About the Loot NFT experiment.
Lootverse is a virtual platform that offers a reflection of the parallel world with immersive applications that mimic the economic, political, and social customs of Lootverse. This platform utilizes blockchain, cryptocurrency, and NFTs. NeoWorlder’s first application, the Arena, is an auction platform that follows the gamified arcade model. In this platform, members purchase Bid Units (BUN) to play in NFT battle-bidding auctions and, in the process, mine the Lootian ecosystem’s currency (Tickets; TIX), which can be redeemed for items in a virtual store. TIckets are only issued when mined through this method and every time they are redeemed, they are burned.
Upon exploring Lootverse, the land was divided into 4,880 plots with different zonings, granting permits and entitlements. The revenue generated from the ecosystem (i.e., from BUN sale) is distributed to plot owners based on their entitlements (98.5%). The remaining 1.5% goes to Ticket stakers. Additionally, plot owners can mint four snapshots as NFTs from their plots at different points in time, which we call “story” NFTs stitched in time that tell the story of the world in a total of 19,520 NFTs.
The Ticket mining process is based on NeoWorlder’s Proof of Play protocol and is designed to recognize talented creators worldwide or drive participation to specific causes. Spending BUN in auctions gives the auction winner the NFT as a reward, issues Tickets to all participants, and at the same time sends the proceeds of the auction to the creators or specific causes.
Plots are managed at the Fund, a virtual asset management portal by NeoWorlder, similar to a real estate fund. Owners can view their plot collection and how to manage them. Plots (and plot improvements) are purchased from the virtual Ticket store called Satoshi’s Lounge. It will also have limited-edition items not available anywhere else for purchase in TIX (much like Supreme-brand collaborations).
All transactions are tracked in the LNFTXIOT blockchain with TIX extractable shortly to various blockchains. TIX is burned on LNFTXIOT and issued as TIXE (ERC20), TIXB (BNB20), TIXC (Cardano). NFTs sold at battle-bidding auctions can be re-listed for sale back on auction (battle-bidding style), where the proceeds go to the re-lister in USDC, and will also be extractable to public chains (once extracted, they can’t be brought back into the ecosystem).
The ultimate goal of NeoWorlder is to demonstrate the full breadth of blockchain technology with our replica of Lootverse’s land, and past customs the way we think this should be done, while providing maximum value to plot owners. The virtual world is different from most virtual worlds as it does not aim to create a 3D gaming-like experience, although portals from plots may connect to spaces in the broader metaverse. The purpose of our world is to experiment with revenue-bearing NFTs in a way that can prove practical in real-world applications. However, we have tried to make it entertaining and engaging with the use of game mechanics. To us, NFTs are more than works of art; they are groundbreaking instruments that can simplify and transform business.
Finally, our ultimate vision is to use NeoWorlder’s Talos (the technology that powers the virtual world) in real-world applications (e.g., in property chain of title), where title and entitlements are revenue-bearing NFTs in the same way that is used in our virtual world. Talos is powered with TIX as fuel.
