It has been months of meticulous planning and strategizing to deliver you the best multifaceted online bidding platform. We can finally say that our strenuous efforts have come to fruition as we officially opened www.lootnft.io on the 1st of July 2021, and the auctions are already underway. The bids are rolling on the NFTs: Plague 3021, Consumed, Dyspnea, and Synthetic Air.
It is incredible how one single BUN valued at just 20 cents holds so much weight. As announced earlier, the BUN is a resident token that is used as an accounting tool by to facilitate the bidding process; while the Tickets (TIXs), which are mined using BUNs at an initial ratio of 13:1, will soon be used to either join the auction platform or to buy exclusive items in Satoshi’s Lounge exclusive store.
Fundamentally, the TIX are rewarded to members as proof of play in the Arena, adapted from the proof of work algorithm. With BUNs, miners create blocks of transactions as they bid for NFTs, thus generating TIXs. The network controls these redeemable tokens, which are available in Satoshi’s Lounge exclusive store.
Like an arcade scenario, each individual is responsible for the number of TIXs they mine. Mining more TIXs depends on the number of BUNs bid in the arena. Additionally, TIXs are mined based on one’s status level. For instance, if one registers before 10 July 2021, purchasing at least one BUN pack, they are guaranteed a 13:1 rate. If they register before 30 October 2021, they are granted the 17:1 rate. If they register after this date, they will receive a rate of 21:1. Other rates issued after 30 October 2021, with dates yet to be determined, are 27:1, 34:1, and 42:1.
Achieving degrees is also known to lower the TIX rate; for example, attaining the fifth degree takes one from 17:1 to 13:1. While members bid for the NFTs, they are simultaneously generating TIXs, thus providing a two-birds-with-one-stone advantage.
Since the rate of the TIX is set to appreciate to 17:1 by 30 October 2021, buying one’s initial BUN pack before that date will ease the process of mining TIXs. If they have already purchased their first BUN pack, they are guaranteed a rate of 13:1 for life.
Those who are interested in joining the Arena, if they have already whitelisted their emails or received an official invite, should know that the TIX will be their gateway token to accessing the platform. These can be acquired off the platform.
Our launch video is available on all our social platforms.