Over the last seven months, Lootverse has evolved from the first gamified attraction – Loot Arena – to a complete ecosystem of core destinations unified in an interactive map ready to host innovative enterprises from all industries. Its business model has also changed significantly to accommodate the layers of complexity and support a fair internal economy.
For those who just arrived or are simply interested in a deep understanding of the topic: this fantasy parallel world is made of two technological components. The first one consists of a decentralized layer accessed by business makers. The second is a gated centralized environment used for all customers and players to come.
Lootian Ticket or LTT is the currency powering the financial life in the world. It is behind shopping transactions, businesses, and fees. Although, an interconnected system of tokens and units boosts economic activities, adding a realistic dynamic to the ascending Lootian society. Bear with us to deep dive into the tokenomics of Lootverse.
A Hybrid Model
Lootverse is currently in the world builder stage, which means that both Loot NFT (the organization developing the world) and the visionary early adopters who first discovered this land are establishing the foundations of this parallel reality. Embracing a hybrid model, companies (vendors) purchase licenses in the form of NFT plots, buildings, units, and portals to then serve all Lootizens offering products and services. Much like a marketplace works in real life.
They are setting up residential and commercial areas to rent or sell soon and structuring new attractions such as malls, casinos, and games. Bold sellers are also coming up with creative solutions for the lifestyle in the metaverse, such as NFT stories to illustrate the properties, architecture services for those interested in futuristic designs for their land.
Centralized Gated World
The customer environment is centralized, and Lootizens can access three monetary units: Lootian Credits (Credits), Lootian Tickets (LTT), and Bid Units (BUN). Each has several use cases and can only be used in the gated world and within its attractions. When entering the ecosystem, Lootizens are shown how to top up their wallets in the Bank of Lootverse, first buying Lootian Credits, then using it to purchase LTT to redeem for products and services or BUN to bid in the battles for NFTs at Loot Arena. If users have an eye on one of the collectibles for sale at Satoshi’s Lounge, they can also use LTTs to join the auctions and Lootian Credits to pay for the shipping. An over-the-counter system will also be launched soon to streamline access to LTT, adding convenience to customer activity in the world.
Business Decentralized Layer
All vendors’ operations are found on the decentralized layer, backed up by crypto and acting as third-party components in a Web 3.0 environment. When offering services and products in the gated world, portal operators can be paid in Lootian Credits, LTT, or both. Once the transaction is completed, LTT (centralized unit) is converted to $LTT (decentralized token) as well as Lootian Credit generates a pair in USDC on the other side. Every LTT and Credit burned on the consumer’s module is depicted in the same proportion from the vendors’ layer.
Miners who worked as central bankers issuing $LTT in Loot Arena are also on this side of the business. They can convert their balance to USDC and move it to their custody outside of the ecosystem or convert it to LTT, sending their reserves into the gated world where they can buy land or NFTs, pay fees, and enjoy future possibilities and experiences. And that is not all, central bankers can also become portal operators in the world transferring their reserves and selling LTT through over-the-counter services.
All Lootizens will hear more about that soon. But, for now, it is known that Lootverse’s economy is becoming more complex yet very complete and realistic from a user’s perspective. This world is made for all kinds of people and it is paving the way for a new generation of metaverses.
Join the Telegram community to stay up to date!
