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{"id":12739,"date":"2022-08-19T15:14:34","date_gmt":"2022-08-19T15:14:34","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/08\/19\/how-a-viral-nft-project-survived-the-crypto-crash\/"},"modified":"2022-08-19T15:14:35","modified_gmt":"2022-08-19T15:14:35","slug":"how-a-viral-nft-project-survived-the-crypto-crash","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/08\/19\/how-a-viral-nft-project-survived-the-crypto-crash\/","title":{"rendered":"How a viral NFT project survived the crypto crash"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/23312790\/loot-dom-hofmann-nft-project-developer-community<\/a>
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A year ago I told you about Loot<\/a>, a collection of non-fungible tokens that had inspired an energetic community to form around it. A series of brief, text-based descriptions of fantasy genre items like swords and amulets, Loot<\/a> captured the imaginations of builders and speculators who wondered if the underlying NFTs might someday serve as the basis for graphic novels, movies, video games and more \u2014 an open-source art project that could eventually become the foundation of a crypto-flavored Marvel Cinematic Universe.<\/p>\n

Loot was also the first NFT project that I found personally compelling, at least as a subject for journalism. Its creator, Dom Hofmann, was well known to me as a co-founder of the short-form video pioneer Vine<\/a> and the idiosyncratic social network Peach<\/a>. It was an art project more than a startup \u2014 Hofmann made 7,777 randomized \u201cbags\u201d of loot available for free to anyone who would pay the transaction fees necessary to mint them on Ethereum. And the project blew up overnight: five days after launch, Coindesk<\/em> reported<\/a>, Loot bags had generated sales of $46 million, and had a market capitalization of $180 million.<\/p>\n

Of course, in those days lots<\/em> of NFTs were selling for eye-popping sums. What made Loot stand out was the way a community of builders stepped forward almost immediately to begin building out an ecosystem: creating art<\/a> for the items contained in the bags; forming guilds<\/a> for people who owned the same \u201crare\u201d items; and writing smart contracts to let people trade the items held within their NFTs<\/a>.<\/p>\n

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