As it is widely known, Gross Domestic Product (GDP) is a crucial indicator of the total monetary value of goods and services produced domestically within a country over a defined period, typically a year or a quarter. GDP is an indicator of a nation’s economic performance and a tool to understand the population growth rate and the size of the internal market, which public policymakers, enterprises, and investors can utilize.
Paralleling the developments on Earth, Lootverse has seen a significant increase in population and economic activity over time. Adding products and services, such as in-world exchanges, over-the-counter (OTC) financial services, NFT auctions, and more, has added value to in-world businesses, facilitated overall transactions, and bolstered the recently established Lootian lifestyle. As this parallel world is becoming increasingly solidified, and users can engage with its cultural, political, and economic aspects, Lootverse has its GDP.
At present, users can enter this world, which can be considered a theme park that combines elements of reality with fantasy components to create an enjoyable experience. Once inside the world, they can purchase Credits and redeem Tickets, a form of currency mirroring Tickets to access attractions and purchase products in a park or fair on Earth. Credits are backed one-to-one with USDC, while Tickets are similarly backed with Tickets. It is worth noting that Tickets and USDC can only be generated by trading goods and services within Lootverse.
Credits and Tickets are utilized as the unit of account to calculate the sales value. When Tickets are removed from circulation, Tickets are burned on the decentralized layer, thus contributing to the GDP. Furthermore, in-world interactions use Tickets as the basis for all taxes and fees. Additionally, other layers of economic activity can contribute to the Lootian GDP, such as exports (sale of physical items like collectibles) and cross-world services (such as real-world companies providing consultancies and other benefits in Lootverse).
In March 2022, Lootverse’s GDP was estimated at USD$10 million after only eight months of activity. This optimistic progress has attracted more and more entrepreneurs and businesses to open operations within the world, thus helping to consolidate the internal market. Currently, users can explore the interactive map of Lootverse to quickly identify the companies available in-world. Shortly, this exclusive channel will enable all purchases and transactions. Stay tuned to The Lootverse Gazette for the latest Lootian economy and GDP news!