Notice 13 | Satoshi’s Lounge and Plots Releases
After we discovered Lootverse, we created a virtual map of the world with six realms and a forthcoming virtual store. The store will sell plots of land in Lootverse. Here are the details of the three stages of the land sale:
Stage 1
Twenty-four plots in Lootverse’s six realms will be available for purchase. Only the top 24 ranked users on world.lootnft.io will have access to purchase these plots for 50 Tickets each. Each ranked Lootizen will have one hour to purchase one plot. If the user misses their slot, they forfeit the offer, and any unsold plots will revert to the treasury. At the beginning of this stage, the mining ratio will increase from 27:1 to 34:1, and the staking bonus will reduce from 15% to 5%.
Stage 2
Following stage 1, plots will be available for sale in the form stated in the World Tokenomics Documentation. The reserve price for the first set of eight plots will be set at 50 Tickets. All plots will go on a time-based auction for 24 hours. Users can bid any amount of Tickets, and the highest bidder wins the plot when the timer expires. Tickets are automatically deducted from the highest bidder’s account, and if the reserve is not met, the plot will be listed in the buy-it-now section of Satoshi’s Lounge at a price equal to the reserve price plus 10%.
Stage 3
In this stage, anyone can sign up to Satoshi’s Lounge without an invite, and miners will sell Tickets. At the beginning of this stage, the mining ratio will rise to the highest bracket of 42:1, and no further staking bonuses will be offered in Arena. Miners will be able to list their TIX for Credits in the marketplace, and other items will compete for attention with plot sales.
Owners will access Medici Principality, the virtual real-estate and financial portal to manage their plots, and will be able to mint their story NFTs first on LNFTXIOT. Plot rewards accumulating since 1 October 2021 will be distributed seven days after the start of stage 3. After that, benefits will be distributed weekly on Thursday, pro-rata the number of stories minted.
It is important to note that the company will monitor purchases and reserve the right to pause the auctions on Satoshi’s Lounge if any issues arise. Overall, the land sale is a significant milestone for Lootverse and the beginning of an exciting new chapter in the virtual world’s development.
—
Learn more about Loot NFT! Visit: lootnft.io
Join the conversation:
