AMA Recap crypto library with LOOT NFT


On 20th November 2021, LOOT NFT conducted an AMA in the Crypto Library Community. Our guest is James Duchenne. Lots of questions as usual from the Community about LOOT NFT progress. The LOOT NFT team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into LOOT NFT.

Let’s take a look at the most interesting points of our conversation. 

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

James (LOOT NFT) : Please take a look of the answer on this link:
Crypto Library Team : We all know that Loot NFT is a massive project with a complex and diverse ecosystem. Can you explain how this ecosystem works and which features users can expect to find?

James (LOOT NFT) : Please take a look of the answer on this link:
Crypto Library Team :  Loot NFT has a very interesting gamified auction system. How did you get to this format? How is this helping creators and NFT fans?
James (LOOT NFT) : Please take a look of the answer on this link:
Crypto Library Team : To power this ecosystem, you have a bid unit (BUN) and a token (LTTs). Please, tell us more about them and what possibilities they open for users in the ecosystem?

James (LOOT NFT) : BUN (bid units) is a token that has a fixed value of 20c. BUN are used to bid one at a time in an NFT auction. The auction is timer based, the last to bid 1 BUN when the timer expires wins the auction. Whenever someone bids in an auction, depending on a "Mining Ratio" BUN convert to a Loot Ticket (LTT), which is the cryptocurrency of our metaverse. LTT can be used to buy NFT plots in Lootverse, and other NFT items, physical goods, services etc. Whenever LTT is used within our ecosystem, they are burned. This requires more people to bid at these auctions and issue the LTT. This also means that the circulating supply of LTT go up and down and the value of the LTT is set by miners. Mining within our ecosystem is fun as you can win valuable NFTs, but even if you don't you get LTT. Then you can set the price points for LTT or use them to consume within our world, whatever is more valuable to our ecosystem participants.

Crypto Library Team : Metaverse is the real deal now. How Lootverse will stand out from other metaverses that are coming up in the industry?

James (LOOT NFT) : Our metaverse is very different in the sense that we do not have an avatar for you to control, you do not have to wear headset or play in a 3D world. Instead, we replicate all formats of the real world (for example, land title detail are NFTs that look just like your land title papers). It's like a role play, your land give you licenses and benefits both in the virtual and the real world. For example, one of the benefits is to have a license to create a mini theme park on earth (or a gateway). People can cross from earth in person into one of those gateways. In those gateways they can use LTT as a currency. So, what we've done is created a role play using blockchain technology, virtual and physical environments. This doesn't exist (to my knowledge) out there and is driving a lot of excitement around Lootverse and Loot NFT. We've also built all of the foundations for it which I think is also interesting that people can interact with it.

Crypto Library Team : What is your vision for the Future of Loot NFT?

James (LOOT NFT) : The vision is to make blockchain tech and decentralization in practice to everyone. Not just people that know how to navigate Metamask and gas fees :). The way to achieve this for us is to showcase the real power of the technology in a virtual ecosystem AND THEN migrate it by changing input values to the real world. When we do that bridge from virtual to real world, the LTT (our native currency) will need to power both virtual and real world. We were fortunate as early bitcoin and ethereum adopters, so Loot NFT has not raised any capital (all self funded) and we are not looking to raise capital. Our team has 0 token allocation since LTT all come into existence from people bidding at auction (that's the only way they are issued), there are no plots in the virtual world that were offered for free. Our goal has always been to showcase the power of blockchain technology, NFTs, and cryptocurrency and the way we chose to do this is by first building our own world, then point at it as THE use case, before we can bridge out to real world use cases.
Crypto Library Team : As we know, every successful project has a few stories behind the scenes, what’s the story behind Loot NFT success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming Loot NFT updates that you want to show/share with us?

James (LOOT NFT) : Wow, like three questions in one. Bear with me.
1. Our success comes from the way we built our business taking a relationship first approach. I run Loot NFT's team as a family company first - integrity, honesty and transparency. The thing I think all businesses that want a decentralized future should do things. Our team has worked together for a while and we all support each other and complement our skill set. This is the reason we were able to have 5 white papers, a patent-pending process, a useable product, and customers (instead of investors) from day 1. And as we look to the future, I am super upbeat at the things we can achieve to provide value to our community.
2. The vision was first to create a mining protocol that pay NFT creators from anywhere around the world to issue a token. So, unlike bitcoin, instead of paying electricity companies to mine a bitcoin, we pay creators in known or unknown as a process of LTT issuance. This means that all LTT in the world contributed to talent from Asia, to Africa, and the world.
3. Everything we do is experimental to push the boundaries of the NFT ecosystem, so I guess you could call that prototyping :). Our mining site (called Loot Arena) is up and we're introducing the following features soon: (1) A member parliament, where our community can vote on changing critical aspects in our world, (2) Business Licenses in-world, for example parralel world insurance companies that pay premiums in LTT, (3) A stars Arena where branded artist can also participate in our NFT world, (4) A tablet to access the parallel world. What you have to think about is that we're creating an entire parallel world. So all the things you are used to in the real world, will be duplicated in one way or form in this world.

