The concept and creation of a DAO, or Decentralized Autonomous Organisation was inspired by the largely decentralized nature of cryptocurrencies. Not being controlled by a central institution or sole entity has aided the safekeeping of blockchain-held personal and corporate data.
A DAO in one sense acts as a kind of computer-automated venture capital fund, however lacking a board of directors, or any other human-controlled management structure. Since it can often be difficult for such boards to assemble with complete trust and confidence between parties, blockchain tech can be used to fill a role which puts those who are financially involved in a project at ease.
In a DAO, the funds which investors would have raised for a project are automatically managed and allocated through smart contracts on the blockchain, effectively reducing human error or monetary manipulation. Therefore, this need for the removal of sole leading institutions and human error in governance makes a DAO the ultimate goal of decentralization.
Unique Creations
We at Loot NFT have always been about creating a truly unique project that goes beyond what the average decentralized experience will look like. We wanted this to be more than simply a metaverse or alternate reality, but an entire gamified arcade in which the user is the protagonist of a parallel fantasy world.
Ultimately, this world will eventually become a self-running, self-sufficient DAO. Allowing our users to tell, create and cultivate a fantasy “book” of NFTs is a fresh concept in the space which we hope will be immersive and engaging. Containing 4,880 plots of virtual land, owners of these plots will tell the story of their land through immersive NFTs, showing different vantage points, styles and time periods. 4 NFTs will be minted in each plot, therefore the end result will be a total of 19,520 NFTs in the form of pages in a multimedia book of NFT visuals, each contributing toward the epic story of Lootverse.
The parallel world goes beyond artistic creativity and offers very real opportunities of generating revenue. Soon land owners will be able to build unique properties on their land, rent them out and open businesses. For example, Lootnance, will be the first business in the universe coming soon.
Unique Governance & Tokenomics
In a DAO, the investors receive cryptographic tokens in exchange for their investment, which gives them relative voting rights in decisions in relation to how the DAO will be run. Loot NFT’s approach to governance is built on this idea on a macro level, but in the micro, the way in which Loot NFT’s governance is offered to its users thematically is unique.
The theme, to be precise, is Parliamentary — The Parliament exists to enforce member governance in Lootverse and allow Lootizens to govern their own virtual World. Each type of member of Parliament carries a variety of voting weights. Users can join the Cabinet, Upper House, Lower House, as a Councillor or a Law Lord. At present, The Parliament is located in Loot Arena. Soon however, we are to introduce the 7th site in our parallel world, The Government. This will serve as the official gateway into Lootverse, and The Parliament will be moved there.
Another aspect of Loot NFT where we’ve strived to create something unique is in our tokenomics. The way Credits, LTTs and BUNs correlate and are utilized throughout what will eventually become a DAO sets us apart from other platforms containing an NFT Marketplace. LTT’s in particular will be an essential part of our journey towards maximum decentralization, as they’re exchangeable for a seat in the member governance group that can decide on changing the parameters of our ecosystem.
Our Final Goal
Loot NFT is currently a centralized, self-funded experimental business with an innovative exit strategy for becoming decentralized. Since we built Loot NFT in a highly modular fashion from the onset, its architecture can be gradually dismantled to the point where Loot NFT will be predominantly governed by a series of smart contracts. However, Loot NFT was never a project seeking to raise capital — so why is a DAO our final goal? Ultimately, we hope that the showcase of our alternate world can inspire others towards a decentralized future, in which our core technology, Talos, will power use-cases in the real world.
