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Lootex x Satoshi Club AMA Recap from the 6th of January

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Lootex and our guest was . The AMA took place on the 6th of January

The AMA session was divided into 3 parts with a total crypto reward pool of $500

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Mary | Satoshi Club

Hello Satoshi Club! We are happy to announce our AMA session with Lootex! Welcome to Satoshi Club

D. | Satoshi Club

our guests today — @chiawei579 @justinelu @TYY_TYY @dtseng !

Gary | Lootex (will never dm you)

Hi guys!

D. | Satoshi Club

hello! welcome to Satoshi club!

Mary | Satoshi Club

Hello and welcome here

Mary | Satoshi Club

How’s going?

Gary | Lootex (will never dm you)

Great!

D. | Satoshi Club

Ready to start the AMA ?

Gary | Lootex (will never dm you)

Yup, LFG!!!

Mary | Satoshi Club

So could you please introduce yourself and tell us more about Lootex?

Gary | Lootex (will never dm you)

Sure!

I’m Community Manager of Lootex, and about the origin of the company’s name, Lootex, was Loot Exchange — a cross-chain game item shop for the Metaverse.

Gary | Lootex (will never dm you)

We are devoted to building a gamer-centric, in-game asset marketplace where players can easily browse and trade the most popular game assets.

Mary | Satoshi Club

Is your project young?

Mary | Satoshi Club

How long did it take you to grow from idea to Lootex?

Gary | Lootex (will never dm you)

Lootex company was established on 2018. but as we all know, NFTs weren’t as popular back then as they are right now. The crypto world moves very fast and the idea of building a player-centric marketplace took 3 years to finally develop into what it is right now

Mary | Satoshi Club

Who are in your team? Is it big?

Gary | Lootex (will never dm you)

D. | Satoshi Club

Some of them will be on AMA today, or you will be alone?

Gary | Lootex (will never dm you)

Here is our core team members. Last year we are only 14 members and maybe in 2022 we are going to hit around 40

Mary | Satoshi Club

What are Lootex main goals?

Mary | Satoshi Club

Cool!

Gary | Lootex (will never dm you)

Lootex has always believed in putting gamers first, which has been achieved by providing gamers with the best trading tools for in-game assets. Lootex’s marketplace features over 12,720 NFT assets and over 140 collections available on multiple blockchains with an easy-to-use interface designed specifically so gamers can buy what they need when they need it.

Mary | Satoshi Club

I like this

Mary | Satoshi Club

Thank you for your intro! Ready to start with the questions from our community?

Gary | Lootex (will never dm you)

Yes!!

Mary | Satoshi Club

Let’s go

D. | Satoshi Club

Q1 from Telegram @Rotoxy

Last year December, you introduce Lootex Badge 2021. Users were expected to perform three mission in order to obtain these badges, which you said will grant special perks and access to the owners. Can you please tell us more on the requirements to be a badge holder and the privileges that await badge holders? Also, you have 3 missions activities for interested badge seekers which divided as mission 1, Mission 2 and mission 3. You have already unveil the events of mission 1 and mission 2 but yet to disclosed mission 3 events. Can you tell us more about the badge mission event and how many badges have been won so far? What will be the content of mission 3 and when will it be unveiled?

Gary | Lootex (will never dm you)

Sure, the Lootex Badge Series will have more utility in the Lootex Ecosystem. For those that already hold Lootex Badge 2021 — these can only be obtained by participating in Lootex community events (ie via discord/twitter/TG) or directly buying it on the market!

Gary | Lootex (will never dm you)

The badge holders will be able to access our private channel in our Discord and also have first-hand information directly from the Lootex Team.

Mary | Satoshi Club

Will you have Badge 2022?

D. | Satoshi Club

there is a limited supply of those badges?

Gary | Lootex (will never dm you)

Yes, Only 2021 was minted for this specific badge.

