Into the Loop: NFT Marketplace
On August 20, through the Juno.tools dApp, the Loop team successfully launched the first part of the recovery mission for $LOOP and $LOOPR token holders on the Terra blockchain. The $LOOP distributed in this phase were about 230M, of which the largest portion went to holders identified with the snapshot taken before the stable $UST lost its dollar peg, while 10 percent was distributed among those who held the token after the LUNA crash.
But the revival of the protocol kicked off a few days earlier with the launch of the first collection of utility NFTs on the newly created NFT Marketplace. With the new DEX aggregator and Loop power, the latter represents one of the major innovations compared to the state-of-the-art ante-Juno project. After laying out the highlights of the protocol migration on the new chain and its potential benefits for both communities, in this article, I will focus on the NFT Marketplace and the very first collections launched.
NFT Marketplace and Launchpad
Back in the days of Terra, users were already eagerly awaiting the launch of the Loop-targeted NFT marketplace, intended to reshape the concept of utility NFTs within the crypto-sphere. The ambitious goal set by the team is to create an asset marketplace that can generate rewards over time through staking digital works.
Through these innovative NFTs, protocols and projects being launched have the opportunity to distribute their tokens over a defined time frame, avoiding the massive sales we witness during classic airdrop distributions, providing recipients with new revenue opportunities, as well as making them owners of a unique piece of digital art. With this method, 75% of the tokens will be distributed to Loop airdrop recipients.
Eligible accounts will receive in a few weeks an NFT containing the remainder of their $LOOP entitlement. The tokens can be redeemed over 12 months by staking the NFT. Alternatively, holders will be able to choose to put the NFT still containing all or part of the rewards for sale in the Marketplace, monetizing the airdrop in advance. Similarly, once the staking period and thus the rewards are over, holders of the work can choose whether to keep the work in their collection or sell it to generate additional income.
Beta Tester Apes & Spaced Apes
Let me preface this by saying that I was lucky enough to be among the hundred chosen to participate in the NFT Marketplace Beta Test. It was a real privilege, not only because I had the opportunity to preview test the platform, but also because I got an NFT Beta Tester Apes, with eye-catching graphics and full of rewards. Testers were able to mint their NFT for the symbolic amount of 1 USDC. The collection was divided into three different tiers, each with a certain amount of $JUNO inside, redeemable through staking.
This testing allowed the team to unearth some bugs and fine-tune the platform for the official launch of the first collection, Tradooors. In a few weeks, rewards NFT containing the remaining 75 percent of the tokens should be distributed to $LOOP airdrop recipients. It is uncertain whether these NFTs will coincide in part with the anticipated Spaced Apes, the first collection tagged Loop Finance.
At a recent AMA, co-founder Tom Norwood said that there is no date yet for the minting of the collection, but he estimates that it will take place between September and October. Priority will be given to several projects that have applied to be launched on Loop’s Launchpad, but what is certain is that the collection will bring many benefits to holders.
Will it contain $LOOP rewards or other ecosystem tokens as well? Will it be connected to the emerging Loop metaverse? We’ll have to be patient a little longer to get all the details. In the meantime, let’s find out about the first two collections that have landed on the Marketplace.
Tradooors
The first project to inaugurate Loop’s newest Launchpad was Tradooors, an eye-catching pixel art collection celebrating the era of crypto traders, immortalized in their rooms contemplating swinging charts on their PCs. In the details of the settings and characters, we find many elements that can be traced back to the Cosmos ecosystem blockchains. Thanks to the tireless work of @thereisnoPepeSilvia and the entire team, owners have the opportunity to participate through their Tradooors with various games promoted on the collection’s Twitter channel (@TradooorsNFT) and Discord server.
Is that all there is to it? Absolutely not. Minted Tradooors contain within them more or less rich rewards in $LOOPs, to be collected through staking. Although most NFTs contain “only” 200 LOOPs, there are still 3 unminted NFTs containing 25K LOOPs and, thanks to a partnership with the Gelotto lottery game, 0.4 GKEY, and a super NFT equipped with a whopping 100K LOOPs and 1 GKEY!
Will you be the lucky one to mine one of the lucky Tradooors? If you would like to try your luck or are interested in the artwork of this (in my opinion) must-have collection, you still have one more month to mint at this link for 60 USDC.
Los Amigos
The second collection to be launched is that of Los Amigos, created by the team of Aqua (@AquaOnJuno), DAO created on the Juno network committed to fighting the water crisis. Staking on Loop of these NFTs will allow collectors to earn some tokens belonging to DAOs curated by Aqua, including $Casa and $Aqua. The cost is 75 USDC for public mint (the window for accounts in WL has ended). This is the first project that has decided to distribute its tokens through Loop’s reward NFTs, and I am sure it will receive the attention it deserves from the community for this as well.
Specifically, the rewards associated with the NFT will be:
- 4% of the $Casa tokens obtainable through staking the NFT on the Loop platform over 180 days;
- 1% of the $Aqua tokens distributed in the same manner as the $Casa tokens;
- 2% of the $Manna tokens, distributed by Aqua and MannaDAO;
- 2% of the $Summit, distributed by Aqua and SummitDAO;
- 2% of the $Empwr, distributed by Aqua and EmpwerDAO.
In addition, for every Los Amigos mint, 500 tokens will be distributed for each of the DAOs listed above. And that’s not all, because owning one of these NFTs will allow you to participate in the pre-sale of DAO tokens. Finally, for the lucky person who mines the Los Amigos “GOLD”, there is an additional reward of 50000 $CASA and 50000 $AQUA.
An airdrop for Juno
There will be time to talk about the DEX aggregator, whose Beta version was officially launched a few days ago and Loop Power. Finally, I want to leave you with recently made official news: by popular demand from the community, the team has decided to promote a $LOOP airdrop for $JUNO stakers as well. No snapshot date or distribution criteria has been announced, but the news is certain and we just have to wait for the details.
The revival of Loop has gone far beyond expectations and the team is trying hard to ensure that there continues to be strong hype around the project. Farms on DEX have very attractive APYs, Loop Learn continues to churn out quality content, and, thanks to Loop Ventures, funds from VCs will start flowing in on Cosmos. All that remains is for me to wish you a good exploration of the Loop protocol in all its variations, Cosmos. I am sure you will not be disappointed.
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