Over the last seven months, Lootverse has evolved from its initial gamified attraction, Loot Arena, to a comprehensive ecosystem of core destinations unified in an interactive map, ready to host innovative enterprises from various industries. Its business model has also changed significantly to accommodate the system’s complexity and support a fair internal economy.
This parallel fantasy world comprises two technological components for those just now acquainted with the topic. The first one is a decentralized layer, which is accessible to business makers. The second is a gated, centralized environment for customers and players.
The currency driving the economic activity in this world is Ticket (TIX). It is used for shopping transactions, businesses, and fees. Moreover, an interconnected system of tokens and units boosts economic activities, adding a realistic dynamic to the ascending Lootian society. This article delves into the tokenomics of Lootverse.
A Hybrid Model
Lootverse is currently in the world-building stage. Both ThemeWorlder (the organization responsible for developing the virtual world) and the early adopters discovering this land are establishing the foundations of this parallel reality. This hybrid model involves companies (vendors) purchasing licenses in NFT plots, buildings, units, and portals to serve all users, offering them products and services. The model is analogous to a marketplace in the real world.
Vendors are setting up residential and commercial areas to rent or sell and structuring new attractions such as malls, casinos, and games. In addition, creative solutions for the lifestyle in the metaverse are being developed by sellers, for example, NFT stories to illustrate the properties and architecture services for those interested in futuristic designs for their land.
Centralized Gated World
The customer environment is centralized, and users can access three monetary units: Lootian Credits (Credits), Tickets (TIX), and Bid Units (BUN). Each team has multiple use cases and can only be used in the gated world and its attractions. When entering the ecosystem, users are shown how to top up their wallets in the Bank of Lootverse by purchasing Lootian Credits and then using this to purchase TIX to redeem for products and services BUN to bid in the battles for NFTs at Loot Arena. Furthermore, if users are interested in one of the collectibles for sale at Satoshi’s Lounge, they can also use TIXs to join the auctions and Lootian Credits to pay for the shipping. An over-the-counter system is also set to be launched soon to simplify access to TIX, thus increasing the convenience of customer activity worldwide.
Business Decentralized Layer
All vendors’ operations are located in the decentralized layer based on crypto and operate as a third-party component in a Web 3.0 environment. Portal operators can be paid in Credits, Tickets, or both when providing products and services in the gated world. Once the transaction is completed, TIX (centralized unit) is converted to $TIX (decentralized token), and Lootian Credit generates a pair in USDC on the other side. For every TIX and Credit burned in the consumer’s module, these units are reduced in the vendors’ layer.
The miners who acted as central bankers issuing $TIX in Loot Arena are also on this side of the business. They can convert their balance to USDC, transfer it to their wallets outside the ecosystem or TIX, and share it with the gated world, where they can buy land or NFTs, pay fees, and enjoy new possibilities and experiences. Additionally, central bankers can become portal operators worldwide, transferring their reserves and selling TIX through over-the-counter services.
All users will soon hear more about this. At present, it is known that Lootverse’s economy is becoming more complex yet increasingly comprehensive and realistic from a user’s perspective. This world is designed to accommodate all types of people and sets the stage for a new generation of metaverses.
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