HOW IT WORKS ?
Invite Only, Loot NFT and the Arena
You must be invited to join. Either follow a referral URL to sign up or have your email address whitelisted by another member (also known as a "miner"). We are like a gamified arcade (i.e., buy Credits, play a game, "mine" tickets to redeem at a store). Loot Arena is where miners play at battle-bidding auctions and mine the native currency of our ecosystem.
Bid Units (BUN)
Miners buy BUN, a cryptographic token of limited supply (500 million), to bid at auctions. BUN are purchased in packs of 25 for five credits (equivalent to 5 USDC ERC20).
The Game (Auctions)
One-of-a-kind NFTs are listed in auctions. Physical creations linked to NFTs are custodied by Curators or at our insured facilities around the world. Miners bid one BUN at a time in a time-based auction. A bid in the last 15 seconds resets the timer back to 15 seconds. The last to bid when the timer expires, wins the NFT.
LTT and Mining Ratio
Miners get Loot Tickets (LTT) when they bid at auctions based on a mining ratio (e.g., 42 BUN bid at auction for 1 LTT). LTT are used to redeem products and services, and can also be custodied by miners (functionality coming soon).
All BUN spent by miners in auctions are sent to the Oven, a time-locked wallet. The Oven redistributes a portion of the BUN back to miners every Sunday as rewards proportional to their participation level at auctions.
Rewards & Status
Completing NFTs in a themed set unlocks additional benefits, such as more BUN from the Oven, better mining LTT mining rates, mystery gifts, and more.
We provide a different path for creators to be recognized and showcase their amazing talents, no matter where they are from. Welcome to the world's first NFT talent show.
Initially, the activities on Loot Arena are centralized. Over time, our centralized modules will be dismantled and carried by the LNFTxHABN permissioned blockchain, which is then meshed with the most suitable public blockchain at the time.