of digital "adventure gear." Items were named things like 'Gold Ring,' 'Divine Hood,' and 'Hard Leather Armour.' All 7,777 of these seemingly random Loot bags were bought almost instantaneously; some were later resold for numbers as high as $46 million.
Interestingly, Loot was launched without a formal structure, and, as a result, Loot owners began to develop their own social network and functioning economy around Loot items and did so in a truly organic manner. Quickly, certain bags provided users access to different "guilds," and owners began trading and selling their items in an effort to upgrade their adventurers.
"At the end of the day, these are just items on a list," Hofmann said. "It’s just what people do with it and how they ascribe value to it. And value doesn’t have to be a dollar amount. It can be many things," explained Hoffman in a recent interview with The Verge.
Self-Sustaining NFT Adventure Games
Former Vine Co-Founder Launches Rule-Free NFT Game, 'Loot'
Trend Themes
1. Nft-based Social Networks - The rise of NFT-based social networks like Loot presents an opportunity for the creation of blockchain-based social media platforms and other NFT-based social experiences.
2. Self-sustaining Digital Economies - The development of the self-sustaining economy around Loot items highlights the potential for the creation of other organic digital economies that grow and thrive without a formal structure.
3. User-driven Gaming Experiences - Loot's user-driven gaming experience and organic growth demonstrates an opportunity for the creation of other games that allow users to develop their own gameplay experiences and economies.
Industry Implications
1. Blockchain Technology - The use of blockchain technology as the foundation for NFTs and self-sustaining digital economies presents an opportunity for the development of new blockchain-based innovations for various industries.
2. Gaming Industry - The success of Loot highlights the potential for the release of user-driven and blockchain-based games, forcing game development companies to shift their focus from traditional game development to community-driven game development.
3. Social Media - The development of NFT-based social networks like Loot present an opportunity to create blockchain-based social media platforms, which put control back into the hands of the users, and drive engagement, interaction, and innovation.