BTSE AMA Highlights
On February 17, 2022, our Community Manager, Gary Wu, had an AMA with the BTSE Telegram community.
Lootex is a player-centric cross-chain NFT trading platform that shares the latest blockchain game info. They are devoted to building a gamer-centric game asset marketplace where gamers can easily browse and trade game assets across multiple blockchains.
In case you missed your chance to participate, here are the consolidated and edited highlights of the AMA.
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Today, we are excited to have Gary Wu from Lootex with us. Please start by introducing yourself, your team, and your project.
I am the Community Manager at Lootex. Before joining Lootex, I was running a social marketing startup in Web2.0 for four years, starting in 2017.
One of our core team members, Tengying Yu, has over 15 years of experience coming from Blizzard Entertainment and has worked on notable projects like World of Warcraft, Hearthstone, Diablo 3, StarCraft 2, and many more as a producer and regional project manager.
Our CEO and Co-founder, Justine Lu, has been an avid fan of gaming and a long-time game industry veteran. She understands the sentiments of losing a game’s value and accomplishment when the game publisher no longer supports the games.
Together, Justine and David Tseng (Co-founder) decided to take a rebellious approach and formed Lootex as a gamer-centric, in-game asset marketplace where players can easily browse and trade the most popular game assets.
The origin of the company’s name, Lootex, was Loot Exchange — a cross-chain game item shop for the Metaverse.
How many investors or partners do you have on your team? Do you have an interest in forming ties with other organizations? If so, who and why?
We are proud partners of Infinity Ventures Crypto, YGG SEA, Avocado Guild, The Sandbox, and many more. These partnerships will help strengthen our existing communities. Our role will be to provide all the resources they will need to achieve our common goal: to unify everyone in the Metaverse.
We might work together in providing a system that will be introduced soon. If you are a good gamer who traded or shared a lot on Lootex, we might refer or introduce you to our partnered guilds.
We are also interested in forming new partnerships with other gaming projects as long as our visions are aligned.
What is the core team’s main problem to solve with your platform? What is the core team’s primary goal, and how will it be accomplished?
Lootex is a decentralized NFT marketplace. Users can buy and sell NFTs on any supported blockchains, such as ETH, BSC, and Polygon. Our marketplace focuses on the NFT trading of play-to-earn game assets. We are actively building a player-centric NFT trading platform, and our ultimate goal is to establish a LootexDAO with a complete ecosystem.
In Q4 of 2021, we had more than 80,000 monthly active users and garnered a total of US$3 million in trading volume on our marketplace. We are looking forward to achieving more this year!
Due to the excitement around blockchain technology and NFTs, we garnered massive amounts of followers and community members. We are currently working on maintaining this growth and are looking for ways to improve our products and services.
Our main goal is to have a community-driven economy DAO (Decentralized Autonomous Organization). Where players have the opportunity to decide which product would best suit their wants and needs. We want to do everything as one. Everything that we are building now is for the foundation of our community. Having this strong community backing us will help us pave the way to the top of the blockchain gaming ecosystem.
What makes you feel confident about your project’s survival and sustainable success in the near future?
Believing in what you are doing is something that not everyone can do. Luckily, we survived this far because our vision aligned with some well-known investors, and we secured comfortable funding rounds. We are making significant progress with our Q1 2022 roadmap.
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Lootex’s Tokenomics and Benefits for Users
Tell us more about the token the project created — $LOOT token. Why is it named $LOOT?
It was named $LOOT to show that it is the heart of Lootex.
What is the function of $LOOT token?
$LOOT token holders govern the Lootex platform. Smart contracts allow the gamer community to propose and vote on strategies and spotlights. As well as the benefits from the platform, like early minting or limited whitelisting will deploy to the gamers by GP ranking and the badges they own.
So, if you own more $LOOT, you can receive giveaways and exclusive game item packs whitelists on the launchpad.
Will there be any listings on exchanges in the future?
We certainly are looking forward to getting $LOOT on as many exchanges as possible. There will be more announcements in the coming weeks. Our business development team is currently working on this as this will help us boost awareness for our token, which can lead to more trading volume.
How does Lootex compare to other NFT marketplaces?
Compared with other NFT marketplace, Lootex is more focused on the trading experience of GameFi NFTs. And with the help of our upcoming features like Lootpedia, Lootswap, CrossChainExchange, customized gaming user interface. Using our platform, users can have the most efficient, “cost-friendly” NFT trading experience.
We take pride in promoting early entrants where their NFT projects can be featured on top of our marketplace, allowing them to have exposure — this is the unique business model that we have established. Unlike big platforms, various projects are being featured on top of their marketplace, and the chances of having exposure to newcomers are close to zero.
What are the major benefits of using Lootex as an average user?
