196 Interactions, 2 Today
The N Project pares down the popular Loot NFT collection to its essentials. And it’s flying off the shelves.
What if you removed all of the fantastical elements from Loot NFTs—the parts that conjure up the first light of a hero whose life depends on their “Ghost Wand” and “Gold Ring of Fury”—and moved Ethereum developers so deeply that they worked around the clock to create a videogame based on lists of virtual treasure?
What if you got rid of everything and instead produced 8,888 character sheets with nothing but digits zero through fourteen in a blank serif font and told people to use them “anyway they want?”
Then there’s The N Project, an NFT collection with a market cap of 10,256 ETH (about $40 million). It is the fifth-most popular NFT project just three days after launch, and the average selling price for one NFT in the collection is 1.15 ETH ($4,537).
A cynic might argue that the anonymous creator of The N Project, or n for short, is cashing in on Don Hofmann’s original collection of Loot NFTs, because Loot files can sell for hundreds of thousands of dollars and plenty of offshoots, such as Bloot’s self-proclaimed “worthless” virtual cock rings and its associated BGLD currency, are one of the hottest things on Ethereum right now.
An optimist might say that the creator of n, described by a Discord member to Decrypt as a “huge genius gigabrain”, is even more abstract than Loot, and thus full of infinitely more potential since a developer could wrap those numbers around any game they like.
Developers have already created trippy visuals and bots that look for unusual numbers (there are only six 0s), and there is a 1,400-strong Discord group. Loot’s homeworld, on the other hand, is tied to mediaeval legend (although developers could redefine, say, a short sword from Loot as a paintbrush for use in another game).
Another optimist may remark that The N Project is a great meme because a Twitter account associated with it from 2014 retweets speculative drool about the NFT market and MrBeast Bitcoin giveaway news. The creators must be having a good time.
Yet another optimist might guess that n’s success is all part of Hofmann’s well-trodden ambition as a serial entrepreneur. Hofmann’s previous projects, Vine, Byte and Peach, only grew to success when online communities developed his embryonic ideas into rich social networks.
The N Project is just another innovation—a riff on the mother project, which is composed of 8,000 different randomized lists of text detailing gear from medieval fantasy RPGs. n sits neatly alongside other innovations, including Loot Visions, which makes pictures out of Loot, Abstract Loot, which makes Loot character sheet loot like acid blotter paper, and a Loot marketplace called The Grand Exchange.
So far, Loot remains bigger than any of its derivatives or offshoots. Surprise released on August 27, Loot NFTs currently hold a floor price of 12.8 ETH (about $50,000) and a total trading volume of $226 million. But The N Project’s numbers are undeniably impressive.