Loot is a social network and game that’s gone viral. It’s the latest project from one of the co-founders of Vine, and it tells us an important lesson about how tech is changing.
Loot, created by Dom Hofmann, who shuttered Vine in 2017, is gaining a lot of attention. The game is based on minting and trading plain text cards listing D&D inspired items — swords, magical artefacts etc. In just one week, the project generated over $1 million worth of NFT value on the Ethereum blockchain.
It’s a game of collecting, sharing, swapping and most importantly, imagination. And it’s one of the killer apps for the NFT ecosystem.
Why Non-Fungible Tokens are the Perfect Platform for Collectible Gaming
The blockchain is a technology that is transforming how we do business and interact with the world. It has the potential to change how we buy, sell, and invest. One area of business that blockchain can disrupt is gaming. It could revolutionize the way people play games by leveling the playing field for all gamers.
Blockchain makes it possible for gamers to own their digital assets, create infinite copies of those assets, and trade them freely without fear of fraud or theft. Games built on NFTs are not just games anymore — they are interactive experiences with economic value.
The emergence of these new digital assets has given rise to entirely new economies where users can not only enjoy the game, but also generate value for themselves by trading their assets. These assets are often created through player-generated content and represent how the communities are redefining what it means to be a gamer.
While many games are free, they are monetized through the purchase of digital assets, which are tradable on exchanges. These digital assets have grown in value so much so that some gamers have become full-time traders.
Using NFTs for collectible gaming lets gamers enjoy the experiences they’ve come to love through digital property and assets. No counterfeiting. No counterfeit cards. No fraud. No major studios taking advantage of players. And complete ownership by the game’s participants.
The reward for participating is gameplay, which is itself, a form of currency. This new marketplace empowers gamers to experience everything games have to offer and monetize that experience.
The ability to transfer ownership of these items is one of the reasons why non-fungible tokens are so appealing. Through this, players can trade decks with their friends, create customizations for their characters, or even solicit profit from their digital items.
Because NFTs can be infinite, this new marketplace for gaming can create a wide variety of potential games without a single central authority to ensure the fairness of those games. You own all your assets. NFTs can be created and owned by any player in the game. There is no way for a player to acquire them without playing the game in some way. You are in control of your own funds.
Boundless Creativity On A Level Playing Field
The game industry has traditionally sold single unit, physical products. Now that these digital assets are tradeable on the blockchain, gamers can buy into games that don’t cost them any money upfront. Gamers can then trade their digital assets to other players for profit. And game creators now have an entirely new revenue model, which is not dependent on selling copies of their game to gamers, competing with AAA companies and multi-million dollar marketing budgets.
Games are changing and so is the gaming vertical. With new innovations and emerging ideas, it’s hard to predict where gaming will be in the next few years. One theory is that we’ll see a move towards virtual reality and augmented reality, which would also bring about a shift in the types of video games played. But that’s the flashy, science-fiction vision that relies on the glitz, glamour and ecosystem of traditional gaming and game systems.
However, there is another type of game that has been predicted for some time now: Non-Finite games. Games that can be forked, reproduced, modified, reinvented and meta-played.
These games encompass all other types of gameplay and incorporate virtual objects into their design and deployment.
Crypto gaming through ecosystems like Loot are a clear pathway to Non-Finite gaming, not limited by rules and boundaries.