Loot and The NFT Chain Rule

Video 2 for the Loot (for Builders) YouTube channel.

4 Likes

Thanks for making this video! Great explanation of the core concept.

In case you missed the original thread, you can read it here: https://twitter.com/zoink/status/1437236693413744641

I also tried to introduce a few principles for making Loot derivatives successful:

  1. Make minting free for loot holders during some time period, then charge a fee. (Or use bonding curve) At least at the moment, gas costs a lot, so even if free forever there is still a real cost to minting. The free period will encourage more people to mint.

  2. Don’t make a limited mint period for loot holders. The most vocal members of the loot community will be long term holders of Loot. So if you give them a reason to adopt by allowing indefinite minting, they will support you. Conversely, if you don’t allow these long term holders to adopt, they might fork your project if it does somehow pickup steam. And that’s annoying / confusing for everyone.

  3. Derivative NFT’s should be maximally on chain. Loot was started with this ethos. If NFT’s are not on chain they don’t compose and other smart contracts can’t reference them easily. Plus, it’s important that all foundational projects in the ecosystem stand the test of time. Storing data in an impermanent way puts that at risk.

  4. The project should be a “yes, and” to the Loot lore canon. It shouldn’t contradict “history.” (Side note: we need a way to identify what lore is canon. We also need to figure out what we will do when major “branches” of lore occur in the Loot universe.)

Eager to hear what everyone thinks of the NFT Chain Rule and whether we should make any of these principles LIP’s down the road.

5 Likes

First off, this video is absolutely fantastic. Can I hire this voice actor to narrate my life? Or better: is he an AI?

Second, I love the @zoink NFT Chain Rule, and I believe it’s insight and timelessness reaches far more broadly than Loot.

We designed the Genesis Project with these principles in mind, and it’s given us a feeling of stability and energy as things have begun to unfold. For DAOs, businesses or even just for individuals, downstream decisions flow easier when you start from a place of principles.

So big +1 to this NFT Chain Rule

1 Like

:crystal_ball: time travelling into the future…

One more exciting thing to toss into the mix re: #4 Yes And" + also re: the @zoink side note about how to handle formalizing canon:

Today the construct for a “Loot derivative” = “ClaimWithLootBag
• Derivative is tied to the Loot bag, and Loot holders can claim it (for free or ETH)
• It’s a “Yes and” tied back to the Loot bag

Tomorrow, I believe there will be a web of interconnected derivatives = “ClaimWith[DerivativeXYZ]

• Derivative is available to Loot bag holders AND holders of other derivatives

• They’ll say “Yes and” not only to the Loot bags…but “Yes and” to the other derivative projects.

How about this for a chain of “Yes ands” (apologies, don’t mean to self-promote too much but this example shines light on the wider concept):

  • A player uses a Loot Bag to distill Genesis Mana (a derivative tied to Loot bags)
  • And then assembles a perfect set of 8 items of Genesis Mana, all of the same Order, say the Order of the Fox (done individually or as a trustless team)
  • And then uses that set of 8 Genesis Mana to resurrect a Genesis Adventurer of the Fox (a derivative tied to Genesis Mana)
    • To help illustrate this, this is a GA: https://opensea.io/collection/genesisadventurer
    • And then uses that newly resurrected Genesis Adventurer to claim $ATIME (Adventure Time) — (a derivative tied to Genesis Adventurers)
    • And then uses that ATIME to reach through time and space and discover a Lost Scroll of the Fox (a derivative tied to ATIME)
    • And yes, and yes, and yes, and on and on

• Taking it even further:

  • There are a number of projects in the works where the developers are planning (or considering) adding a “ClaimWithGenesisAdventurer” capability, alongside “ClaimWithLoot:exploding_head:
    • A player or team could use their Genesis Adventurer to claim $MANA (active collab happening)
    • Or use that Genesis Adventurer to mint a Loot Character (with a MintWithGA feature in the contract)

Abstracting this idea out — I predict an ecosystem where contracts have options like:

  • ClaimWithRealm
  • ClaimWithTreasure
  • ClaimWithWeapon
  • ClaimWithGenesisAdventurer

• When devs reached out with this idea, it brought tears to my eyes, but I didn’t fully grasp the implication until just this moment readinig @zoink 's post…

…Not only will a chain of interconnected derivatives provide staying power and stability to the ecosystem, and not only will it create inclusiveness and fun…

BUT ALSO, I predict that this web of interconnected derivatives is what will BE the methodology for how canon becomes defined.

If other derivatives include ClaimWith[Derivative] then hell, that’s how those derivatives become part of the canon.

:purple_heart: :purple_heart: :purple_heart:

I love this community and feel that the gift that @dom has given us goes far broader than Loot…I predict that a generation of geeks will look back ini 10 years and say “I started with Loot”

2 Likes

Thanks @zoink! Glad you enjoyed the video.

I think the concepts you’ve laid out are some great building blocks for further reasoning about what may and may not work or prove valuable for this growing network and community.

@timshel ha yes you can, the AI is courtesy of https://replicastudios.com/ They just launched and the product is really fun. There’s a free version you can play with.

Lol amazing.

Maybe I should go all in on my pseudo identity and instead of hosting the Genesis community calls live, I could speak through this badass Anthony Hopkins-sounding AI voice….

Hi timshel, that sounds awesome, will be looking forward to seeing the loot universe growing far beyond our imaginations, this interconnectivity is something that only web3 can provide and it is the seed of a whole new genre, very exciting times :smiley: