Completing Sets of Unique NFTs
NeoWorlder introduces the concept of sets, wherein every NFT minted is unique and forms part of a themed collection of five NFTs. Collecting NFTs grants members cool rewards and benefits.
Detailed Descriptions
Let’s dive in:
(a) All creations minted as NFTs are distinct, affording their owner’s full rights of enjoyment and ownership over the creation they embody. They can be digital-only or linked to a physical creation (denoted with a “P” on the auction card).
(b) Our NFTs fall into the following categories: Artwork (e.g., paintings, sculptures, or other digital or digital-physical artwork, etc.), videos (e.g., music videos, priceless moments, etc.), historical pieces (e.g., screen captures, architectural drawings, photos of unique moments in history, etc.), music or audio files (e.g., podcasts, audiobooks, etc.), models (e.g., model boats, airplanes, etc.), and mechanical objects (e.g., uniquely designed unregistered automobiles, crafts, etc.). We also may introduce NFTs in the future that act as virtual keys to unlock benefits in an off-platform virtual ecosystem (such as game credits, travel vouchers, etc.). These may be enduring or one-time use only; if utilized, one-time-use-only NFTs will be considered spent, yet they can still be used to complete sets.
© When members complete a full set, they unlock a fantastic mystery gift. If they collect a simple majority of a group, they receive a degree; this status level grants them more BUN rewards from the Oven (i.e., they receive more BUN rewards for their participation than they would have without it). A degree achieved is permanent, regardless of whether members resell the NFTs (see (d) below) used to earn it. Nevertheless, no additional degree can be made from a set if a member has previously completed that same set.
Members can collect up to five degrees; this immortalizes them as they complete the NeoWorlder Challenge. The weightage for Oven rewards granted under each degree is as follows:
1st degree = 10% additional weightage on your participation volume that gets you more BUN rewards from the Oven (for e.g., if a member has bid 10 BUNs in an auction, they will be treated as if they had bid 11 BUNs — 10% more. This gives them more BUNs out of the Oven since their pro-rata of bids to other members’ bids increases).
2nd degree = 20% additional weightage
3rd degree = 40% additional weightage
4th degree = 70% additional weightage
5th degree = 110% additional weightage
Here’s some insider info for those that took the time to read our articles: In the future, we may increase the maximum cap of BUNs allowable to members holding a degree by the above percentages (for e.g., 1st degree-maximum per member BUN cap allowable in their account is 50,000*1.10 (10% additional), or 55,000 BUNs, 2nd degree-60,000 BUNs, 3rd degree-70,000 BUNs, 4th degree-85,000 BUNs, 5th degree-105,000 BUNs).
(d) Members can resell their NFTs at any time to allow other members to complete sets. In this process, they must pass a KYC and background check and agree to Loot NFT’s terms (i.e., for Loot NFT to act as a consignee to list the NFT for auction). At the end of the auction they are paid, less Loot NFT’s commission, in USDC.
(e) Every NFT on Loot NFT is minted on the Loot NFT by HABN blockchain (LNFTxHABN). This is held in our custody until its owner requests to send it off-platform. At that point, a new NFT is minted on the blockchain of their choice (as listed on Loot NFT) together with the relevant provenance information from LNFTxHABN. The NFT that was previously held in the custody of Loot NFT is burned as the transfer is completed. An NFT that is sent off-platform can’t be reintroduced to Loot NFT in the future.
(f) If an NFT is transferred off-platform (i.e., out of Loot NFT’s custody) at the request of its owner, the simple majority of the set of NFTs to be completed by members to get a degree reduces by 1.
Here’s how to achieve a degree:
3/5 NFTs in a set of 5
3/4 NFTs if there’s 4 NFTs remaining
2/3 NFTs if there’s 3 NFTs remaining
2/2 NFTs can’t be used to achieve a degree but can be used to complete a full set. Both NFTs in the set are called the “Fortunate Twins.”
1/1 NFTs can’t be used to achieve a degree nor complete a full set. This NFT is called the “Fallen.”
To obtain a mystery gift, a member must complete a 5/5, 4/4, 3/3 or 2/2. Where a member needs one NFT to complete a full set, that last NFT is called the “Sucker Punch.” A member holding the Sucker Punch may find it hard to resell that NFT in a battle bidding style since its value is greater to one member as opposed to all other members.
Hence, it may be in the interest of members to watch out when a member has, say a 3 out of 5 in a set, and resell the remaining two NFTs immediately to avoid holding a Sucker Punch. In this example, if a member transfers the Sucker Punch off-platform, a member holding 4 out of 5 immediately gets the mystery gift (since it would be a 4 of 4 at that time). Over time, the NFTs in a set could reduce so that only the Fallen or the Fortunate Twins are left. This, in turn, transfers the attention of members to new creators.
The cycle repeats.
(g) If an NFT that is transferred off-platform is linked to a physical creation in our custody, the owner must take possession of the physical creation within a period of 90 days, failing which the item shall be forfeited (Loot NFT may donate it to a gallery, non-profit, etc.). Shipping cost is born by the owner.
That’s it folks! Happy hunting.
❤️ Loot NFT.
