Loot (for Adventurers) – Development and governance of the NFTs project

Loot (for Adventurers) – 2nd episode

If there is one non-fungible token (NFT) project that has caught the eye because of its originality, it’s Loot! If you’ve spent some time on Twitter, or even OpenSea in September, you’ve probably realized the importance that the news has brought to this unexpected work, to say the least.

In this series of 3 articles, Cryptoast invites you to explore various aspects of a project that has caused a lot of talk. So, make yourself comfortable and let yourself be told the story of Loot (for Adventurers) …

Loot launch

To say the least, the way Loot (for Adventurers) came to life is unconventional, a far cry from the big fan announcements to which the cryptocurrency ecosystem is accustomed.

Indeed, by sharing the Loot protocol contract via a tweet that has become cult for some, Dom Hoffman, creator of the project, simply invited the volunteers to mine “bags of loot” from a random element generator developed by him. .

At first glance, the offer could appear questionable for various reasons:

no information about the creator or his intention was provided; the acquisition of an NFT was free (it was enough to pay the gas costs); participants were to mine at their own risk, through an unaudited contract.

A discreet announcement on Twitter, a reduced flow of information, a contract without an audit, enough to make more than one skeptical.

Yet Dom’s goal was simple and devoid of malice: to let NFT owners express their creativity and see what would come from it. It is the principle of “I put it there, come what will happen.” “

And the mayonnaise set quickly: in just a few hours, all of the 7,778 Loot Bags offered were generated and some were already for sale on OpenSea. Consensus then confirmed that the gear would be for a future fantasy-inspired community-run game.

👉 Find all the news about non-fungible tokens (NFT)

Development of the universe

From then on, the universe of Loot grows in proportion to the enthusiasm of the community and the project will give life to many ideas and applications.

In accordance with a participatory and decentralized ethos, many individuals are getting involved in order to commonly build a diversified lore around the project.

Thus, 3 days after the publication of the original tweet, Dom Hoffman deploys a contract to facilitate the use of data from NFTs by converting the various components of a Loot bag into a matrix of digital attributes. This feature allows developers and artists to retrieve and handle data from any Loot NFT easily.

The next day, SyndicateDAO co-founder Will Papper launched the Adventure Gold (AGLD) cryptocurrency. Offering owners of Loot NFTs 10,000 tokens for free (paying only the gas costs of the Ethereum network), he thus wishes to “establish a standard for Loot-based projects in the future”, by providing a dedicated currency to the fantastic universe of the game.

On the same day, Dom Hoffman introduced an additional feature: the creation of additional Loots. The original collection having been minted in a flash, many interested parties found themselves empty-handed.

And while not all participants consider Synthetic Loots to be legitimate, it allows everyone to participate in the development of Loot in their own way.

Synthetic Loot

– returns a “virtual nft” of loot based on a given wallet
– b / c the wallet is the seed, only one bag per wallet
– because it’s not a “real” nft, no minting, transferring, selling, etc

anyone with an ethereum wallet has synthetic loothttps: //t.co/K2fx9Zw7qQ

– dom (@dhof) September 1, 2021

Synthetic Loot Bags allow anyone with an Ethereum wallet to generate their own NFT. In doing so, Synthetic Loots are not considered part of the original collection, but may allow collectors to get involved in Loot development.

The universe expands again on September 3 with the ability to synthesize a unique 2D avatar for each Loot, via lootcharacter.com. Loot owners can now mine some sort of skin based on the components of their Loot.

Check out your synthetic loot avatar on https://t.co/b3CAMT7Tux (credit to https://t.co/Snj80DAjVm) pic.twitter.com/xPXYIIldVi

– Stephan (🌲, 🌲) (@stephancill) September 3, 2021

In the process, Dom Hoffman offers a new idea: extension packs. The idea here is to bring together a group of NFTs from projects revolving around the world of Loot.

Thus, each “original” Loot can be accompanied by its own expansion pack, comprising various components such as the Loot’s avatar, its pet, its house, its legend, and so on.

As Loot’s universe materializes, projects inspired by his ethos and aesthetic begin to emerge here and there. This is how Ryan Foo brings his touch to Loot’s lore. On September 5th, he posted a tutorial on Medium on how to create a cypherpunk derivative of Loot in under 15 minutes via Solidity.

