The Weekly Hop #4: Loot 101: The Adventurer’s Guide to the Lootverse

Anay Simunovic
Anay Simunovic
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CurlyBracketEffect
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Chase Chapman
Chase Chapman
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Jonah Baer
Jonah Baer
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September 9th, 2021

The Weekly Hop is a newsletter written by Pathfinders. Click here to learn more about Pathfinders and our role in the decentralization of RabbitHole.

If you’re reading this newsletter, I think it’s safe to assume that you’re familiar with crypto twitter. And if that’s the case, then I’m sure your newsfeed over the last week has been consumed by LootDom Hofmann’s latest attempt to “promote the creation of blockchain-based art and communities to surround them.”

The first iteration of Loot, Loot (for Adventurers), featured 8,000 NFT Loot bags that each contained a list of eight different adventure items as text. Yep, you heard that right. It’s just a black background with eight lines of white text.

The first Loot (for Adventurers) bag ever displayed
The first Loot (for Adventurers) bag ever displayed

So, what’s all the hype? How did this spontaneous NFT project manage to attract $46 million in sales and a total market cap of >$180 million in just five days?

Well, to be honest, it’s too early to tell. While some people believe that Loot is the latest sign of an unsustainable NFT bubble, others view it as a stepping stone to achieving an open-source fantasy Metaverse (shameless plug for last week’s newsletter on the Metaverse here).

Regardless of where you stand on Loot, the frenzy surrounding the project’s August 28th drop has been overwhelming–to say the least. To clear up some confusion, we’ve provided a Pathfinder-curated list of must-read content on the project.

  1. This Bankless beginner’s guide does a great job of explaining the basics of Loot as well as some initial theories concerning why the project went viral so fast. While you’re on the Bankless bandwagon, you should also check out David Hoffman’s proposition about the Metaverse and the role that Loot could potentially play within it.
  2. In this Twitter thread, Thanakron Tandavas visually explains why he thinks Loot represents a bottom-up rather than top-down approach to NFTs–a paradigm shift in the space.
  3. Lastly, here, gaming company founder Kyle Russell gives his take on the more controversial side of Loot (i.e. how many people actually get to participate if the current floor price for  Loot (for Adventurers) is 7 ETH). He also gets into why he thinks the project is so interesting–think a successor to Marvel’s cinematic universe being able to take shape in a Lootverse.

As Loot founder Dom Hofmann said, “At the end of the day, these are just items on a list,” [...] It’s just what people do with it and how they ascribe value to it.” To be determined…

Tweet us @pathfinders_gg if you come across any interesting articles related to Loot that you think would be helpful for others, or that you’d just like to share!

This introduction to Loot was written by @anay_sim.

Pathfinder update: Welcoming Artisans to the team, new bounty ideas

The Pathfinder squad is growing, and we couldn’t be more excited to introduce Artisans to the team this week. Artisans are designing and creating the NFTs behind each RabbitHole Quest, and perhaps... a super-secret, never before seen, exclusive upcoming RabbitHole project!? In a digitally native world, Artisans are crucial to building culture. They will be joining the Pioneers on the weekly Wandering Wednesday calls and are sure to be an integral part in the formation of RabbitHole’s DAO.

Along with new friends, we’re also brainstorming new bounty ideas driven by Pathfinders themselves, rather than just the core RabbitHole team. In the past week, there have been many bounty ideas tossed around and strategy conversations that have taken place. We can’t wait to unveil these bounties and new guides to you soon.

New Pathfinder guides

We have just one guide to share with you this week, but it’s not one you’ll want to miss:

Remember that almost every guide is a future quest or task on RabbitHole so keep your eyes peeled for more coming soon!

Pathfinder Update and compilation of this week’s Pathfinder Guides written by @JonahBaer.

Rabbit of the week

This bunny just got it’s aGold airdrop

Arweave TX
2sCiePIL4MN4NQG8lN2jWu81V8uv_BJ7CyNdYbp2eCA
Ethereum Address
0x0ba85c9e1863E5efB8395a55cd042d61DECD6e89
Content Digest
61mpC8avnWGmepJ0Ps1lN-Zzr9dyf_5R30j2JNiVEAU