We have great news for our growing community. We are introducing a game within the game… Loot NFT World.
The Loot NFT ecosystem is composed of many layers, components, screws, and bolts. To sum up our system, we derived a Game of Thrones themed map of the ecosystem.
Our six software applications have been conveyed into 6 imaginary lands:
- The Isle of Fund
- The Great Empire (Arena, Parliament, Loot Vault included)
- Royaume de Satoshi
- Kingdom of X by SL
- HABN Island
- Territorio LTT ST
More on Loot NFT World
Not only can you now visualize the Loot NFT ecosystem, but you can also bid for and acquire virtual plots as NFTs (non-fungible tokens).
Loot NFT World is divided into 4,880 virtual plots. Owners can create or commission digital creations representing a particular perspective and time from their plots.
Yes, NFT plots are sold with one vantage point from a particular artist and the owner of the plots can commission other vantage points. For instance, if an artist conveys their plot on HABN Island, in a medieval context, with swordsmen, and horses, that is exactly what you will be able to see. Plots are minted on LNFTxHABN and the NFT story (visuals) on Ethereum.
Plots are only offered on Satoshi’s Lounge in an LTT auction. At that time, the owner receives a sign-up to the Fund by Loot NFT to manage the plot — minting is done from the fund. Loot NFT World is then updated with the NFT for provenance purposes and also to allow visitors to marvel at creativity.
On Loot NFT World, anyone can see what the land looks like from the different vantage points and time. This is much like having an immersive story being told visually.
On the image, there will be the Ethereum address where the image was first sent to for provenance purposes. The HABN public address and the plot details (size, location, etc.) include a contact owner button.
Minting a new perspective of the land costs LTT. The image of 1920 x 1080 px resolution with the relevant metadata is then represented on Loot NFT World.
When adding an artist’s impression of the land, artists must pay attention to surrounding plots. There are two rules:
- Terraforming is not allowed.
- Plot owners can only improve their plots. Since the artist’s impressions are at different points in time, what is portrayed may evolve; it could be day, night, sunset or dawn. There are no limits to how many portrayals can be provided for a particular plot, except that it is shown on Loot NFT World to prove provenance.
To provide an example of the two above rules, say Plot A shows rolling hills extending beyond a plot, and the adjacent Plot B is painted containing the former plot; in that instance, the artist cannot vary the fixtures of the adjacent plot (Plot A).
They can, however, change night into day and add flying objects such as a dragon or transient objects (like an army or a horse traveling across the terrain).
If Plot A adds a new NFT with a building, another NFT created for the adjacent plot must contain that same building if done for the same time period. This is much like an evolution over time. Nothing prevents different types of drawings such as outlines, 3D images, etc.
The process of minting an additional portrayal allows the owner to enter all relevant details that are first approved by Loot NFT World’s administrators and then the owner can proceed with minting (a metamask wallet and ether is required to pay gas).
Further, each plot owner will get “royalty” paid in USDC Platform Credits, and in the future will be able to add objects on their spot in the World (for e.g., Loot For Adventurers Gear for game playing and customization).
Currently, 63 plots are taken by stakeholders, leaving 4,817 that will be available shortly for auction on Satoshi’s Lounge. There will be a bonding curve for reserve pricing at the auctions starting at 50 LTT. Plots not sold at auction will be offered in a buy-it-now scenario at 10% more than the reserve price. The first four plots will be announced soon and are only available for sale at Satoshi’s Lounge.
The Isle Of Fund
The Fund by Loot NFT comprises various types of Revenue-Bearing NFTs (RB-NFTs). These are:
- Growth Seats (Type A — 24 seats), which grants a % of the total revenue of Loot NFT (payments made in USDC monthly).
- Growth Seats (Type B — 24 seats), which grants a share of the total revenue of Loot NFT based on key performance indicators (KPI) (payments made in USDC monthly).
- Partner Seats (Type P — 8 seats), which allows the publishing of creations for auctions on Loot NFT, and payment of proceeds, the setting up of events for X by SL (payments made in USDC at the end of an auction or event).
- Royalty Seats (Type R — 4 seats), which grants a share of the total revenue of Loot NFT (payments made in USDC monthly).
- Foundation Seat (Type F — 1 seat), which grants a share of the total revenue of Loot NFT to administer the ecosystem. The role of the foundation is similar to that of a government, whereby it looks to maintain the proper functioning of the ecosystem with as little interference as possible.
- HABN Seat (Type H — 1 seat), which grants a share of the total revenue of Loot NFT for blockchain fees and administration.
- Satoshi’s Seat (Type S — 1 seat), which is a share of the total revenue for procurement for Satoshi’s Lounge store.
- World Seats (Type W, 4,817 seats) which allows their owner to create new NFTs based on the perspective and story of the virtual land that they own on Loot NFT World, in addition to receiving “royalties”. Type W are currently non-transferrable.
The Fund by Loot NFT comprises various types of RB-NFTs and rights given to their owners.
About Type B RB-NFTs
How does this work? Well, Type B seats work to encourage creators to invite their supporters onto the platform to engage not only with their creations but with the creations of others.
Seat owners collaborate with creators and with the use of a URL they can sign people up who are tagged to that owner and creator. Every time they purchase on Loot NFT, this increases their key performance indicator (KPI); the larger the KPI, the larger the share of a 3% revenue pool.
About Type P RB-NFTs
Only partners are allowed to publish creations for auction and get paid the proceeds thereof. Loot NFT does not have that right which it has devolved to partners. Partners are allocated a specified period of time to publish their creations. If they do not publish within this time period, their slot will be forfeited and passed to the next partner, who will benefit from additional slots as a result.
