NON-FUNGIBLE TOKENS
NFTs in the Arena
A non-fungible token (NFT) is a cryptographic token that can establish the authenticity, ownership, and transferability of a unique creation; it is in effect, a digital asset. No two NFTs are alike. On Loot Arena, an NFT's owner is also the owner of the physical creation linked to that NFT (in digital-physical scenarios).
Custody
Curators (holders of a plot type P in Loot NFT World) manage creators, mint NFTs on LNFTxHABN and are the custodians of any underlying physical items linked to that NFT until they are transferred out of our ecosystem by their owner.
Re-listing NFTs
Miners can re-list NFTs they won for auction at any time; they set a reserve price and a minimum number of miners to have a seat at the auction. Once the reserve is met, no new miners can join and the auction starts within 24 hours. One-hundred percent (100%) of the proceeds of a resale as listed in the auction are paid in USDC ERC20 to the reseller.
Transfers Off-Site
When miners transfer an NFT off-site, that NFT is burned on LNFTxHABN. It is then issued on another blockchain (subject to availability). The newly minted NFT will note the provenance information and past transactions conducted on the LNFTxHABN blockchain in the meta.
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