//Loot – A Viral New Social Network

Loot – A Viral New Social Network

Undoubtedly the technology is constantly evolving day by day and people are getting more amazed by it, over the years several innovations have been made which might make you feel like never before. Especially when it comes to personal finance and investment in the industry is up to the amount. 

Most of the fintech companies are taking place for serving good value to the users through social media. Most of the social media platforms like Instagram and Facebook are evolving day by day just by serving good pieces of value to users and by adding some of the essential features in it. 

Likewise, we recently introduced the tool called Loot, which cricket considered to be the most useful social network that is being used worldwide. So if you are a bit fascinated by using it make sure to stay along with me till the end and I assure you that you’ll have every single piece of info about the tool and its benefits. 

Road To Loot

sorry can’t stop thinking about Loot – this is a real quick take on @hype_eth ‘s #1 rarity bag in a Derbler style stash pic.twitter.com/G6IvnQYfU7

— gremplin (@supergremplin) August 30, 2021

If you’re onto this post probably you might have heard of NFTs which is a kind of booming concept these days due to the hype creation. People are investing crazily and that’s the reason why fintech companies are serving valuable resources to their users. 

More than hundreds and thousands of people are trading and investing in NFTs to maximize the value of their revenue in terms of profitable investment options. 

Here comes the Loot which is a product by Dom Hofmann who’s basically a co-founder of a Vine that serves value to the people. Use this 110 to establish a short-form video through their mobile devices and became an incredible engine source of video editing. 

Later on, he discovered Peach, which was basically a social media network that reminded people of the spotlight faded. Urdu years they have done several experiments and recently came across the idea of reviving a Vine app. 

Hofmann, like many software engineers, had been keeping an eye on cryptocurrency developments over the past decade. He occasionally bought coins to gain a better understanding of how they work. The original Bitcoin project was the main focus of blockchain attention over the past decade. Developers have become more fond of Ethereum, an alternative blockchain that allows them to create decentralized applications using smart contracts that are more advanced than Bitcoin.

He began learning Solidity in December. This is the programming language that allows him to create smart contracts on Ethereum. He enjoyed selling an original art piece that he created as an NFT and also sold it. He became increasingly interested in NFTs as a way to encourage decentralized creative projects.

Now it’s time for something different than ever before. 

Loot Drops

Throughout the recent years, Holfmann was bit fascinated to work on other projects as well. 

Hofmann also created a text-based adventure, which was used as the basis of some of the original video games. He also wrote a random items generator, which would return names for different weapons, armor pieces, and accessories.

Hofmann was thinking of innovative ways to encourage the creation and growth of blockchain-based art, as well as communities that surround them, since Blitmap’s inception. Hofmann had an idea to allow people to create (or “mint,” as it is known in blockchain-speak), NFTs using his random-item generator free of charge — basically to see what would happen. He wouldn’t provide any instructions or artwork. He would also give away these “bags” without any transaction fees.

He said that a lot of people wanted a game that took place in a fantasy world or science-fiction realm. They want it to work with other realms. They want the ability to add to it. They want to be able to keep the things they have with them. I was just trying to build in that direction. It was an experiment.

A recent post of Hofmann states that they’ve launched Loot which is kind of new to the market. 

First, of course, people started drawing pictures of the Loot bags: some by hand, and some by artificial intelligence-generated pixel art.

They then started to form guilds based upon the items in their bags. The owners of “divine Robes,” which are limited to 396 in Loot’s inventory, established their own community. They also opened a shopfront where they could purchase robes (lowest price: $169.142).

They then used smart contracts to allow people to sell individual items from their Loot Bags to “upgrade your adventuresr,” as the creator said.

It is important to mention that Loot does not have adventurers. Loot has no games. Loot is a collection of items and photos, along with tens to millions of dollars bets that this will all turn into something more. One tweet stated that “Loot” was NFT improv.

The question now is whether Loot can evolve from an in-game collection to a playable experience. Who will create it? How? At the moment, nobody really knows.

Hofmann said that games are involved in all of these developments because he is a moderator on Loot’s Discord server. It remains to be seen how that will turn out, but it is definitely possible. It would be awesome, I think.”

He is interested in seeing if Loot items can be used across different games by different people. This concept is crucial to what tech leaders have called the metaverse this summer.

It is important to make Loot easier to access — most people are unwilling to spend thousands of money to take part. Hofmann announced Wednesday “synthetic Loot”, which is basically a replica Loot bag, that anyone can claim for free if they set up an Ethereum wallet.

He tweeted, “Creators can recognize Synthetic Loot to allow a wider variety of adventurers to join the ecosystem while still being capable of distinguishing between ‘original Loot’ and Synthetic Loot.”

What About Future Games?

What’s the next step? Hofmann states that he doesn’t plan to switch full-time to Loot. Because of the decentralized nature and structure of the project, Hofmann isn’t sure he can really steer the community. He is still the largest shareholder of the project due to the many bags he has not yet released for minting.

He said, “I’m no longer leading the project.” “I provide guidance when needed.”

He says he is most interested in seeing what the community does next.

One question I had was whether it is possible to create huge fictional worlds in this manner. The NFT market is crowded with speculators looking to make quick profits from their purchases. The crypto Discords has more to offer than the meme stock mania of this winter. There is also a lot of cynicism among investors. What will they ultimately contribute to the building of a world?

It’s also true, however, that many people are deeply involved in fictional universes without ever owning the intellectual property.

Hofmann stated that these items are only items on a checklist. It’s all about what people do with it, and how they assign value to it. Value doesn’t always have to be in dollars. It could be many things.”

It’s possible, however, that the bottom will fall out and that the Loot market fails to survive. These artificially rare goods may not be as appealing in the long-term as they were to collectors in 2021.

This has been the bear case against the blockchain: everyone would lose their money and the enthusiasm would eventually fade. Although I have never been as bearish as I used to be, I understand that it is still unclear for the average person what a blockchain is useful for.

One thing that has kept me from becoming a blockchain bear was the increase in the number of people who are working on it each year. A bet on Ethereum’s failure means that you are betting against an increasing number of talented people with every passing month. I don’t find the odds of winning that bet appealing today, and they are getting worse every day.

We can see new things with projects like Loot: open-source software…something that has potential appeal.

Loot has proved to be a life-changing tool for the few thousand people who have been able to obtain them. Jackson Dame, the content and community manager for the cryptocurrency wallet Rainbow told me that he only began paying attention to cryptocurrencies eight month ago.

Dame, 28 years old, closely followed Hofmann’s work — he loved Blitmap – and was able to secure some Loot Bags as part of the first release.

“He was doing something different, with a lot more creative depth than most NFT projects,” Dame stated. It had a long-lasting potential, so I felt it was worth my time.

After the market crashed, Dame was able sell a portion of his collection for six figures. He landed two divine robes among others and was able pay off his debts.

Hofmann continues to work on several projects. He said that a Blitmap release is imminent. He’s also working on Supdrive which is a project to create a blockchain-based fantasy gaming console. He said that he will continue to work on Loot as “just another builder” and “finding new methods to iterate upon it and expand on it.”

He isn’t raising venture capital or starting a traditional business.

Final Verdict 

As per the convenience, the Dom Hofmann recently launched their new social network platform named as Loot, so if you’re the one who’s a bit fascinated about it I hope this post might have helped you from the scratch. Also, check out other relatable posts as well.