Notice 08 | Progress Updates
We are grateful for the tireless work of our team during our highly iterative innovations process over the past few months. Since our soft launch, we’ve listened to feedback and tested several functionality variables. We have also witnessed our first practical test use case in the Mauritian market.
We are now experiencing multiple components of our ecosystem come together, which is a challenging process that must be handled with care. In addition, we have responded to the need for a simple user experience by removing a large amount of complexity.
During rapid innovative iterations and R&D, it is normal for communication styles to shift until all components come together. With our blueprint done, we can now feel around for the right messaging. Below is recent information about Loot NFT and our progress.
About
Loot NFT is an arcade-like platform where members use BUN to win NFTs at gamified auctions and in the process, earn tickets (LTT) that are redeemable within our ecosystem. All other components of the ecosystem are simply different facets of how to interact within that arcade.
We named the ecosystem “Loot NFT World,’’ which is made up of Loot NFT (battle-bid for NFTs and mine LTTs), Satoshi’s Lounge (the store to redeem LTT), X by SL (high-value auctions where bids are recorded in the blockchain with LTT), and The Fund (for stakeholders).
We also created a site (no log-ins required) for users to view the whole ecosystem and where virtual land is offered as an item to purchase on Satoshi’s Lounge with LTT. Updated site addresses will be provided when they are live.
Internally, we created a replica of a state’s economy in what I believe is pushing the boundaries of global innovation in the space. This conforms to our view of how an economy should operate with today’s technology; our underlying systems and intellectual property, Talos, can also be applied to other industries (land titles, oil, and gas, and financial asset management) in the future, all powered by the LTT cryptocurrency.
Progress
Single Metaverse Sign-On and Transactions
While it may not be visible yet, an enormous amount of work is being done to integrate log-ins to all sites to be the same behind the scenes and allow transactions to be shared across all of them (depending on the use of each site).
Security
Security is important to us and we have conducted various security tests to ensure our site is trustworthy and secure.
Loot NFT
We have introduced automated audit reports for all auctions, which will be available in the “Past Auctions” section of the site to reference the amount of LTT mined in the NFT block, the last three bidders, and escrow released for the last three users. We have also introduced LTT staking capability for X by SL, BUN Pay (the process of using USDC credits earned on the platform to buy BUN), and a platform-wide messaging system, Google Authenticator).
The site is also going to get a partial facelift soon with new menus and footers, the introduction of the Parliament and the Stars Arena, a buy and sell LTT functionality, a new statistics area, LTT extraction, LNFTxHABN displays, re-listings, and finally, KYC.
The Fund
The Fund is the main focus of ours at the moment, with the main foundations already completed for Type A, B, P, F, H, R, S, and W revenue-bearing NFTs. Type B RB-NFTs can now accommodate assignments for pioneer badges, buy BUN to your accounts, and URL performance. The Type P NFTs shall soon also contain the partner-round robin and minting capabilities.
Satoshi’s Lounge
We are in the final stages of the design. This will use the battle-tested Hustlemania engine. Wakanda Tech has been talking to numerous item providers and will have something cool in-store. The first items that will go live on Satoshi’s Lounge are Type W NFTs (virtual land) that are accompanied by the artists’ rendition of that land.
X by SL
We are receiving our first test tablets shortly with our test APK loaded. X by SL is also powered by the Hustlemania engine.
The World
We are currently making improvements to the site and expect to finalize it soon for deployment.
Blockchain
Our blockchain components are still tracking interactions and the block explorer will be duplicated on our site. This will also be expanded such that the transactions cover all of USDC (M-USDC), LTT (M-LTT), NFTs, and BUN (M-BUN).
The NFT blocks will now also contain the chain references on the site, with Dyspnea being the first block (Genesis) under the Proof-of-Play Protocol. Following this, the send functionalities of the site will be enabled.
Documentation
With the final blueprint of the ecosystem done, we are finally in a position to start updating our documents, which are now classified as follows: (a) Loot NFT World White Paper (b) Proof-of-Play Protocol White Paper,(c) Bakery White Paper, (d) Timelines, and (e) Member and Stakeholder User Guides.
All of our social sites will be updated to reflect the latest information.
Foundation
The Type F NFT is set up to run as a foundation and will drive our marketing efforts.
Milestones
The milestone blocks can be classified as follows: (1) centralized ecosystem and robust testing (we’re currently in this period), (2) automated extraction of LTT, NFT, and Stakeholders USDC (off-site), (3) decentralization stages (starting with the Fund) towards the decentralized autonomous organization with tests and audits for security and practicality purposes.
Team Members
We welcomed Ria and Vidurath to our finance and software development teams, respectively. The Loot NFT team started with four members a few months ago and now stands at 24.
Conclusion
We thank you for your support. We all know we are building something unique and are excited about the process.
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Learn more about Loot NFT! Visit: lootnft.io
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