Everyone Benefits! A first note about our exclusive store.
It has been exactly three months since we started with the Loot NFT project. A few days from now we will be accepting the first sign ups to our platform and the first few NFTs will go on auction.
We kept a little secret. A Loot NFT gamified e-commerce store which is the last piece of the puzzle to the Loot NFT infrastructure is scheduled for release around the time members will be allowed to send and deposit BUNs to and from their own cryptocurrency wallets (i.e., around October 2021).
Due to the short time frame we are operating under, we chose not to make it part of our white paper or public. We needed to test its premise thoroughly before sharing this information (note: this part will, however, be added in a next version of our white paper).
I will explain this keystone piece with the following example.
Let’s say you bid on an auction and you do not get the NFT. As our auctions are pay-to-bid, your bids are not returnable. That could have been the end of the story. But we did not want it to be so. While our platform is a game where members must use strategy and skill to win NFTs and collect sets, the fact that there is only one person that walks away with the NFT did not sit well with us.
Below is how we solved this issue in our own way.
(a) Every 13 BUNs that is spent in an auction gets the member a Loot Ticket (LTT) that is a purchase currency to the Loot NFT exclusive store. There is no cap or limit to how many LTTs someone can own and they can be used by members and non-members alike.
(b) Each LTT comes into existence from the bidding process, and are burned (retired) when they are used to purchase an item.
(c) The auction acts as an exchange from BUNs to LTT and the purchase of uniquely commissioned items by Loot NFT. Say, a Jimmy Choo set of 100 shoes LNFT limited edition. Or, say a dinner with J-Lo. Or, the Loot NFT board game only available from the store.
These are of course wild examples to drive the point home solely for understandability.
(d) Items in the store are made to order, have never traded before, nor been assigned a public value and are only available at our store. We assign the value for each item in LTT and pay for these outright out of an allocated revenue pool that is reserved for mystery gifts and store items. Mystery gift items may also be chosen from this store.
(e) The LTT is itself a cryptocurrency, which means that they can be custodied in a cryptocurrency wallet. Thus, you do not need to be a member of Loot NFT to access the store but you do need to pay for the items in LTT.
Our challenge, that we are ready to meet, is to provide value to our customers in a way that fits within our budget. We may offer items under a buy it now price, a time-limited or blind auction value in LTT or any other manner that ascribes fairness to the same. Items that can be sent (physical pieces and not the dinner with J-Lo) are shipped to its owner, excluding shipping charges.
In this manner, members that want to purchase these items must first exchange their BUNs to LTT by bidding at the auction. The value achieved by an NFT indirectly benefits from this transaction.
As stated above, we expect our exclusive store to be implemented by the time the BUN is allowed to be released to the custody of our members (approximately, October 2021). However, members bidding from 21 June 2021 will start accumulating LTTs immediately.