People Are Spending Thousands of Dollars Turning NFTs Into a Game

You’re now able to own lists of unique items with various stats and backstories to them.

Tech
12,236 Hypes 6 Comments

NFT collectors are now spending thousands of dollars worth of Ethereum cryptocurrency on virtual game items that don’t actually belong to any game, feature any artwork, or have any stats to them.

The project — known as Loot — was launched by American entrepreneur and programmer Dom Hofmann, who created a system where NFT collectors can spend money to create loot bags of unique items, with just 8,000 loot bags to ever be made. Despite not having any artwork or real game tied to it, a market began to form around its scarcity and prices quickly soared. In one case, a user is even selling a “Divine Robe of Power” for 300 ETH, which is equivalent to more than $1 million USD.

Despite owning these lists, the “NFTs” remained to be just names of items, and so people began creating visuals for them, as well as backstories and entire worlds and universes where these weapons and magical items exist in. Before long, other users began creating adventurers and heroes who wander and journey through these virtual lands with their items, which have since acquired different stats to them too.

While all of this can sound quite elusive to those not within the NFT markets, TechCrunch points out that the significance of these Loot projects is that they are decentralized: no corporation or company owns these items, and so people are completely free to
create, sell, and trade what they own.

In other related news, NASA’s first lunar rover is set to land on the Moon in 2023.

Read Full Article

What to Read Next

A Single Ethereum Whale Has Spent $6 Million USD on CryptoPunk NFTs
Tech

A Single Ethereum Whale Has Spent $6 Million USD on CryptoPunk NFTs

Now owning more than 1% of the entire collection.

'TIME' and Cool Cats Are Holding a Meme Competition for Limited-Edition NFTs
Art

'TIME' and Cool Cats Are Holding a Meme Competition for Limited-Edition NFTs

400 cats are up for grabs.

Ethereum Pushes Past $3,000 USD, Turning Its Co-Founder Into a Billionaire
Tech 

Ethereum Pushes Past $3,000 USD, Turning Its Co-Founder Into a Billionaire

Vitalik Buterin helped launch the Ethereum blockchain in 2015.


A New Documentary About the Future of Crypto Is in the Works
Tech

A New Documentary About the Future of Crypto Is in the Works

Delving into blockchain-backed exchanges with Ethereum founder Vitalik Buterin and several other developers.

Doctors in Brussels Are Prescribing Museum Visits To Help With Pandemic-Related Stress
Art

Doctors in Brussels Are Prescribing Museum Visits To Help With Pandemic-Related Stress

Studies have found that art can help relieve mental stress.

Michelin-Starred Chef Dominique Crenn Joins Shake Shack For a Limited-Edition Grilled Cheese
Food & Beverage

Michelin-Starred Chef Dominique Crenn Joins Shake Shack For a Limited-Edition Grilled Cheese

All proceeds are donated to La Cocina.

Take-Two Has Shut Down a 'GTA: San Andreas' Mod That Took Six Years to Build
Gaming

Take-Two Has Shut Down a 'GTA: San Andreas' Mod That Took Six Years to Build

Modders of ‘GTA: Underground’ were met with legal pressure from the games company.

'Eternals' Star Angelina Jolie Explains Why She Decided to Join the Marvel Cinematic Universe
Entertainment

'Eternals' Star Angelina Jolie Explains Why She Decided to Join the Marvel Cinematic Universe

Director Chloé Zhao played a big role.

Reigning Champ Taps Everlast For a Limited-Edition White-Out Capsule
Sports

Reigning Champ Taps Everlast For a Limited-Edition White-Out Capsule

Featuring a pair of boxing gloves and a heavy bag.


Sole Mates: Chef James Kent and the Union x Air Jordan 1
Footwear 

Sole Mates: Chef James Kent and the Union x Air Jordan 1

The executive chef at NYC hotspots Crown Shy and Saga discusses his love of collaboration, the parallels between food and footwear and more.

Diesel to Reproduce World's Oldest Jean Material
Fashion

Diesel to Reproduce World's Oldest Jean Material

Unveiling the item at the Genova Jeans summit.

Amazon Is Working on Live Audio and Twitter Introduces Bitcoin Tipping in This Week’s Business and Crypto Roundup
Tech 

Amazon Is Working on Live Audio and Twitter Introduces Bitcoin Tipping in This Week’s Business and Crypto Roundup

While the FAA is investigating Virgin Galactic.

Stone Island Explores Copper Oxidation With Prototype Research_Series 05
Fashion

Stone Island Explores Copper Oxidation With Prototype Research_Series 05

Currently on show at Milan Design Week.

New Balance Dresses the XC-72 in Its Famous Gray
Footwear

New Balance Dresses the XC-72 in Its Famous Gray

The futuristic silhouette gets a classic colorway.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.