JPEG Summer is Over, New Format Fall has arrived.

August has been a wild month for NFTs.

As we look back on the month of August, a staggering $3 billion USD in NFT sales has been made on Opensea alone.

While this number is due largely in part to sales of BAYC, Artblocks and CryptoPunks, a new format has captivated the internet. And it changes everything.

Loot gives us a generous glimpse into the future of NFTs.

Launched on August 27th 2021, Loot (For Adventurers) is only five days old and has already generated over $24 million USD in trade volume. And it’s just getting started.

To summarize why Loot is new & noteworthy:

1. It’s a new format not just an animal pic

2. It’s a platform not just an NFT

3. It’s meme-able not just sharable

Let me explain a little further…

1. It’s a new format not just another animal pic

Loot removes visuals to put the emphasis on text. It’s a stark contrast to the 10,000 animal NFT profile picture project we’ve gotten used to.

The result is Loot captures the reader’s imagination and attention. It brings you back to that feeling of being a kid again.

Holy gauntlets of giants? Titanium Ring of Protection? Holy Greaves? Linen Hood of Brilliance? Ok, I’m hooked.

Loot’s aesthetic is instantly recognizable and ownable. A list of 8 items in white Tinos text on a black background signifies a regular rarity of Loot while colored text corresponds to increased rarity and value.

NFT projects are like consumer social apps. If you invent ephemeral messaging (ie: Snapchat) and it goes viral, you’ve got lightning in a bottle.

If you invent a new text list NFT concept (ie: Loot) and it goes viral, you’ve got that same kind of lightning in a bottle.

It’s painfully difficult to execute, but the reward is remarkably high.

2. It’s an ecosystem not just an NFT

Loot is designed for the community to control its destiny. People are getting wildly creative with Loot and using it as a platform to create real value. All without permission from a central company. That’s a big deal.

Examples of the ecosystem that’s forming:

Robes.market tracks Loot bags containing Divine Robes (of which there are 61 and the floor price is 27 ETH at time of writing).

Weeb.market track bags containing katanas.

Crowns-market tracks bags containing crowns.

Sacrednumbers.market tracks bags with sacred numbers.

Divine Lodge is a thriving Discord for Divine item holders.

Lootcharacter.com generates a pixelated character based on a Loot bag number.

@Emrecolako’s generative pixel art project visualizes Loot bag items.

Community DnD sessions

NFT projects like this showcase the beauty of permissionless creativity. It’s encouraged and built into the DNA of the product.

The result is that a rich ecosystem might evolve around Loot. Its product roadmap is controlled by the community, not a product manager.

3. It’s meme-able not just sharable

The simplicity of Loot lends itself well to virality. The project follows an easy to replicate recipe/format which reduces the barrier to meme.

Example: John Palmer shared this Figma file for the public to make/remix their own Loot lists.

Liquids of LaCroix, Monitor of Dell, Hair of Loss…

The opportunities for memeing Loot bags are infinite. Remember Drake’s Hotline Bling music video in 2015? Of course you do. Because it was made to be memed.

The same is true with Loot.

Reducing the barrier to meme will be a core part of viral NFT projects going forward.

The future of NFTs look a lot more like Loot

They’ll be keys to open up new game experiences

They’ll be keys to open up new community experiences

They’ll be keys to meme your way to status and reputation

And they’ll be mysterious

Loot has shifted the NFT paradigm.

Excited to see what’s next for Loot and what NFT projects you come up with.

Be well,

Greg Isenberg

If you enjoyed this short post, and want me to do more of these, share this and let me know on Twitter

Share

If you enjoyed this post yet haven’t subscribed to this newsletter, what are you waiting for?

If you’re interested in making your company/startup community-driven or Web3, follow the Late Checkout agency on Twitter. We’re the leading community based product agency

Follow Late Checkout Agency