Buyer's Perspective on Loot | Finished LEGO Products and LEGO Bricks, NFT Unicorn Triggered by Plasticity?

This article is authorized for reproduction from Coinversation, written by Jian Wenting. The original title is "LOOT: Another Unicorn in the NFT World, or the Next Bubble to Burst?"

The emergence of Loot has surprised everyone in the crypto space, including myself. It is currently one of the hottest projects in the NFT space. Due to the technical complexity, most people are puzzled, so let's discuss it simply!

What is Loot?

Each Loot NFT token is essentially a collection of 8 adventurer's loot items, also known as a Loot Bag. On the backend, it has readable attributes in smart contracts. On the frontend, it is just white text displayed on a black background.

Initially, there were 8000 randomly generated Loot Bags with varying degrees of rarity, of which the creator Dom reserved 222 Bags for himself. The rest he gave away for free, and people only needed to pay gas fees and interact with the smart contract to mint them. All Loot items were claimed within 4 hours of release.

What Makes Loot Special?

The creator Dom intentionally omitted any images or data, essentially leaving all content and interpretation to future creators/builders.

I believe this unconventional concept will mark the beginning of a new paradigm shift in the NFT space.

Most NFTs people are familiar with are artworks entirely completed by the original creator; while Loot's creator Dom only provided the building blocks. For example, if common NFTs like CryptoPunks and Crazy Lizzards are like finished LEGO sets, each Loot is just a fragment of LEGO bricks.

Loot's high level of customizability has attracted a myriad of developers, writers, artists, and game creators. Below are some creations built in just a few days. Some are digitally generated, some are not, basically limitless.

Personally, I purchased my Loot without fully understanding it, which goes against my usual approach in the crypto space. Why?

Simply put, when researching Loot, it reminded me of Ethereum. Just like Ethereum's inception, Loot is also a project built by the community. No bosses, no official development team, no roadmap; everyone is free to create and the sky's the limit. This was the initial draw for me to buy Loot.

The future of Loot remains a big question mark as everything is still in the process of being built. So, if you still don't understand Loot at the moment, that's understandable. Personally, I must admit I haven't fully grasped it either.

Many people ask me if I would recommend buying Loot. The following are not financial advice but some factors you should consider:

Like everything in the world of cryptocurrency, buying Loot carries significant risks.

Firstly, its price has risen significantly. As I write this article, the base price of a Loot NFT is 11 ETH (or $43,000), which is very expensive for most people. Additionally, if you buy Loot on the secondary market now, you have missed out on the airdrop of 10,000 AGLD tokens (worth about $50,000). This doesn't mean you won't profit if you buy now, but based on risk management, you should carefully consider these factors.