The Hustle

People are buying items for an NFT game that doesn’t exist. Why?

Vine co-founder Don Hofmann launched Loot, an NFT game that currently only consists of text descriptions...but has gone totally viral.


September 13, 2021

These lists of words cost tens of thousands of dollars. Why not? (Source: Robe Market)

The Fetid Sprinkler and Handguards of Perdition sound pretty intense.

They’re also examples of the armor, weapons, potions, and other helpful items — AKA “loot” — fantasy RPG characters find on their quests.

Paying real money for in-game loot is already a big business, and some game studios have jumped on selling NFT items, which players — not studios — would own indefinitely.

But… what if there is no game?

Last month, Vine co-founder Dom Hofmann announced Loot, “randomized adventurer gear” generated and stored on the blockchain.

For no fee, aside from gas, people could score “bags” of items like:

Looters snatched up the available ~8k bags immediately, per The Verge. Within 5 days, Loot bags had generated $46m in resales.

Wild NFT sales in the millions happen…

… but here’s why people love Loot

Because items came with only a simple text description, the newfound Loot community came out with art, songs, stories, and merchandise. A host of derivative projects have sprung up for Loot holders, including maps, monsters to fight, art, and quests.

It’s essentially an open-source playground. Creators build on top of it and are responsible for deciding its value.

Creators can also choose to accept Hofmann’s update, Synthetic Loot, which allows players to participate without spending $$$ on the OG drops.

Because who can afford a Divine Robe when the floor price is ~$50k?

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