👉 To read: The OpenSea platform now processes 98% of the total volume of non-fungible tokens (NFTs)

Governance and commitment

At this point, the launch of Loot is a success: the universe is growing and becoming more complex rapidly as more and more people are interested in the project and making their contribution.

Then comes the question of the governance of the project. How to ensure that the project retains its participatory ethics while promoting decentralized governance?

That’s when Dom Hoffman brings a proposal to the community: destroy the keys to Loot’s contract. In the form of a LIP (Loot Improvment Proposal), he publishes a piece of writing on the dedicated Loot Talk forum to invite the community to weigh the pros and cons of this important decision.

By allowing the community to vote for or against this proposal but also to create new ones, the founder hopes to see common opinion articulate and let each participant express his opinion concerning the future direction of the project.

An initiative highly appreciated and voted positively by more than 96%, it is praised by many individuals who see this approach as a step towards a form of decentralized and undifferentiated governance.

“I appreciate that through this proposal, we are deciding whether or not to burn the keys before any subsequent decision. I also very much appreciate that LIP-0 includes a follow-up proposal regarding the fate of the remaining Loot bags, regardless of the outcome of this vote, ”said an anonymous participant.

This first proposal gives rise in particular to three other PILs, which complete the attempt to eliminate any form of centralization of decisions initiated by the LIP-0.

LIP-1 establishes a framework and guidelines for discussions and votes on future LIPs; The LIP-2 proposes to transfer the 200 Loot bags reserved for the deployer of the contract to a treasury directed by the community; LIP-3 brings the idea of ​​directing individuals to community markets rather than centralized trading places.

Trying to channel the engagement of participants, a first hackaton Loot is even organized. The first step aimed at improving the security of the protocol, this event is designed and operated by the Loot community in order to find potential flaws in the protocol in a benevolent and structured way.

At this stage, the Loot project is considered to have a rich and cohesive universe, an engaged community, and public and participatory governance.

👉 In the same vein – Dapper Labs partners with Chainalysis to strengthen the compliance of its NFTs platforms

Autonomy and sustainability

It is in this context that Dom Hoffman announces on Twitter to withdraw from the project temporarily without giving more details. No wonder if we take into account the propensity of the creator to remain very evasive about his activities and his personal goals.

In reality, its creation no longer belongs to it since it is developed and directed by an armada of individuals, forming a group united with common values.

During Dom’s absence, the community has never ceased to create, manipulate and diversify the lore and the functionalities of the project in multiple forms.

Thus, initiatives such as:

LootWatcher, a tool allowing to explore up and down the extended universe of Loot; LootMart, fragmenting Loot Bags in order to facilitate exchanges between collectors; LootExchange, an exchange room hosted on Discord.

It was finally on October 2 that Dom Hoffman broke his silence and published an ode to Loot, announcing the imminent arrival of a video game resulting from this participatory adventure.

Finally, last Tuesday, he publicly acknowledges that he is neither the organizer nor the owner of the Loot project and the resulting applications.

current “main” projects @ blitmap community crafted sci-fantasy universe @ supdrive on chain fantasy game console @ unfineart art & esoterica
member of @nounsdao

loot is decentralized (not “mine”) but will contribute (eg https://t.co/wJGu2mn6x9)

experiments & surprises in between

– dom (@dhof) October 5, 2021

Dissociating himself from the project he gave birth to, he declares that he is busy developing other projects and specifies the decentralized and participatory nature of Loot.

Loot (for Adventurers) then represents the ultimate realization of one of Dom’s dreams: an artistic project with its own universe, managed in a decentralized manner, for and by his community.

Loot activity (for Adventurers): events, floor price and volume

In the last opus of this series dedicated to Loot, we will see, beyond appearances, to what extent the activity of the Loot (for Adventurers) project and its economy have evolved over time.

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About the author: Bela Le Tiec

twitter-soothsayerdata

His favorite text: A Cypherpunk’s Manifesto.

His flagship show: Thinkerview.

His favorite artist: Daft Punk.

His goal: to contribute to the education of his contemporaries in blockchain and distributed networks.
All articles from Bela Le Tiec.

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