Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Loot — An NFT Social Experiment

Published 09/24/2021, 09:22 AM
Updated 09/24/2021, 09:30 AM
Loot — An NFT Social Experiment

NFT has given an entirely new meaning to the art industry. Some of its potential is rooted in an old dispute between Mikhail Bakunin and Frederick Engels, dating back to the late 19th century. Artworks reflect the sentiment of any historical period, as the current frustration and despair can usher in the Renaissance of cooperatives with the help of NFT.

From Conflict Comes Chaos And Evolution

From all of this turmoil and chaos, new ideas and concepts will sprout. Unfortunately, for millennials and Zoomers, the current landscape in the Global South offers very little hope. Technology and play-to-earn blockchain games provides some relief, but it is not the “final form.” The sentiment created from this skewed equilibrium is reflected in the NFT artwork we see today, as there is a much bigger story to these creations.

NFTs Need A Renaissance Era

One can argue that Loot — and its derivatives — are a different breed of NFT projects. Rather than going for the tried and tested art-based model, the teams introduce a primitive approach. Moreover, it empowers the community in ways not explored before. Loot is rudimentary information that leaves everything up to the owners’ imagination.

Loot seems to have the potential to become the “New Primitive.” It shows the potential of what NFTs could and perhaps should be. Rather than focus on the monetary aspect, it is essential to trigger excitement, wonder, and big dreams. While Loot may not solve the global pessimism level keeping society in its grip, it plants a seed for cautious optimism in this space.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

But, what’s the fact ?

Loot as a social experiment
  • 1. Autonomy turns into speculation
BitcoinEthereum

  • 2. Randomness restrains possibility

In addition, Loot sets 8 attributes of each character. Although these attributes seem like they can create a wide range of imagination, and there are a lot of user generated pictures. The overall view actually is restricted. You can only have the attributes that are given to you, The content recorded in Loot is text-only, which means what you have recorded cannot be modified. If you have a hat, then you can only have a hat and can not change into a necklace.

  • 3. Lack aesthetic consensus

How can StarryNift improve
  • 1.Stable Operation before total Openness

The StarryNift team will firstly initiate a gamefi Planet including games like character cultivation, treasure hunting, and battle. After the community reaches to a certain activeness, more scenarios will open. After the establishment of a more stable NFT price discovery mechanism and evaluation system, StarryNift will welcome more users to the metaverse.

  • 2. Healthy ecology

  • 3. Efficient technical standards

Conclusion

For StarryNift, a more promising approach is to use blockchain data to make NFT no longer a static label set or speculation tool like Loot, but to make NFTs full of vivid life and promising future. StarryNift wishes the NFT holders can not only enter the metaverse, but also grow with the metaverse, meeting other NFT believers in a better world.

Written by StarryNift Co-founder Martha Zhang.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Website: https://app.starrynift.art

Twitter (NYSE:TWTR): https://twitter.com/StarryNift

Telegram: https://t.me/starrynift

Discord: discord.gg/JKQw4XE9Rs

Continue reading on BTC Peers

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.