Rewards in Loot Arena
One of the many perks of participating in Loot Arena (apart from winning NFTs, of course) is the rewards that Lootizens earn either by completing NFTs in sets, collecting simple majorities, or simply bidding for NFTs in auctions.
Weekly Oven Rewards
After each auction in Loot Arena, all BUN spent are sent to a time-locked wallet called The Oven. The Oven redistributes BUN to Lootizens every Sunday at 00:00 UTC. 10% of the weekly Oven distribution is rewarded to miners based on their participation in the auctions and 90% of the BUN are made available for resale.
A degree is a badge awarded to miners who collect simple majorities of NFTs in theme collections. For example, collecting a simple majority of 3 out of 5 NFTs, 3 out of 4 NFTs, or 2 out of 3 NFTs in a themed collection will grant a miner a degree badge, which reduces their mining ratio to a lower ratio, allowing them to mine LTT with fewer BUN. For example, a miner with a mining ratio of 34:1 (who bids 34 BUN to gain 1 LTT) that wins a degree will bring them down to a 27:1 ratio (they will now bid 27 BUN to gain 1 LTT). Winning another degree will earn them a 21:1 ratio and so on, until they are at the lowest ratio of 13:1; therefore, the more degrees earned, the lower the mining ratio.
IMPORTANT: Lootizens will soon be able to win Degrees at Satoshi’s Lounge. Because soon all NFTs won in Loot Arena will be transferred to The Fund. Relisting NFTs for resale will now be carried out at The Fund. Soon, members will be able to relist the same NFT with the same attributes for sale at Satoshi’s Lounge. All attributes and the NFT will go to the buyer, and degrees can be earned the same way as in Loot Arena.
A mystery gift is a badge awarded to miners who complete themed collections by winning all the NFTs in a set (winning 5 out of 5 NFTs, 4 out of 4 NFTs, or 3 out of 3 NTFs). The winner of this gift will receive the sixth card of the collectibles set (the rarest item in Lootverse). The winner will be contacted personally by the Loot NFT team and we will deliver the rare card to them. A miner can win more than one mystery gift; however, they must complete different themed sets.
Transferring an NFT off-site reduces the number of NFTs in that collection. Transferring NFTs is irreversible and the transferred NFTs cannot be brought back to Loot NFT. If 1 NFT from a collection of 5 has been transferred off-site, you will need to win 4 out of 4 NFTs to win a mystery gift or 3 out of 4 NFTs to win a degree. If 2 NFTs from a collection have been transferred off-site, you will need to win 3 out of 3 NFTs to win a mystery gift, and 2 out of 3 NFTs to win a degree, etc. If 4 NFTs have been transferred off-site, no reward can be won from that set.