Loot — An NFT Social Experiment By BTC Peers

NFT has given an entirely new meaning to the art industry. Some of its potential is rooted in an old dispute between Mikhail Bakunin and Frederick Engels, dating back to the late 19th century. Artworks reflect the sentiment of any historical period, as the current frustration and despair can usher in the Renaissance of cooperatives with the help of NFT.

From Conflict Comes Chaos And Evolution

Flipping through society’s history, it is apparent the most significant changes always occur after some form of conflict erupts. Whether it is ideological, political, military, or otherwise, change will only happen out of conflict and the ensuing chaos. The dispute between Bakunin and Engels is such an example. Even in the 19th century, the concept of self-governing organizations to replace state and capital was a tangible topic of debate. Unfortunately, it was not possible to achieve that goal, but through technological advancements, things are very different today.

From all of this turmoil and chaos, new ideas and concepts will sprout. Unfortunately, for millennials and Zoomers, the current landscape in the Global South offers very little hope. Technology and play-to-earn blockchain games provides some relief, but it is not the “final form.” The sentiment created from this skewed equilibrium is reflected in the NFT artwork we see today, as there is a much bigger story to these creations.

NFTs Need A Renaissance Era

Similar to traditional art, NFT needs to achieve their Renaissance moment. Despite some dystopian and nihilist NFT projects proving successful — Bored Ape Yacht Club or Cyberpunks are good examples — they fail to offer a long-term tangibility. Salvation for NFTs will come from a very different angle. Through technological advancements, DAOs, decentralized networks, immutable money, and cooperatives, Loot aims to usher in that “next moment” for the NFT industry.

One can argue that Loot — and its derivatives — are a different breed of NFT projects. Rather than going for the tried and tested art-based model, the teams introduce a primitive approach. Moreover, it empowers the community in ways not explored before. Loot is rudimentary information that leaves everything up to the owners’ imagination.

Loot seems to have the potential to become the “New Primitive.” It shows the potential of what NFTs could and perhaps should be. Rather than focus on the monetary aspect, it is essential to trigger excitement, wonder, and big dreams. While Loot may not solve the global pessimism level keeping society in its grip, it plants a seed for cautious optimism in this space.

But, what’s the fact ?

Loot as a social experiment

• 1. Autonomy turns into speculation

Any decentralized product, organization, and economic model needs a soul or a core team first, and later it can expand in a broader sense when it is relatively stable. For example, , , and Linux all have core developers who have…