Expert Analyst & Reviewer
Updated on: Feb 15, 2022
This is one of the best community-driven NFT projects out there. Loot is a collection of 8,000 unique items left for anyone to interpret. The developer didn’t define what you can do with it, yet the community found purpose. If you want to learn more, keep reading because we are doing full Loot NFT review.
Loot NFTs were free from #1 to #7777, the remaining 223 tokens belong to the developer. If you knew about Loot when it started out, you could have claimed an NFT just by paying for the gas fees. The weirdest part about this project is that there is no complex art behind it, but more about that later on.
Loot is nothing like your average NFT collection. It is a community-driven project and there is no defined purpose behind it. The author has left the interpretation to holders on purpose.
There is no official ranking or defined value for the official collection. However, community members have ranked them based on rarity. Others have ranked them based on their name. There is a bunch of different projects built on top of the Loot NFT collection.
It’s hard to believe it, but this NFT collection which currently has 71.9K ETH trading volume was free to mint. The developer kept only about 20 for himself. You just had to pay for the Ethereum gas prices to mint it.
One thing that he did completely differently than other NFT projects is how instead of relying on utility and heavy marketing, the developer has let it grow on its own. In this case, it was a good tactic because it ended up being one of the most valuable NFT collections out there.
Loot is open-source, so you can do anything you want with it. There are hundreds of different projects built on top of it, and the most popular ones are:
Basically, if you are a developer, you can use the collection to create something on your own.
This one is impossible to define because… there isn’t really any art style behind it. At least, there isn’t an art style behind the official collection. You can take a look at the picture down below and see what NFTs from the Loot collection look like.
As you can see, it’s only words on a black background. Every “bag” from the Loot collection has uniquely generated words. These words don’t really have any stats or meaning, but the community has added utility to them by creating new projects based on Loot. That’s possible because the collection is open-source and holders can use it however they want.
However, what about the art behind community projects based on Loot?
Let’s take a look at the Lootmart project. This project lets you unbundle your Loot Bags into Lootmart items. You can then use these items with your Adventurer across the Loot universe. Also, each item has a “score” which you can check on their previously mentioned leaderboard.
Let’s take a look at other projects built on top of the original Loot NFT collection. One of them is “Rings (for Loot)”. Basically, this collection allows you to mint 3D images of the rings you own from the original collection.
Each ring from this collection is named exactly the same as the ring in the original Loot collection. If you own Loot Bag with a ring, you can mint a 3D version of it on the “Rings” website. Just connect your wallet where you hold your ring and mint the new one.
You can see this “Skull Moon” bronze ring in the original Loot Bag in the picture down below.
The author of the Loot NFT collection is Dom Hofmann. You might not recognize the author by name, but he is the co-creator of Vine. After selling Vine to Twitter for $30 Million, Dom Hofmann didn’t stop there. Instead, he launched 2 different successful projects called Byte and Peach.
Finally, he had published the Loot NFT collection which has gained a lot of popularity. Right now, Dom is working on a new blockchain console project called “Supdrive”. Considering the success of his previous projects, it won’t be a surprise if this one becomes a mega-hit as well.
Don Hofmann wrote on the main Loot forum how it would probably be the best if he burns the keys to the contract owner. What does that mean? The Loot project would literally be in the hands of the community as there would be no authoritative figure at the top.
What are the perks of that?
What are the downsides?
It’s quite rare to find a truly decentralized project willing to share with the community. Dom has built something really special here and we are happy to see it grow.
Loot NFT is on the Ethereum blockchain. This is the only downside we see in this project so far. Why?
Since this is a community-driven project, there will be more NFT trades and sales than with usual NFT collections. The problem is that ETH has way too high transaction fees at the moment. This is a problem for everyone who wants to trade NFTs from this collection daily.
At the moment of writing this, the floor price for the Loot collection is 2.388. That means even getting the cheapest “Bags” from the collection will cost you almost $10,000.
If we add gas fees on top of that, it costs quite a bit to buy into the Loot collection. Hopefully, we’ll either get lower gas fees with the upcoming Ethereum upgrade or Loot goes cross-chain maybe. Even though it wasn’t announced, we’d love to see it.
Which wallet can you use with Loot?
Basically, you can use any wallet supporting Ethereum NFTs. The first one that comes to our mind is MetaMask, but take a look at our best NFT wallets ranking.
Now we reach the most important part where we’ll tell you how to purchase Loot NFT. When Dom created the project, people could have minted for free and just pay the gas fees. However, all bags were quickly minted by the community.
This was possible to do through the official website. Since you can’t mint on the website anymore, your only option is to buy from a secondary marketplace. One such marketplace is OpenSea, the most famous one.
If you decide to mint on a secondary marketplace, these are the steps to purchase Loot NFT:
As we have previously mentioned, the official Loot collection doesn’t have any utility. However, projects built on top of it have plenty of utility. This is thanks to the open-source access for everyone.
You can use your Loot Bag NFT in more than 50 different projects across the blockchain. These projects are mostly games since the items in the bag got names as they belong in some games.
Since the project is community-driven, we can expect plenty of new use cases added over time. Hopefully, with more art this time.
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