a year ago I told you about Lot, a set of irreplaceable icons that have inspired an bagarreuse community to form around them. A series of slip text-based descriptions of fantasy-type items such as swords and amulets, Looting It captured the imaginations of builders and speculators who wondered if core NFTs might one day serve as the basis for graphic novels, films, video games, and more — an open envoi art project that could eventually become the basis for a Marvel Cinematic universe of crypto-flavor.
Loot was also the first NFT project that I found personally compelling, at least as a subject for journalism. Its creator, Dom Hoffmann, was well known to me as the co-founder of the slip video pioneer Vine and the courtois network Peach. It was more of an art project than a startup — Hoffman made 7777 a random “bag” of loot freely available to anyone who would pay the convention fees needed to mint them on Ethereum. And the project exploded overnight: five days after its launch, quindisk mentionedLoot bags had sales of $46 million and a market capitalization of $180 million.
Of coude, in those days Lots of NFTs were selling for amazing sums. What made Loot special was the way the community of builders moved forward almost immediately to start immeuble an ecosystem: art creation for items in bags; union formation For people who own the same “parsemé” items; And the Writing smart contracts to allow people to trade in items in their NFTs.
The dream was to unite all this into something more than the sum of its parts. But 2022 was disastrous for the larger NFT market, eliminating the majority of the extérieur value of Even the richest groups. As we approach the anniversary of Loot’s launch on August 27, I was curious: What has happened to Loot in the year since it went bactérien?
“I think it’s working really well, in the sense that the things that are being built on top of it right now are really exciting, or really ambitious, and in some cases both,” Hoffman told me by phone Thursday. “A lot of it is closer to the kinds of things I thought we might see in the early days of the project.”
Hoffman had spent the past hour and a half on the phone with a developer calendrier to launch a project related to Loot, something he said he does a lot. His full time job is on sip, a 12-person game appartement working on various projects that he mostly refused to discuss formally. But Hoffman still stalks the Loot forums, chatting when he feels he has something to offer, and sending messages frequently with Loot developers.
This development continues despite the fact that the speculative mania around Loot has abated. The project’s market value has dropped to just under $6 million, and the price of the cheapest Loot Bag available for égrillard has dropped from embout $20,000 when I wrote embout it to embout $1,438 today.
So what are developers immeuble? One project referred to by all the people I spoke to Hyperlot, which its creators call a “visual immeuble block on top of the Loot”. Essentially, Loot owners log into their website with their crypto wallets and HyperLoot creates an orné of whatever is in their bag on the caraco of a numérique adventurer. This picture may serve as your profile picture, the basis of a novel, a character in a game, etc. Like the exemple Loot, HyperLoot creations are released under CC0 “No Copyright” Licenseand effectively placed in the découvert domain.
HyperLoot is immeuble a progiciel development toolkit that allows people to build with these creations more easily, co-founder Thanakron Tandavas told me via ouvert messages. The company is also immeuble its own video game, CCO . wars – basically a Chouette Smash Bros.Articulation fighting game. , populated by NFT characters in the découvert domain. Think Bored Apes vs CryptoKitties, and you’ll eventually come to the console near you.
“I feel that the same success can happen to Loot as other successful open envoi projects that adopt innovations without accord, [like] Linux or Android,” Tandavas told me.
Artist Shahrouz, who uses one name, told me embout a similar découvert project he’s working on 32 swords. It is a “Series of Elimination Reality” where players must get both Loot and Another NFT known as Manny. The game is human chess, where each team is given 12 hours to discuss and nomination on their next move. When players are eliminated, their stolen bags are handed over to other participants or spectators.
Shahrouz was also drawn to the idea of creating art from the découvert domain.
“I think there are a lot of spécifique bonshommes of fun to be had in working with existing projects and communities in this way, rather than just creating new properties all the time,” he told me.
So what can be learned from Loot a year later?
Hoffman told me that the first wave of hype around the project wasn’t as helpful as you might have guessed. Since the project was a découvert domain, the early days were basically free for all people making cheap clones and other associated projects that distracted from more serious developers. It took a while for the hype to indemnité and the better projects to rise to the top.
Collaborateur, early enthusiasts likely underestimated how difficult it was to integrate découvert domain projects. At the height of the Loot hype saison, a lot of people wrote blog posts and tweet storms embout how Loot could form the basis of a video game. but she truly A vaste way from writing a list of magical items to shipping elden pisteand the inevitable forces that can exposé multi-year delays to even the best funded video games are greatly amplified for games made by volunteers and part-time volunteers.
Even in 2021, it was clear that turning Loot into a video game would be very difficult. But some of the intermediate steps also proved difficult.
One configuration of NFT that Hoffman finds attractive is “The ability to composeThe idea that blockchain applications are modular and can be combined together like Legos. In the weeks since Loot was launched, other developers have “combined” various secondary elements that they aim to work with in this way: a bunch of monsters in the Loot universe, a list of dungeons, and some visual, etc.
But the result was a kind of Frankenstein monster less than the sum of its parts. You can write a new élégant contract that tries to join the pieces together, but léopard someone wants to add a new piece to the stack, you may have to start over.
“It’s really, really hard to make a set of pieces out of something that are meant to be connected together, and connect to each other — and also be open to future pieces that need to connect,” Hoffman said. “Being future proof is kind of hard.”
Third, while a lot of the foyer on NFTs over the past few months has been on the price écrasement, Hoffman said one of the biggest reasons web3 projects haven’t made much headway lately is how expensive it is to use Ethereum. Concordat fees are routinely $10 or more for a single instruction, making projects insensé to anyone other than wealthy geeks.
“For this reason, I think there are quite a few use cases — I would even say the majority of use cases — that are not at balle à la main,” Hoffman said. “Under intelligible circumstances, you’re talking embout $10 and maybe even $100 to make a convention….the price is too high.”
All that said, Hoffman remains deeply interested in technology. He said filmmaking was expensive, too—remembering the time when, as a young teenager, he had bought a book on filmmaking and learned that together he was expected to raise $50,000 for an entry-level histoire camera. Today every smartphone comes with a fully doué camera; This barrier to entry has disappeared.
And he still likes the basic characteristics of NFTs: the fact that they represent a piece of data that lies outside the vigilance; The fact that the data has an authorized owner; The fact that the data can be transferred to another owner is verified.
“These are very big reflections of the way most of the internet works right now,” he said. “Removing the value action of it completely, just thinking embout what it means to be the owner of the data and being able to prove that you are the owner of the data. What enables that, just like grossière technology, is very interesting. It is not something that exists now.”
Hoffman is trying one of the projects he’s working on, Dissolution, to build on that property. It is a role-playing game that takes activité entirely on the blockchain – it doesn’t even have a website – where the owners of the dépendant NFTs play by interacting with Discord bots. Among the game’s most unusual features is the CPC, or “community playable character,” whose tâches are voted on for the benefit of the community.
I don’t know if désagrégation – or looting – will reach an audimat of more than a few thousand people. (Hoffman estimates that Loot has embout 200 developers currently involved in some capabilities.)
But I am amazed at the degree to which developers like him keep working to achieve it Something of NFT and its peculiar characteristics. No one I spoke to today suggested that the developers came particularly close to decoding – just that the whole thing is still interesting enough to keep working on it.
A year from now, Hoffman said, there will likely be a Loot-related fantasy in the world, perhaps the first video games related to Loot. And as other CC0 projects join the découvert domain, it will likely continue to collide with Loot in surprising new ways.
“It’s moving really fast,” Hoffman said of the NFT scene. “And it changes a lot.”