Loot Project amplifies what you were completely missing about NFTs
Loot is the inflection point in the history of blockchain. Here’s why.
Both of those put together define the future. It’s just like any other NFT. It uses a standard, it is unique, it has only one holder, it has some nerdy art that people laugh away. But it shines light on the parts that is most interesting about an NFT.
With MoreLoot, everyone can have Loots for practically free. The MoreLoots themselves are limited in number. That means everybody will have a Lootbag. It preserves uniqueness. The Loot Bags are abundant, what is scarce is your luck. Which one are the good Loot Bags? No one knows yet. The game atop this has not yet been built. So, good Loot Bags are scarce, we just don’t know which ones yet.
All NFTs are programmable because they stick to a standard called erc721. Every NFT collection has an API by default. But Loot takes it to the next level. It has defined a primitive that requires someone else to program on top of this. It has invented the pack of cards. Now we’re waiting for someone to invent Bridge.
Dev First Incentives
A new game needs to be developed. Loot is democratically appealing to a developer. A developer can own one of these NFTs. There’s an incentive to build a game that makes the NFT they hold more valuable. It puts the power back into the hands of 30M who invented NFTs in the first place. Before this NFTs, atleast the interesting ones, were accessible only to the rich. The intersection of rich, being a developer and motivated is a very small set. Now devs can own a Loot Bag and design a game in which they have an unfair advantage. Pulling in more devs to come build games. Making the games more interesting. Pulling in more people to own Loot Bags. Pulling in more devs to write games. You get the point.
Whenever something is interesting to developers, something interesting is going to happen.
By default every Loot Bag is compatible with any game that’s written on top of it, but it is also by default compatible with all the other Loot Bag like projects that come up in the future. Because they stick to a standard erc721. It’s going to allow people to keep building games on top of games on top of games. It already happened in World of Warcraft where DoTA got built. We will see a MAOG — massively asynchronous online games.
Lastly, I think most people don’t get NFTs because NFT is such a boring term. Doesn’t capture its potential.
If you’re building a game on top of this, I’m willing to personally invest 10ETH. Ping me on @madhavanmalolan twitter.