The latest update in the NFT market saw the mainstream CryptoPunks compete with the newly launched Loot. While top NFT, CryptoPunks signed a deal with Hollywood’s leading United Talent Agency (UTA), to represent its NFT project created by Larva Labs. Followed by the CryptoPunks’ mainstream choice, the newly launched co-creation token, Loot experienced skyrocketing popularity in a week’s span.
Loot eliminates the need for IP authorization
Dom Hofmann, the co-founder of Vine and NFT project Blitmap, initiated the NFT project Loop to allow users to create on top of the original token without the concern of Intellectual Property authorization. Loot provides an NFT base with randomized text and a set of random adventure gear. These do not have any images and data, so they can be autonomously interpreted by every individual differently. Loot NFTs also facilitate free casting, but the gas fee is still charged.
“A lot of people have been wanting some sort of game that takes place in a fantasy realm, or a science-fiction realm…They want it to be compatible with other realms. They want to be able to build on top of that. They want to know that the items that they have will always be with them. [I was] just kind of building in that direction. It was an experiment.”, Hofmann told the Verge.
ETH & AAVE founders promote Loot
Big players of the crypto arena are talking about Loot as the future of NFTs. Ethereum founder, Vitalik Buterin also tweeted about the text-based NFT. He argued that the Loot phenomenon of co-creation, allows liberty of interpretation, creating several different outputs from the same base.
I think the @lootproject philosophy has it right: pretty much anything that anyone creates “exists”, what matters is to what extent other people build upon it.
— vitalik.eth (@VitalikButerin) September 2, 2021
A recently published piece by Lily King of the Boundary, named “Loot VS CryptoPunks, the Battle of the Gods of NFT Crypto Culture“, highlighted how Loot’s facilitation of individual interpretation has taken over the old concept of IP provided by NFTs like CryptoPunks. Loot gives its users a blank slate to work with and co-create on the ever-evolving decentralized blockchain.
“Projects such as LootRealm (Loot territory) and LootCharacters (Loot characters) have also emerged to fill the Loot-verse with elements such as space maps and characters. At the same time, there are also many people who are creating visual content and scripts based on Loot’s text, and even the Chinese team has developed a Chinese version of Chinese Loot airdrop to Loot holders, which has attracted the attention of the founder of AAVE.”
Whole web3 community is focusing on building Loot-verse. What are you doing?
— stani.txt (👻,🐻❄️) 👘 (@StaniKulechov) August 31, 2021