Home » Loot is a viral social network that looks like nothing you’ve ever seen

Loot is a viral social network that looks like nothing you’ve ever seen

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Vine creator Dom Hofmann’s new project, explained

Today, let’s talk about the latest project from a co-founder of Vine and what it tells us about how the tech industry is evolving. This is a rare tech story where basically every fact of it has surprised me on some level. And while some of the ideas here are way out there — to the point that I’m imagining many of you slamming your laptops closed to avoid hearing any more — the far frontier they represent appears to be inching closer to the mainstream every day

THE ROAD TO LOOT

When I wrote in March about non-fungible tokens, or NFTs, I tried to dazzle you by rattling off some of the more impressive sales numbers from the time: $600,000 for the Nyan Cat meme, $5.8 million for artwork by Grimes, $230 million in lifetime sales for NBA Top Shot.

What has happened since then has been enough to make some of those numbers look minuscule by comparison. On Thursday, the owners of an NFT associated with the original doge meme, which had been purchased for $4 million in June, sold partial ownership in the piece via tokens. (Coindesk has a great explanation of how this works.) Buyers snapped up the token, and now that single NFT is valued at $225 million.

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