The N Project: NFTs of Random Numbers Hits Market Cap of $40 Million
What if you stripped all the fantastical elements from Loot’s NFTs—the parts that conjure up the first light of a hero whose life depends upon their “Ghost Wand” and “Gold Ring of Fury”, and moves Ethereum developers so deeply that they work around the clock to create a videogame around lists of virtual treasure?
What about if you got rid of all of that, and instead printed 8,888 character sheets containing nothing but numbers zero through fourteen in a blank serif font and told people to use them in “any way you want”?
Then you’d have an NFT collection with a market cap of 10,256 ETH (about $40 million) called The N Project. It’d be the fifth-most popular NFT project just three days after launch and you could sell one of the NFTs for an average of 1.15 ETH ($4,537).
A cynic might say that the anonymous creator of The N Project, or n for short, is cashing in on Don Hofmann’s original collection of Loot NFTs, since Loot files can sell for hundreds of thousands of dollars and plenty of offshoots, like Bloot’s self-proclaimed “worthless” virtual cock rings, are one of the hottest things on Ethereum right now.
What bloot, $BGLD have achieved in 3 days is & reminded everyone on what can be achieved in decentralised projects. I’m a sizeable holder of few projects & this is one.
— Akeem. (@akeemojuko) September 6, 2021
An optimist might say that the creator of n, described by a Discord to Decrypt as a “huge genius gigabrain”, is even more abstract than Loot, and thus full of infinitely more potential since a developer could code those numbers into any game they like.
Developers have already crafted psychedelic visualizations, bots that hunt for rare numbers (there are only six 0s) and a 1,400-strong community on Discord. By comparison, Loot’s homeworld is bound to medieval mythology (although developers can redefine, say, a short sword from Loot as a paintbrush for use in another game).
Another optimist might quip that The N Project is a genius meme project since a Twitter account from 2014 that appears attached to it retweets speculative drool about the NFT market and MrBeast Bitcoin giveaway announcements. The creators must be having fun.
Yet another optimist might guess that this is all part of Hofmann’s well-trodden ambition as a serial entrepreneur. Hofmann’s previous projects, like Vine, Byte and Peach, only grew to success when online communities developed his embryonic ideas into rich virtual 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 visualizes Loot NFTs, and a Loot marketplace called The Grand Exchange.
So far, Loot remains the biggest project by far. 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 certainly impressive.
6 September 2021 20:50