Instead of burning energy, paying electric bills, and hardware manufacturers, we set out to create a mining protocol that paid talented creators and good causes. Today, several creators around the world have benefited from our Proof of Play protocol.
NFTs as Blocks in a Chain
We turn each NFT into a block of bidding transactions. All BUN are trapped in auctions while live. When they end, BUN are sent to the Oven (a time-locked wallet), the proceeds of the auction are calculated and sent to the Curator of the NFT. At the same time, LTT are minted from the ticketbase and forwarded to each Miner. Lastly, that NFT is chained to prior NFT sold at previous auctions on a time-concluded basis.
Miners must pay a joining fee to participate in an auction which increases as the auction progresses. The limited BUN supply, the Oven, and the maximum allowable BUN per member account create a level playing field that seeds auctions early.
Wealth is no Advantage
Battle bidding is a game of skill where miners bid one BUN at a time and try to be the last to bid when the timer expires. Anyone can win with the right strategy.
Rewards are targeted to increase the influence of miners on the platform. For example, collecting a simple majority of a set, grants miners a Degree (i.e., status level) that lowers their mining ratio. Miners can also sell their LTT (or stake their LTT) for Credits they can use to buy more BUN to generate more LTT (that they can either redeem on the platform or send off-site).
Miners will be able to decide on the variables in use within the ecosystem through member governance at the Parliament.
We use a permissioned infrastructure for high volume transactions and fixed-fee pricing. HABN validators accept a per API call fee that is baked into Loot Arena (and Loot NFT) such that members do not have to handle or pay gas fees for transactions.
Managing Physical Items
Our vault is put at the disposition of Curators, fee-free, to custody physical creations. A strong chain of title program, together with legally wrapped rights of ownership, for unique physical creations ensures that NFTs tied to those works are not fakes and that the provenance is vetted.