It’s great to see the ecosystem grow so much and achieve new heights. The most beautiful aspect is that people are getting together as a decentralized community for a common goal. When I first heard Dom mention Loot and the hyperverse, the way I saw them when I first read the idea, was that they would each be like an all-access master key: allowing collectors to gain access to limitless possibilities. It felt like my childhood fantasies could start to take form.
As mentioned, in a previous topic by @hype_carry , “Far from a crypto/blockchain brain, I have a hard time understanding how anyone interested in Loot can create value upon it without having an original bag,” it seems to be a question many people have pondered on. But the fact remains that the value of Loot continues to fall while the ecosystem grows. I’m just here for a discussion on how we can provide nutrients for the ecosystem and also increase the value of Loot.
“In a world of projects like Loot, you want to reinforce the value of the NFT you own - and that value reflects that NFT’s renown and reputation.” This quote is from an article written by Kyle Russel, a writer at TechCrunch, it’s very clear what the message is here. So, we have to think, which NFT are the current projects really reinforcing? Upon minting an NFT, it feels like the current projects are going on their own separate route. The value from Loot gets transferred to the minted NFT: reinforcing their NFT.
It seems as though Loot itself will eventually be buried and become an idea that inspired other projects to create their own separate metaverse.
As commented by @whynotdoit on @hype_carry topic, “developers are not volunteers. If they build the metaverse on Loot, they can not sell NFT. Therefore, they will create their world on their NFTs, not on Loot.”
If loot derivatives are inspired by Loot and those derivatives create a universe then is this universe the Loot Universe?
Loot ⇒ Loot Derivative (Loot Inspired) ⇒ Universe based on Loot Derivative
Let’s say that it is still the Loot Universe. But then why are people not putting any value on Loot? People do not need to pay the expensive price to own a Loot when they can join a game without Loot. Also, why is the value of Loot dropping?
Let’s take a look at one of the most successful projects, Genesis Mana. Their idea behind the project is innovative and amazing and the project itself has brought so much awareness for Loot itself. We have a lot to thank all the projects for this. It’s not easy work, the hours and days even weeks developers have spent to make an idea into a reality is work that cannot be justified by mere numbers. I believe Genesis Mana will become an even greater project than Loot.
Please take a look at the trading volume (last 7 days) of Loot and Genesis Mana (on OpenSea) below.
At the rate many projects are progressing, shouldn’t we stop and question whether these projects are part of the Loot Universe or not? It’s obvious from the comparison that Loot’s value and reputation are being depreciated at an alarmingly fast rate.
“So if you own an NFT describing Arachnid Person, you want to contribute to an environment whereas many people want to include Arachnid Person in their works as possible so that Arachnid Man No. 1 becomes something worth owning.” (TechCrunch)
I couldn’t agree more with this quote. So, if we replace Arachnid Person with Loot, it will sound like so, “so if you own an NFT describing Loot, you want to contribute to an environment whereas many people want to include Loot in their works as possible so that Loot No. 1 becomes something worth owning.”
How will this sound if I were an investor in Genesis Mana? “So if you own an NFT describing Genesis Mana, you want to contribute to an environment whereas many people want to include Genesis Mana in their works as possible so that Genesis Mana No. 1 becomes something worth owning.”
From this topic discussion, I hope to open a different possibility. A possibility of reinforcing the value of Loot and creating a community to work together to make the hyperverse a reality.
I’d like to ask us to remember what this picture represents. I didn’t understand it at first glance but as I researched more into what Loot theorized, it became clearer and very appealing to me. I’ve broken it down so it would be easier to interpret below.
Traditional: Creator ⇒ give value to ⇒ NFT
Loot: Collector ⇒ create value for ⇒ NFT
Current: Collector (Developers) ⇒ create value for ⇒ Loot Derivative (NFT)
What I admired so much about Loot was the bottom-up approach. The current approach is just a system that would be decentralized but isn’t and is a repackaged version for a new centralized system.
I believe this is a huge wall that will be almost inevitable to overcome. Just like the ending of the “Look Who’s Purging Now” episode in Rick and Morty, people should be paid for their work. However, with great minds thinking together, I’m sure we can pave a new path to fortify value on Loot and create a path for a new route to venture on.
The main question I ask us to discuss is: how can we overcome this seemingly inevitable outcome?