The current rapidly-growing Lootian population has been aware of 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 Tickets ($TIX). While $TIX is mined in Loot Arena – the in-world fantasy Central Bank – miners act as economists influencing the currency supply. These central bankers can now become business providers in the gated environment of Lootverse, offering over-the-counter (OTC) services to all users. This recently-launched opportunity may allow enterprises worldwide to expand their activities and boost conversion.
OTC Facilities and How They Operate
Lootverse’s financial system has a centralized layer, where users enjoy a gamified lifestyle in the first discovered non-pixelated metaverse, and a decentralized layer, where all businesses operate backed up by crypto. Every TIX and Credit on the consumer side has a related $TIX 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 worldwide using the map as an enabler to all commercial transactions.
One way to understand the model is to envision a fair with vendors who provide products or services from their stalls. In this case, vendors are in-world businesses or users with monetary funds which offer those facilities to consumers and experience seekers worldwide.
Opportunities with OTC Facilities
users and businesses interested in opening an OTC Facility 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 designed for miners who have ample funds of $TIX. They can register in the Government of Lootverse to receive a business license and then become OTC providers, selling TIX in the world to other users directly from their plots of land.
Once they have their license approved, which happens instantly, they can go to the Fund 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 select 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 paying penalties when selling below those limits. It is worth noting that all TIXs from the Lootian Levy are 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 service category is a payment provider for vendors offering products or services inside the gated environment. If the vendors have sufficient funds and licenses, they can act as their own OTC Broker Portal.
Imagine that a Lootizen just arrived in the world and wishes to purchase a product or a service but needs the TIX balance to pay. In this case, the customer can pay directly with them in the corresponding Credits amount, enabling them to shop for the item seamlessly 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 TIX to pay ecosystem fees. Stall owners can also offer the choice of Lootian Credits and TIX payment to their customers, providing more options and adding convenience to their experience. The OTC Broker Portal, in this process, takes in Credits and sends the TIX fees to be distributed by the ecosystem.
#3: Loans of LTT
This service will assist those who wish to join the exclusive auctions held by Satoshi’s Lounge but do not want to top up their TIX wallet. Here is where OTC Brokers introduce the TIX 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 users are released. In this process, $TIX is received by the stall owner and converted immediately to USDC in the backend.
An OTC provider can use Credits to buy its own $TIX converting them to USDC at the set price. The Lootian Levy applies in this process and can be done directly from Fund. The $TIX converts to TIX 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
A significant advantage for business owners and miners is that all $TIX received from sales can be transferred directly into the gated environment or sold in an OTC. In this case, this Lootizen must send their $TIX to an in-world exchange, which will list them as $TIX. Their $TIX will be sold first on the order book, 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, users may not be inclined to buy Lootian Credits worldwide to get TIX and access products or services, such as joining high-priced auctions. In this case, users can put a bond to borrow TIX from one or more OTC Broker Portals. They can then loan TIX, bid as they wish, and release the bond 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 receives payment in $TIX, and the item is sent to the buyer. The same thing can be implemented using smart contracts at a wallet level. With this system, users do not have to buy Lootian Credits that will be locked for use within the ecosystem and can still participate in relevant auctions. With this accessible structure, bonds have the potential to become more popular among users, 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 seamless experience, businesses access a robust financial layer to scale their activities. Thus, Lootverse combines the best aspects of Web 3.0 and Web 2.0 infrastructure in a metaverse unlike any other.