Partners will also be running hyper exclusive events which are only accessible from the X by SL tablets or kiosks, with which they are each given 45 days to run to promote these events.
The Great Empire - Parliament, Loot Vault Included
While many of you might already be familiar with the Loot Vault (our storage chamber for sold NFTs). The parliament is an exciting planned addition to the platform.
Found on the header of the website, the parliament is a member voting system that allows members to vote towards effecting immediate change on the Loot NFT platform. The parliament is composed of voting seats: The Cabinet, Upper House, Lower House, and Councillors.
Seats in the parliament can be secured in LTT, and are renewable annually. The cost of the seats are as follows:
Cabinet- 5,000 LTT/year, which grants a 6,000 voting weight. 100 available.
Upper House- 2,500 LTT/year, which grants a 2,750 voting weight. 500 available.
Lower House- 1,000 LTT/year, which grants a 1,000 voting weight. 1,000 available.
Councilor- 10 LTT/year, which grants a 25 voting weight. Unlimited.
If you are part of the Genesis Army, you get an additional 500 voting weight.
Any member of the parliament can put a motion forward and assert their power in the ecosystem, but LTT is necessary for this to take place. For a motion to pass, at least 25% of all members are required to vote, and a weight of 51% is required. Voting does not cost anything.
Make your voice heard and join the parliament.
Royaume De Satoshi
Many might already know about our upcoming exclusive store. Satoshi’s Lounge is where the LTT mined in the auction are put to action! The store offers items and experiences of limited edition and high exclusivity.
The store will be the ONLY retailer of these items/experiences, which will only be valued in LTT.
To note, from Loot NFT you can send LTT to Ethereum, and BSC. Later, we will introduce LTT on Cardano.
Kingdom of X by SL
The X by SL is an important piece of the puzzle. This tablet enables members to access exclusive features. X by SL members have access to opulent galas, as well as the ability to participate in traditional time-limited auctions, where they bid for high-value items.
Bids in these auctions are done in USDC lots with the minimum being 500 USDC. Any amount applies, someone may bid 500 USDC, then 50,000 USDC (but always in increments of the lots). Only the winner pays for the item.
These auctions will have a 5-minute time cap and will commence only if a minimum price is met. The item may not pass at auction if a reserve is not met. Like in battle bidding auctions, these are reset in the last 30 seconds, each time a bid is placed within the last 30 seconds of an auction).
There is a twist in that these auctions are powered by blockchain fuel provided by LTT. Members on Loot NFT, must stake and convert their LTT to fuel. Without the fuel, the system can not transport the USDC bids and audit the transactions.
For every 500 USDC transported, a minimum of 1 LTT is burned in return for an 7% fee (i.e., 35 USDC as a minimum if 500 USDC is used). Since members pool their LTT for fuel, it means that they get a share of the 7% based on the amount they have contributed pro-rata to each other.
Further, since LTT is only whole numbers on the platform, this means that when it comes time to burn, the minimum they burn individually is 1 LTT.
As an example, if an auction concludes at 10,000 USDC, with 500 USDC lots, this equates to a fee of 700 USDC for fuel. If there are only 2 members that contributed to the fuel of 50 LTT and 100 LTT respectively, this means that member 1 has a share of 0.33 and member 2 has a share of 0.67.
Member 1 receives 231 USDC and member 2 receives 469 USDC (these are USDC Credits to be used on Loot NFT World). For the burning of the LTT, the minimum to be burned is 10,000/500 USDC (or 20 LTT). The share of the burning is therefore 0.33 * 20 = 6.6 for member 1 and 0.67 * 20 = 13.4 for member 2.
Since LTT is dealt with in whole numbers on Loot NFT, Member 1 must burn 7 LTT and Member 2 must burn 14 LTT in the transaction. Hypothetically, Member 1 burns 7 LTT for 231 USDC (receives 33.00 USDC / LTT) and Member 2 burns 14 LTT for 469 USDC (receives 33.50 USDC / LTT). Participation is subject to staking in lots of 25 LTT and USDC are given as platform credits that can only be used on Loot NFT World. Note that once staked, members cannot un-stake their LTT.
Hence, members staking and converting LTT to fuel must always watch their share of the pool, otherwise, they may be burning fractionals at a higher rate than others especially when in the presence of several stakers in the pool.
X by SL auctions are conducted via tablets, which are locked to one person only, following a KYC check.
HABN, which stands for Horizon Africa Blockchain Network, is a technology solution that commenced to facilitate the implementation of African projects, primarily in education, at an affordable cost.
In 2021, HABN partnered with Ducorp and Loot NFT and expanded its mission to an international corporate focus. The HABN’s blockchain infrastructure allows for the seamless minting of NFTS, recording, and auditing of transactions on Loot NFT World, releasing of BUN and LTT, and the overall efficient function of the Loot NFT platform.
Territorio LTT ST
Members have the choice of sending LTT off the Loot NFT platform. They may either:
- Use their LTT on Satoshi’s Lounge where they can purchase exclusive items and experiences.
- Stake their LTT for fuel.
- Sell the LTT for USDC Credits to be used on Loot NFT World.
- Redeem LTT on Loot NFT.
- Send their LTT to be custodied as an ERC20 or BNB20 token (and later Cardano).
- Use their LTT at the Fund by Loot NFT.
LTT is required to pay the joining fee when joining the system. New members joining the ecosystem can either have an existing member pay their joining fee or they can follow an invite URL but must then be responsible for paying the fees themselves.