Gary | Lootex (will never dm you)

We are planning to, but it will be something to look forward to as of the moment

Mary | Satoshi Club

Gotcha! We will follow your updates

Gary | Lootex (will never dm you)

And back to the community answer

So far we have completed the first waves of badge drop for those who completed Mission 1 ( total amount: 529 badges, including the KOL collaboration drops), and Mission 2 is currently ongoing: The first 300 users who can invite 20 new users into our Lootex discord Group- with the invite code, will earn a free badge without a raffle. Mission 2 will end at 2022/01/15 23:59 (UTC).

Gary | Lootex (will never dm you)

To learn more about the Badge Mission here: https://medium.com/lootex/lootex-badge-2021-97394f6aa041

Gary | Lootex (will never dm you)

And as for Mission 3 …Lootex will soon have a Game’s Ranking feature related to $GP token and Lootex Badge holders. Being a Lootex early supporter..with the Lootex Badge will give you special privileges and incentives such as getting the latest news before publications…we will share more details soon..(hint* airdrop opportunities). We will also be gathering more KOLs to join our Lootex Badge Event…so stay tuned!!

Mary | Satoshi Club

That’s awesome! Badges are really important for your members!

Mary | Satoshi Club

Thank you for your answers! Ready to proceed?

Gary | Lootex (will never dm you)

Yes! Let’s go!

D. | Satoshi Club

Q2 from Telegram user @h1drX

Could you give us a refresher on the economics of Lootex? What are the fundamental pillars that sustain the project’s economy? What are Lootex’s sources of income and how is wealth shared between owners and partners? And what is your approach to the future of Lootex? I mean, do you focus on long-term sustainability?

Gary | Lootex (will never dm you)

Lootex has geared a great amount of success in Q4 onboarding with a couple top-selling gamefi projects onboard. With that amount of transaction, the 2.5% platform fee is close to covering our cost (we had a small team at that point). We saw the rise of gamefi and metaverse and had a bigger ambition to step into the gamefi ecosystem. We realize our product has a lot of improvement to make to meet our vision. Luckily, our vision aligned with well-known investors, and we are securing good comfortable fundings. For the short term, Lootex is going to hire more talents to refine our product and services. In the longer term, Lootex wants to bridge traditional game studio to blockchain space, and hopefully be a partner with an even stronger performing IPs.

D. | Satoshi Club

Do you have your own token? or any plans to release it?

Gary | Lootex (will never dm you)

Yes, we will have $LOOT token launched soon!

Mary | Satoshi Club

How it will be launched? Do you plan any IDO?

Gary | Lootex (will never dm you)

We are confirming details on a major platform… will be sharing the big news on our social platform soon…stay tuned!

Mary | Satoshi Club

We will for sure

Mary | Satoshi Club

Thank you for your answers! Ready to go to the next question?

Gary | Lootex (will never dm you)

Sure!

D. | Satoshi Club

Q3 from Telegram user @Meta_MateXPro

Sports is one of the most popular in revenue bringing sphere of our life. I was impressed by the quantity of sports presented on your Marketplace as long as the quality and variety of NFTs presented. Please talk more about that side of your business. Are you planning to introduce betting, controlled by smart contracts system? What are the other usercases of sport NFTs besides of simple holding? Can they be staked on Lootex? Thanks in advance!

Gary | Lootex (will never dm you)

More gamification and use of NFT on our platform is definitely interesting ideas. We want to explore and promote healthy community interaction. Currently we are open to different ideas, anything that can be transparent, fair, and fun would be something we look forward to implement.

Mary | Satoshi Club

What blockchain are you build on, btw?

Gary | Lootex (will never dm you)

Our platform supports ETH / BSC / Polygon

Mary | Satoshi Club

Wow, that’s nice! Do you have plans to add more?

