NFT collectors are now reportedly paying tens of thousands of dollars on items from virtual games that do not truly belong to any game, do not have its own artwork, and do not have any stats at all.

The initiative, dubbed Loot, was founded by American programmer and entrepreneur Domm Hofmann, who devised a system a which NFT collectors may be able to pay to make loot bags containing unique objects, with only 8,000 loot bags ever produced. Despite the lack of artwork or an actual game in the objects for sale, a market developed around its rarity, and prices skyrocketed. A user in one example began selling a “Divine Robe of Power” for 300 ETH, which is worth more than $1 million USD.

Despite possessing these lists, the “NFTs” remained as merely names of objects, prompting individuals to create backstories, images, and whole new worlds and universes in which these magical artifacts and weapons existed. Other users quickly followed suit, creating characters like adventurers and heroes that travel and voyage across these virtual worlds with their goods, which have subsequently gained varied stats. While all of this may appear enigmatic to those unfamiliar with the NFT marketplaces, TechCrunch reminds out that the significance of these initiatives by Loot is that they are decentralized: no business or organization own any of these goods, so people can be free to product, trade, and sell what they’ve owned. Interestingly, you can now cop Homeless Penthouse's NFTs at opensea.io!