NFTs on Loot NFT
An NFT is a cryptographic token that establishes the authenticity, ownership, and transferability of a unique creation; it is in effect, a digital asset. No two NFTs are alike. Here, an NFT’s owner is also the owner of the physical creation linked to that NFT (in digital-physical scenarios).
We are the custodian of all NFTs listed on auctions. We mint and track NFTs on the LNFTxHABN permissioned blockchain until such time as they are transferred off-site by their owners. Hence, while on Loot NFT, NFTs are IOUs.
Members can re-list NFTs they won for auction at any time; they set a reserve price and a minimum number of members to have a seat at the auction. Once the reserve is met, the auction starts. Proceeds of the auction, less our fees, are paid in USDC to the reseller. Conditions apply.
When members transfer an NFT off-site, we burn that NFT on LNFTxHABN. We then issue it on the member’s blockchain of choice (subject to availability). The issuance will note in the meta the provenance information and past transactions conducted on the LNFTxHABN blockchain.