Gary | Lootex (will never dm you)

Arbitrum, and AVAX will be supported in the near future

D. | Satoshi Club

Great choice

D. | Satoshi Club

thank you for answer! i think everything is ready for the next question

Gary | Lootex (will never dm you)

Yes

D. | Satoshi Club

let’s proceed

D. | Satoshi Club

Q4 from Telegram User @thisistoyin

I noticed that, In the Lootex metaverse, lootex intends to function as an item shop where players can freely purchase and sell equipment and other in-game assets, i also saw on your website that you offer Services such as NFT Forge, & NFT Minting Services, please i would really like to know how this processes works, and i also noticed that you Have two options of Carrying out this Forging and Minting process, which are:

1) THE GO SIMPLE

2) GO PRO, but, information about this processes Was not stated on your site, could you please Distinguish between the functionalities of this Two features? What are thier functionalities & in what ways would they help users on your platform?

Gary | Lootex (will never dm you)

Lootex started out 4 years ago serving mostly corporate clients. At that time, the general public didn’t really know about NFTs and applications of them were few. So we had an NFT minting service that services companies that might be interested in issuing membership NFTs, wine certification, to name a few. NFT Forge was also something Lootex thought would make things simple for them if the corporation wants to use our APIs to mint.

As you know the crypto world moves very fast. End of 2020 there was NBA Topshot, and in early 2021 The Hashmask and Beeple started to grab people’s attention. Lootex also moved from servicing corporate clients to providing a secondary trading platform. So, the NFT Forge services are now closer to being deprecated. We are moving toward providing a game asset launchpad to let our royal friends get a shot at limited quantity NFTs. We are also thinking of providing APIs or SDKs to let traditional game studios turn their game items into NFTs easily, but that’s on the planning stage.

So long story short, Forge will not be our main focus moving forward.

D. | Satoshi Club

how are you solving a copyright issues on your marketplace? do you have any mechanism which can detect if particular image was just copied from other source?

Gary | Lootex (will never dm you)

Actually we have a form for the project owners to fill out, and it will go through our evalutation process. But it’s hard to detect if any particular image is copied from other source.

What we have done in the past is, when there’s a report of IP infringement , we act on it immediately.

In the future, we’d like to involve our community in our project listing process, and so there will be more eyes on the project before we mark them as verified

Mary | Satoshi Club

Thank you for your answers! Ready to jump to the next question?

Gary | Lootex (will never dm you)

Sure

D. | Satoshi Club

Nice

D. | Satoshi Club

Q5 from Telegram user @Highpee

Lootex intends to create LootSwap which users will be used for asset swap and cross-chain payment. I will like to know how LootSwap will be used for asset exchange. What market marker system will LootSwap exchange adopt or will trading and exchange be based on a peer-to-peer exchange system? In addition, will users be able to exchange both Fungible and Non-Fungible asset on LootSwap?

Gary | Lootex (will never dm you)

The LootSwap feature is based on a peer-to-peer exchange. It will help users by minimizing gas fees when they swap in-game items.

For instance, the current system requires 2 transactions for a swap to be completed. And per transaction made, the user gets charged with a gas fee (transaction fee for using a blockchain).

With Lootswap we can complete the transfer with 1 transaction which gives users a swift, cheaper transaction.

D. | Satoshi Club

What role will you future token be play on LootSwap? can you share that info now?

Gary | Lootex (will never dm you)

We have a lot utilities planned out for our token.

Gary | Lootex (will never dm you)

we’ll hear feedback from our community and finalize them.

D. | Satoshi Club

Okay! we will wait and see then

D. | Satoshi Club

Appreciate for answers! ready for the next question?

D. | Satoshi Club

last question from part 1

Gary | Lootex (will never dm you)

Yes!!

D. | Satoshi Club

Q6 from Telegram User @JesusFre1tes

For project owners who want to have a showcase for their projects and contracts verified on the Lootex C2C marketplace, what are the steps to follow to get this verification? Lootex serves as an audit platform and smart contract developer for new projects? If so, how do they differ from your competition? Thank you!