One of the great things about Lootex is its cross-chain functionality. This means that players with tokens on one blockchain can purchase in-game assets used in games that run on other networks.
For example, players who store assets on Ethereum can purchase game assets on Solana through Lootex. We will achieve this by aggregating different DeFi Protocols using bridge solutions, such as xy.finance or Anyswap.
We also have the upcoming LootSwap feature, based on peer-to-peer exchanges. It helps users by minimizing gas fees when they swap in-game items. For instance, the current system requires two transactions to complete a swap. The user will also be charged a gas fee. With Lootswap we can complete the transfer with one transaction, which provides users with a faster, cheaper transaction.
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NFTs and BSC are the next trends of new projects. As I know, there are a lot of outstanding development projects on this platform. What does Lootex think about this development?
We are currently using BSC for our NFT listings, and, aside from this, our platform also supports Ethereum and Polygon. There are many good projects in these chains since gas fees are cheaper, whether minting, trading, or listing NFTs. We plan to expand to more blockchains like Avalanche, Moonbeam, Fantom, and many more.
What’s being done to drive global adoption of Lootex amidst crypto regulations, legislation, and competition?
For Lootex, as long as we are following the rules of the crypto world, we don’t see this affecting us. We agree that adoption and utility are key for survival and success.
The crypto world moves quickly, and we see that we keep innovating new products and being on time with the progress of our roadmap for 2022.
We want to focus on providing people more of what they want and need rather than what we need. Our community’s voice is vital for our structuring since they will lead the whole Lootex ecosystem in the future.
What are Lootex plans for global expansion? What are you currently focusing on?
We are focused more on our tokenomics, given that $LOOT token is still new in peoples’ eyes. We have received a lot of good feedback from the people, but we think our product isn’t 100% yet. We want to make it as close to perfect as our community imagined it. $LOOT token is a way we can empower our community to impact the outcome of this project, and we are very active on our Discord.
We are trying to balance everything as we speak. However, the product is the foremost important part too. We can’t get players to come if the product isn’t functional 100% of the time or has major UI or UX issues. So we are focusing on developing all the features on the roadmap and working on more minor UX improvements.
What are the different ways to earn income you offer to its users?
What we offer is connecting gamers and game creators through our marketplace and game launchpad. We take our launchpad seriously, and we carefully select the project that looks promising. We have an application form for the project to fill out, and we do evaluations internally. So far, we put some of the projects we know personally on launchpad since we know they won’t rug.
So far, we have done fair and open launches for the launchpad projects. There’s no whitelist to purchase from the launchpad. Still, we will learn from existing examples of good practice to ensure early Lootex adapters can benefit from participating in launchpad mintings.
In the P2E industry, being one of the early adopters will give huge potential to grow your investment as you get genesis items based on their floor price. If the game launch goes well, we can assume that the floor price of all items minted from pre-sale events will eventually double.
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Questions from BTSE Community
John Lexx (@Johnlexxx):
As we all know, every successful enterprise has a few stories behind the scenes; what is the story behind Lootex’s success? What was that vision when it was initially conceived? Do you have any special prototypes or upcoming LootexIO updates you’d like to show or share with us?
We saw the rise of GameFi and metaverse and had a bigger ambition to step into the GameFi ecosystem. Luckily, our vision aligned with well-known investors, and we are securing good comfortable funding.
For the short term, Lootex will hire more talents to refine our product and services. Lootex wants to bridge traditional game studios to the blockchain space and partner with even stronger performing IPs for the long term.
Alikaa Azzahra (@Alika061):
Will Lootex have NFT badge missions, and where can I participate in Lootex activities?
Yes, we will have another event on our Discord channel, and we have given out a total of 500 Lootex badges on Discord only. Being a badge holder will give you certain benefits like NFT airdrops, whitelist spots, private Discord channels, and first-hand news about Lootex. We recently gave out 12,500 $LOOT tokens to 250 badge holders. This is to show our appreciation to our early supporters. Join our Discord before too late!
Do you plan to expand to the local communities where people do not speak English? How will you spread the knowledge of Lootex in non-English counties?
We want to be known as a global brand. For short-term adaptation, we are hiring different people from different regions to be efficient in communicating using other languages. We have non-English communities for Korean, Vietnamese, Spanish, and Chinese speakers.
Fatur Patue (@TobiPorter):
Can you explain your tokenomics distribution? How many tokens will be minted? How many tokens will be locked by the team?
Our detailed tokenomics can be found here.
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Thank you for taking the time to answer questions from the community.
We are happy to be here. Join our Discord server to stay updated on more Lootex developments in the future, and don’t forget to get your Lootex Badge as soon as possible!
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For the latest updates and announcements, follow Lootex on these channels: