Dominik Hofmann was always a long way ahead of his time. Almost ten years ago, the American developed a platform for short video snippets. However, Vine, as the platform is called, was unable to establish itself. Who needs, it was said at the time, six-second clips of questionable quality. The human attention span is not that bad after all.
Nowadays, Tiktok, which started with a pretty similar idea, is one of the fastest growing tech platforms around and has only recently passed the magic mark of one billionth user. Everyone wants to have a say and come into their own. It doesn’t matter whether they have something to say or not.
So it could be worthwhile to pay attention to what Hofmann is currently working on – so as not to miss the signs of the times again. The only problem is that the current megahit of tomorrow sounds so obscure again today. Loot, that is, as much as lootis the name of his latest project. It should be a kind of video game, say those who are already participating. Just that there isn’t a video yet, or rules, or even a game. Just a few lines of text.
With “Loot” there is no one who can control creative decisions
What is in abundance, on the other hand, is an ideological superstructure. Loot is the “first project of its kind”, it says on the website. “Since there is no company, no art, no team and no attributes, Loot makes it impossible to control creative decisions. Instead, it is the” unfiltered, uncensible building block for stories, experiences, games and more, in the hands of the Community, free of charge “. One strives for” complete decentralization “.
To do this, Hofmann used software that spit out names for various weapons, armor and accessories. There are divine robes, a necklace of enlightenment or the magic book of the titans. The fantasy impact is obvious. All of these words are now stored on the Ethereum blockchain as NFTs, i.e. as unique digitally protected objects. They are clearly identifiable and can be traded with.
All of this might not be worth mentioning if it weren’t for the fact that the text NFTs are being traded for ridiculous amounts of money. Within a few days, the trading volume of, just to mention again, words reached more than $ 150 million. Loot is just the last example of an extensive hype about NFTs. Whether it’s pixel art or football trading cards, the market right now is full of speculators hoping to sell their digital gems for a quick profit. The market price of a divine robe is currently just under 40,000 euros.
Since the items were only provided with a simple text description, the newly founded community developed works of art, songs, stories and merchandise. The equipment is only used as a keyword. A large number of derived projects have been created for loot owners, including fictional maps or monsters that you have to fight against. Perhaps the best way to describe Loot is as an open source playground. The users build on the framework given by Hofmann and determine the value of the game themselves through their commitment. It is a kind of improvisational theater based on crypto currencies. Here as there, almost anything is allowed. Will the bubble burst soon? Or are you already witnessing the future of decentralized entertainment here today? Nobody knows what will come of it in the end.