The current fast-growing Lootian population has known and experienced several ways of developing their legacy in this world. Early adopters of the technology and mechanisms available in the ecosystem drove the first economic activity of this land: the issuance of Lootian Tickets ($LTT). While $LTT is mined during the battles in Loot Arena – the in-world fantasy Central Bank – miners act as economists influencing the currency supply. Those central bankers can now become business providers in the gated environment of Lootverse, offering over-the-counter (OTC) services to all Lootizens. This recently launched opportunity can also be a chance for enterprises operating in the world to expand their activities and boost conversion.
OTC Facilities and How They Work
Lootverse’s financial system has a centralized layer, where Lootizens enjoy a gamified lifestyle in the first discovered non-pixelated metaverse, and a decentralized layer, where all businesses operate backed up by crypto. Every LTT and Credit on the consumer side has a related $LTT and USDC on the vendors’ end. Read more about this topic here. OTC Facilities remove the complexity associated with the access of products and services throughout the world using the map as an enabler to all commercial transactions.
An easy way to understand the model is to visualize a fair with vendors who provide products or services from their stalls. In this case, vendors are in-world businesses or Lootizens with monetary funds who offer those facilities to consumers and experience seekers all over the world.
Opportunities with OTC Facilities
Lootizens and businesses interested in opening an OTC Facility will benefit from it according to the type of services or products they plan to offer.
#1: OTC Exchange Portals: Peer-2-Peer LTT Sales
This modality is destined for miners who have ample funds of $LTT. They can register in the Government of Lootverse to receive a business license and then become OTC providers, selling LTT in the world to other Lootizens directly from their plot of land.
Once they have their license approved, which happens instantly, they can head to the Fund’s website, set their personalized URL, and choose the exact location of their business with the drag and drop tool. This step also requires the applicant to pick an in-world exchange (clearing house) to work with and set the volume and discount below the market price.
In addition, they set a price below the mark which they will not sell. A Lootian Levy applies to sales at a lower price from specific ranges, and the vendor can be subject to pay penalties when selling below those limits. It is worth saying that all LTT from the Lootian Levy is burned or retired from the ecosystem.
#2: OTC Broker Portals: LTT Payment for Vendors
Another exciting opportunity for those looking to enhance their businesses in Lootverse is becoming OTC Broker Portals. This category of service work as a payment provider for vendors who offer products or services inside the gated environment. If the vendors have sufficient funds and a license, they can act as their own OTC Broker Portal.
Imagine that a Lootizen just arrived in the world and wants to buy a product or a service but doesn’t have the LTT balance to make the payment. In this case, the customer can pay directly with them in the correspondent Credits amount, enabling them to seamlessly shop for the item by using an OTC Broker service.
If the product or service sold is priced in Lootian Credits, Credits are charged to the consumer and applied to buying LTT to pay ecosystem fees. Stall owners can also offer the choice of both Lootian Credits and LTT payment to their customers, giving more options and adding convenience to their experience. The OTC Broker Portal, in this process, takes in Credits and sends the LTT fees to be distributed by the ecosystem.
#3: Loans of LTT
This service will help those who wish to join the exclusive auctions held by Satoshi’s Lounge but don’t want to top up their LTT wallet. Here is where OTC Brokers step in to introduce the LTT loan service in Lootverse. They may require a certain amount of Lootian Credits to be locked up until the end of the auction. After that, only the winner spends the Credits, and all Credits provided to other Lootizens get released. In this process, $LTT are received by the stall owner and converted immediately to USDC in the backend.
An OTC provider can use Credits to buy its own $LTT converting them to USDC at the set price. The Lootian Levy applies in this process and can be done directly from the Fund. The $LTT converts to LTT and Lootian Credits to USDC Credits in that customer’s account, although this is subject to a fee.
#4:Transfers in-world X OTC Sales
An important advantage for business owners and miners is that all $LTT received from sales can be transferred into the gated environment or sold in an OTC directly. In this case, this Lootizen must send their $LTT to an in-world exchange, which will list them as $LTT. On the order book, their $LTT will be sold first, as is the case from an OTC exchange. This sale will then return them USDC Credits, which can be transferred in-world. This process bypasses the X-bridge functionality.
#5: Bonds
Sometimes, Lootizens may not be inclined to buy Lootian Credits in the world to get LTT and access products or services, like joining high-priced auctions. In this case, Lootizens can put a bond to borrow LTT from one or more OTC Broker Portals. They can then loan LTT, bid as they wish, and have the bond released in the end once they pay the required value into the ecosystem using USDC.
In the vendor’s environment, what happens is a simple process; once the USDC is processed, the seller gets paid in $LTT, and the item is sent to the buyer. The same thing can be implemented using smart contracts at a wallet level. With this system, Lootizens do not have to buy Lootian Credits that will be locked for use within the ecosystem and still be able to take part in relevant auctions. With this accessible structure, bonds have the potential of becoming more popular among Lootizens, both on the consumer and on the business side.
Overall, the OTC services will add flexibility to the ecosystem. While consumers enjoy an easy and fluid experience, businesses access a robust financial layer to scale their activities. That way, Lootverse combines the best aspects of Web 3.0 and Web 2.0 infrastructure in a metaverse unlike any other.
