Loot Arena is a gamified auction platform where members bid for NFTs using BUNs, a limited supply token (only 500m will ever be issued). Membership is by invitation only, except for early-bird registrations, which end on 30 June 2021. Each NFT commissioned from creators is unique (one-of-a-kind) and part of a themed set of five.
Members can obtain degrees (i.e., status levels granting rewards) by collecting NFTs in a set. The goal is to reach the fifth degree, unlocking a remarkable mystery gift. All auctions are time-limited and occur pay-to-bid, where members bid one BUN at a time in the auction “arena.” If a bid is made in the last 15 seconds, the timer will automatically reset to 15 seconds. When the timer expires, the previous member to bid will receive the NFT; therefore, auctions can last for hours, days, or longer and are considered “Battle-Biddings.”
Each BUN spent is directed to a time-locked wallet known as the Oven, which dispenses BUNs back into the ecosystem once a week on Sunday (20% to members as rewards and 80% to NeoWorlder for resale to members). However, BUNs used in auctions remain trapped until the auction concludes, and the BUNs collected for that auction are then sent to the Oven.
Since BUNs are limited in number, their circulating supply decreases each time they are spent, thus requiring members to bid carefully and strategically. However, in the case of multiple live auctions, it is possible that all BUNs, except a few, will remain in circulation (i.e., all other members are spectators), and the remaining members with BUNs can win the NFT. Members can even re-list NFTs they have won for auction and get paid in USDC; BUNs are used as accounting units to assess the USDC value of the sold NFT.
When members hold NFTs in a set to get a degree, it creates a de-facto NFT “staking,” thereby reducing the availability of NFTs at auctions. In addition, once a degree has been achieved, it cannot be lost, so members can resell NFTs previously used to obtain degrees.
The BUN is a blockchain-based token minted on the LNFTXIOT permissioned blockchain environment and the Cardano Blockchain. In the future, NeoWorlder intends to use a bi-directional bridge between both blockchains to decentralize the modules of its ecosystem, thus creating a decentralized autonomous organization.
BUNs are currently sold in packs of 25 for 5 USDC, and the company intends to offer them for sale with ADA, the native blockchain currency of Cardano, in the future.
In conclusion, NeoWorlder is a gamification tour-de-force for which a provisional patent was filed, and, like the NFTs it lists, it is unique.
5 May 2021. Loot NFT Co LLC, Wyoming.