Loot Oracles are the bridge from legacy NFTs to Loot NFTs. By sending a legacy NFT to a Loot Oracle, the oracle decides what Loot items should be minted.
One legacy NFT yields many Loot NFTs while retaining provable ownership and verifiable scarcity. For example, a legacy CryptoPunk may be a Zombie with a Beanie and Sunglasses. After being sent to a Loot Oracle, the following would be minted: a Zombie head, a Beanie, and Sunglasses.
There may be motivation for someone to exchange undesirable NFT traits for other traits of desirable value. With a legacy NFT it is not possible to swap attributes or items. By converting a legacy NFT to Loot, it is possible to recreate custom NFT characters using Loot items.
In theory, this proposal adds supply and retains value in NFT marketplaces.
NFT - ERC721 or ERC1155 non-fungible token
Loot - An ERC1155 token representing an attribute of an NFT
Oracle - An off-chain program that injects data to the blockchain
There are three components to this process:
- The NFT owner (user)
- The Oracle contract
- The Oracle server
Once the Oracle is funded, it can then start receiving NFTs. The process is basically as follows:
- The user sends an NFT to the Oracle contract
- The Oracle server listens for the event “ERC721Received” or “ERC1155Received”
- Once the event is found, the Oracle server then mints the new Loot items to the original user
For: I support this proposal.
Against: I am against this proposal.