RECAP: Stephan Zhang Presents The Value of Community in NFTs
Stephan Zhang is the CTO and co-founder of the on-chain social app UTU.one. Not only did UTU.one sponsor the event, but Stephan also provided some insight into how NFTs will become the fundamental building blocks of the future of web3.
Using Loot as an example, Stephan explained how NFTs completely transform the game development experience. With the blockchain and NFTs, you no longer need to do traditional top-to-bottom game development. Things like characters, maps, and storylines don’t need to be developed because they already exist on the blockchain as NFTs. With the community of NFT holders, developers also don’t need to worry about acquiring players because they are there before the game is even built.
Stephan highlights this realization with a discussion of Loot NFTs. Loot is essentially a collection of randomly generated text on the Ethereum blockchain. Specifically, the text represents different gear or features that would be depicted in the game. These Loot NFTs have grown incredibly popular, with over $230M in Loot sold to date.
When you receive Loot, you are free to use it in any way you want. Because it is just a string of text, Loot holders are free to build games, avatars, storylines, or even an entire metaverse on top of the NFTs. As more games continue to be developed using Loot, the community surrounding Loot grows, and so does Loot’s value. For this reason, Stephan believes NFTs are becoming the fundamental building blocks of the future of web3.