Gary | Lootex (will never dm you)

We have a form for the project owners to fill out, and it will go through our evaluation process. Besides focusing on gamefi projects, we also want the project we verify to be of good quality. We know all project owners work really hard on making their game awesome, so we don’t set the evaluation bar super high. However we do prefer a doxxed team, a solid social following, and making good efforts to market themselves. Because at the same time, it’s hard to predict which project will rug too =)

We can do some smart contract development for new projects if we buy-in their ideas and want to have deeper collaboration. It will be case-by-case.

As for where Lootex will be different from competitions, we think it will be our communities. All products and services will have similarities and have some unique value proposition. What Lootex believes is that our platform is more than just rarity points, APYs, and whitelists. We feel Lootex is a place where after a long day hunting/crafting/hustling in the games or metaverse, you’d come to Lootex to have a drink and chat with one another, show off the loot you got and sharpen your sword for another day.

Our core team members are all die-hard gamers since our teenage years, we felt the pain of losing your value items and accomplishment when game publisher no longer supports the games, and our mission is to deliver the message of owning your own game asset in blockchain games, and Lootex will be with you all the way.

D. | Satoshi Club

Awesome answer !

Mary | Satoshi Club

Can you share your social media links with our community again, so we won’t miss any updates from you

Gary | Lootex (will never dm you)

Lootex Website: https://lootex.io/

Lootex Twitter: https://twitter.com/LootexIO

Lootex Facebook: https://www.facebook.com/lootex.io/

Lootex Medium: https://medium.com/lootex

Lootex Discord: https://lihi1.cc/meYVl

Lootex Telegram: https://t.me/lootexIO

Mary | Satoshi Club

And now we came close to the live part of AMA — live part

Mary | Satoshi Club

Are you ready?

Gary | Lootex (will never dm you)

Ok, I’m ready!

Mary | Satoshi Club

Let’s go

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Rinkus987

Do You Support Multiple languges So that Even the Non English Speaking Users Can Also Explore the LOOTEX PLATFORM Or you target is Only English Speaking Users ?

Gary | Lootex (will never dm you)

We support Chinese, Japanese and English for now. But we’ll definitely add more in the future for our users.

Q2 from Telegram user @Thisistoyin

I was amazed when i saw that lootex was Co founded by A Woman, for me that’s a really Big deal cuz its not everyday that you get to see women making impact in the Blockchain industry.. I would really love to know more about her
could you please State some security measures taken by Lootex to futher ensure the safety of its users and ecosystem? What Critical Advantages does Lootex Has that existing Platforms out there are not solving????

Justine Lu

Hi, thanks for asking. I’m (Justine) actually in this AMA . I have 10 years of game industry background both in game development companies and publishers in PC game, MMORPG, mobile game, VR games.

Due to previous experience, I always know there’s strong demand for in-game item trade among gamers. I felt excited when I first discovered CryptoKitties back in 2017. I know blockchain can be a tool to free the ownership of in-game items from game companies. So I co-founded Lootex in 2018 to provide a game-oriented NFT marketplace, players are able to trade and discover the value of their hard work and accomplishments. For more information about my personal interview especially for female readers, maybe you can read this article:

https://medium.com/headlineasia/women-founders-ii-skyrec-lootex-and-xen-capital-bde5b91f65c1

Q3 from Telegram user @Billz120

I learnt the team is just 14 at the moment, but intend to grow it in the future, could you please tell us about the selection of of your team members?

Gary | Lootex (will never dm you)

We are now a team of 18. We hire from different countries and fields of expertise based on the need of the project. We currently have functions, marketing, product management to UI/UX design and more.

Q4 from Telegram user @Rinhere

How many Types of Badge are there on the platform,
How can I earn these Badges?
Is there any Giveaway going on Currently?

Gary | Lootex (will never dm you)

The Lootex Badge was a great proof that you participate to Lootex’s events. There will be many badges that have different utitlies in the near future.

