If you were to open OpenSea right now and check the Top NFTs by 7 days, you would find a strange project. It has a trading volume of over 55,000 ETH or in normie terms $217M, around 7800 items, a very respectable floor price and around 2,600 owners (counted by individual addresses holding). The NFT contents? A set of unique 8 RPG themed phrases on a black background. Some random looking group of words selling for tens of thousands of dollars. Insanity or the birth of a Metaverse chapter? Meet Loot.
The role playing games as Loot lists have different items and what Loot does is make a random list of the following. These are all game items and their specific presence in unique sequence may give birth to one of the most open, freely developed, unstructured, unorganized and bound only to the limitations of the collective imagination Metaverse game. The best part? Anyone can do anything using the 8,008 Loots as a reference.
Weapons Chest Armor Head Armor Waist Armor Foot Armor Hand Armor Necklaces Rings
Words, metadata and infinite possibilities or directions define Loot. It didn’t have fund raising or any special whitelist. For a brief period of time, the contract was ready to be minted by anyone without restrictions after being deployed on the Ethereum blockchain. It’s price? Only the gas fees. There would be 8,008 Loot boxes in total, with a creator reserving a little over 220 for himself. The official description on the OpenSea verified collection page reads:
“Loot is randomized adventurer gear generated and stored on chain. Stats, images, and other functionality are intentionally omitted for others to interpret. Feel free to use Loot in any way you want” A Discord user had a comprehensive answer to what can be build with Loot. A simple Scalar Vector Graphics (SVG) file containing randomly distributed scarcity featuring list of game items.
For instance, this is the Loot Bag# 693. It has 8 lines, each representing a particular class of game items in this fashion. First is the Weapon, second is the Chest Armor, third is the Head Armor, followed by Waist Armor, Foot Armor, Hand, Armor, Necklaces and last line is for the Rings. It also has unique beginning and end phrases, such as Silk or Dragonskin or of skill. How is it being distributed? Graeme from Twitter had the perfect answer in his blog post.
Minting the NFT assigns the owner a token ID, and trait attribution happens deterministically whenever NFT’s tokenURI method is called. Trait randomization is random but deterministic. It uses a hashing function applied to the concatenation of the token’s ID and the type of the item (e.g. “CHEST”), and converts this to an integer (uint256 in Solidity). Each type of item has an array of options, and this integer is used to pluck a random item from those arrays.
Once an item is found, a new random integer is produced, bounded between 0 and 21, by taking the modulus of the random number and 21. If the new number is greater than 14 (about 42% chance), then the item gets a special suffix. If it is greater or equal to 19 (about a 8.7% chance), then it gets a prefix. This creates special scarcity properties for each of the items!
Apart from the Loot boxes, which are themselves for a mind blowing amount. The Loot owners were also airdropped the native token of the project AGLD (short for Adventure Gold), a one time drop of 10000 AGLD tokens for each Loot owner. At the peak of the token’s value at $7.7, the airdrop alone was worth $77,000! The community knows that the Loot design has intentional gaps and is working to filling them.
That’s not all, an entire ecosystem is popping around Loot, so there are contracts being minted for specific cases, available to be minted by Loot owners. The rocks, maps, lands, animals, art, stats etc are also creating value and paving way for future items of the Metaverse chapter. Loot has literally changed the lives of thousands of it’s minters through insanely high value creation for it’s minters!