Loot NFT launches Satoshi’s lounge, its exclusive store
A long-awaited exclusive store, Satoshi’s Lounge, has launched on November 21st, offering the first plots in Lootverse, Loot NFT’s decentralized fantasy theme park with real-world access. Lootizens worldwide will be able to buy their properties and one-of-a-kind NFTs in three stages.
James Duchenne, Loot NFT Co-Founder and CEO:
“We are proud to officially open Satoshi’s Lounge to the community and to celebrate our most engaged members, we decided to offer them the chance to become the first plot owners in Lootverse, with a unique opportunity to be ahead of the game”.
Lootverse is a parallel world with 4,880 plots ready to be discovered. During the first stage of its grand opening, twenty-four random plots across all six kingdoms became available to the top-24 ranked Lootizens.
Each of these plots were offered at Satoshi’s Lounge for a fixed price of 50 Loot Tickets (LTTs), mined from the participation in battle-bidding auctions (the number one game in our world. Rules at this stage are simple: the first ranked Lootizen can choose out of any of the plots and purchase one unit only. The second-ranked will then be able to choose one plot to purchase, out of the remaining twenty-three units, and so on until all of the plots have been sold.
Participants have a total of one hour to purchase their plot, during their turn. After that, any plots left will revert to the treasury of Lootverse. On November 29th, 2021, the mining ratio will rise from 27:1 to 34:1 for all new miners, and the staking bonus will reduce from 15% to 5% after the current NFT auctions.
At the second stage, plots will then be offered on auction in the way previously stated in our World Tokenomics Documentation and exclusively to LTT holders. The reserve price for the first set of eight plots will be set at 50 LTTs, and all plots will be listed on auction only for 24 hours.
Lootizens will be able to enter any amount (as long as they have enough LTTs in their wallets), and a bid received in the last 30 seconds will reset the timer to another 30 seconds. When the timer expires, the highest bidder wins the plot, making the LTTs automatically deducted from the participant account and burnt in this process.
If the reserve is not met after 24 hours, that plot will be listed in the Buy-It-Now section of Satoshi’s Lounge for the same amount of the reserve price plus 10%. The first member who orders will then be granted the right to purchase their unique plot.
During the third phase, anyone will be allowed to sign up to Satoshi’s Lounge without an invite, and new members will be able to easily buy LTTs from miners and purchase plots. The mining ratio will go to its highest bracket at 42:1, and there will be no staking bonuses. Miners will be able to list their LTTs for credits in the marketplace. Other items will also be offered in Satoshi’s Lounge and compete for attention with the sale of plots.
Lootverse plot owners own licenses to improve their land, mint NFTs depicting historical events from their plots, and create gateways on Earth for Earthers to visit our world physically. Plot rewards accumulating since October 1st 2021 will be distributed seven days after the start of the third stage. After that, benefits are to be released every Thursday at the same time as staking rewards are distributed. This gives time for Lootizens to mint their stories.
Plot rewards will be provided proportionally to the number of stories minted on HABN, not only by owning a plot. Once the plots are purchased, its owner will access the Fund, the fantasy real-estate and financial portal of Lootverse. There they will be able to mint their story NFTs first on HABN, with an approval process of 24 hours.
James Duchenne, Loot NFT Co-Founder and CEO:
“In our world, Lootizens will develop their own unique lifestyles, innovative applications, fashion, culinary, and much more. Our team is excited to join this journey with all Lootizens, creating the first-ever parallel world with a self-regulating economy, powered by LTT and that would be applied on Earth in a cross-dimension reality”.
*To guarantee the best experience to all Lootizens and new members to come, our team will monitor purchases and reserve the right to pause the auctions on Satoshi’s Lounge if needed.
You can learn more about Loot NFT and its artists here:
Disclaimer: This is a paid post and should not be treated as news/advice.