We are giving away 200usdt + Lootex Badge to 10 winners.

Event rules would be:
Following our twitter page, retweeting the event tweet, and tagging two of your twitter friends within the event tweet.

Check the event tweet: https://twitter.com/LootexIO/status/1478384848557735938

Q5 from Telegram user @tomo_fan

You have launched two games (Brave Series & Myth of Mist) on your launchpad and both games are sold out. When are you going to launch your next game?

Gary | Lootex (will never dm you)

The next is going to be launched on Sunday. It will be a well-known IP, with a very limited number of items. Stay tuned!

Q6 from Telegram user @highpee

With regards to your GAME LAUNCHPAD, Can you explain the process of application before sales are conducted on your launchpads? Also, how will players participate in presales and what whitelisting or sales allocation procedure do you use to ensure a transparent distribution of presale assets?

David Z | Lootex.io

Yes. We work closely with some game studios and are very selective at this moment. We want to make sure our users get the most valuable game assets from our Launchpad. And for sure, we will try to have some allocations for our token or badge owners.

Apply for the launchpad here >> https://forms.gle/28LBkgWCdkNCe5wV6

Q7 from Telegram user @star00112

Hello sir
What is the lifespan of your project? Will the project continue till 2025?
Thank you
!

Gary | Lootex (will never dm you)

Lootex aims to be a gamer-centric platform that provides lot’s new and most rare game items here. So, imagine OpenSea is the web3 Ebay, Lootex will be the web3 Steam.

Q8 from Telegram user @iam12312

In Upcoming times, You vision is to Bridge Traditional game studio to Blockchain world.How would it work?How are you doing to Achieve this?

Gary | Lootex (will never dm you)

Tradition game studios are already starting to venture into this new territory. We’re actively looking for partnership and even some of our investors and team members come from that background.

What we could provide is similar to other blockchain-native game developers once they have a blockchain supported item system like Mir4.

We’re looking forward to building together not only a Play to earn economy but also a Play to contribute economy as well.

Q9 from Telegram user @Emidm28

On January 4, you shared with your community the announcement of the partnership between Lootex and Avocado DAO. We are curious to know what will you work on together? How will this partnership benefit users who belong to both communities? What resources will Lootex provide Avocado DAO to contribute to its growth and expansion? At the time you agreed to enter into a partnership, what common goals did you have in mind to achieve together? You have a motto that says “If you want to go fast, go alone. If you want to go far, go together” How does Avocado Dao help Lootex go further? What new opportunities can you bring to both communities with this partnership?

Gary | Lootex (will never dm you)

This partnership will help strengthen both existing communities, because they have the goal to evangelize and teach how to become good at gaming; and we can provide all the resources they will need in order to achieve our common goal — which is to unify everyone in the Metaverse.

Also, we might work together with a gamer’s badge system. If you are a good gamer who traded or shared a lot on Lootex, we might introduce you to joining the guilds.

Q10 from Telegram user @munishgmr

According to your website two more categories you are going to launch soon.

1- Asset calculator
2- Game Guides

Can you tell more about these two features?

Gary | Lootex (will never dm you)

We will integrate some useful tools (e.g. APY calculator, Social Community signal observator ) in Asset Calculator to make sure the buyers will have more up-to-date information.

Game guides would be a user-generated-content based service where we will be inviting all fans from the community to contribute, share and grow. Imagine this like Fandom for GameFi and the Metaverse.

Part 3 — Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club/
Russian Telegram group: https://t.me/satoshi_club_ru/
Spanish Telegram group: https://t.me/satoshi_club_spanish/
Telegram Channel: https://t.me/satoshi_club_channel/
Twitter: https://twitter.com/realsatoshiclub/
Website: https://esatoshi.club/

Our partners:
Telegram-https://t.me/lootexIO
Medium –https://medium.com/lootex
WebSite — https://lootex.io/
Twitter-https://twitter.com/LootexIO

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