Kyle Russell is the founder of Playbyte, a startup building an app that lets people make games on their phones.
Last Friday, Dom Hofmann tweeted the launch of Loot, one of his new projects looking at games and game creation through the lens of NFTs.
If “NFTs,” “gas” and “minting” sound unintelligible, the short version is that this project lets you spend some money to create a unique list of items that you could keep in the same wallet (an app like Rainbow) where you’d keep cryptocurrencies or other digital collectibles, typically art (or, as skeptics gleefully note, JPEGs).
I repeat: a unique list of items. No artwork, stats to compare quality or even game rules that could inform such stats.
People spent money to get those unique lists. Thousands. And as happens in NFTs, a market quickly formed around these unique lists of items. The “floor,” or minimum price to buy into a Loot “bag,” shot to thousands of dollars worth of Ethereum. Certain kinds of items in these lists sounded cool and were found to be rare upon analysis of the entire set, and so bags containing them rose in value to extreme heights.
https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcRcLbBOD7UtNCxPGko-ezUmcFN3cHlsi62Jlg&usqp=CAU
https://www.google.com/amp/s/techcrunch.com/2021/09/03/loot-games-the-crypto-world/amp/