Crypto Library Team : What is your strategy to attract new users and investors to your platform and retain them long-term? What features can you recommend that will be key to setting the project apart from other NFT?

James (LOOT NFT) : The strategy is:
1. Attracting new users is always about the value given. We built our parallel world by offering significant value in NFTs, LTT, playing the game, redemption for really rare items and more. So long as we keep providing value to people in the way they expect it, we believe that our ecossytem will grow. We're interested in long term value for all.
2. Loot Arena (our mining site), is novel and doesn't exist anywhere. Due to the way that it is fun to bid at auction and the value obtained in return, we were able to show in practice (a) we have democratized access to anyone in the world no matter how much money they have, that they too can get valuable NFTs, and (b) the ecosystem value of the LTT is without parallel as we have real products on offer.

Crypto Library Team : I was very struck by that one you call "the final design piece of the Lootverse": God Matrix. Could you explain exactly what this "God Matrix" is and what function it plays within the Loot NFT World ecosystem? 

James (LOOT NFT) : The God Matrix, is a matrix of events that happen in the world. Since our world feels real to the people that are playing it, we needed to introduce the element or risk and reward. An example about the God Matrix is this: Say, you have a plot with some Lootizens on it that have a bag of LTT. Randomly this plot could be hit with a tornado, causing damage and reduction in the LTT held. This basically requires people to protect against tornado by paying an insurance premium in LTT so that they can get claims. Just like in the real world. Except for us, these insurance companies are created by other people. On the other hand, the god matrix can also airdrop other project tokens to you if the plot in which you reside is chosen. The elements of risk/reward creates an explosion of activity, and interaction much like the way it does in the real world. This makes it exciting for our community (Lootizens)!

Crypto Library Team : #LootNFT has 2 resident currencies, could you tell us how they differ and what they will be used for? Loot Ticket (LTT) is one of them, what are those functions it will have inside and outside the system?

James (LOOT NFT) : The BUN (bid unit) is a unit of account that people use to bid in auctions. When they bid say 27 BUN, they get issue 1 LTT. The LTT is the native currency of our world. LTT is used to redeem or buy items in world and later will be used to power applications like gas in the real world.

Crypto Library Team : What is the long term vision of the project to attract users from space outside from crypto or non coiner to think about an investment in phase1?

James (LOOT NFT) : First, making it user friendly. There's a lot in the backend but what users see is just the tip of the iceberg - and that makes the experience enjoyable. Second, we combine blockchain + NFT + Metaverse + Game. These are known to be uncorrelated with crypto bear markets, but also allow others their first exposure to it in a non-threatening way (i.e., they don't have to deal with complex things like gas etc). I think these two elements contribute to making it easy for anyone to join us. For example, we're seeing a number of people that are not within the crypto space come in and navigate the site and take an interest.
Crypto Library Team : Do You have any plan to support more blochchains in the future? what are your cross chain integration plans to gain mass adoption?

James (LOOT NFT) : We have our own ethereum-based permissioned blockchain from 2018 (running since then), and this allows everything in our ecosystem to be tracked, recorded and audited. Because of this structure, we can bridge with any other chains. So for example, LTT (native currency) can bridge to Ethereum (LTTE), Binance (LTTB), Cardano (LTTC), and any other chains. Our NFTs are also unique, in the sense that we mint on our own chain and then these can be burned and reminted with the historical data on other chains. So users can decide what they'd like to do and where is the most value to them.

Crypto Library Team : Can you give an overview of your Tokenomics, and the UTILITY of Token?

James (LOOT NFT) : Our tokenomics is very different. We have no pre-mined tokens. We have no token allocations or reserves. The BUN go into an auction and converts to LTT (that's the only way it comes into circulation). Hence, only bidders can mine the LTT. When the LTT is redeemed in-world for some activities, they are burned. An e.g., currently there's been about 170k LTT mined, and only 70k in circulating supply. This means that our economic activity is strong. Now in setting prices for LTT, the bidders can decide what to sell it for.

Crypto Library Team : I want to invest to your project. Where i buy your token? Is it available on any exchange?

James (LOOT NFT) : Our token is currently being mined by the bidding process. If you want to earn our token, you can join us and bid in the auctions with others. This is likely going to be the cheapest way to get the LTT. If you don't want to mine now, you can wait for a miner to sell it to you later (probably at a higher price but who knows!). If you want to take part in our ecosystem now, while it is still young, the best thing is to bid and generate LTT. If you win an NFT, you can relist it through the same process. Whatever proceeds in USDC for the resale of an NFT is paid to you directly. This could be very significant. Moral of the story: Join Loot Arena, and bid today - generate LTT, and try to strategise to win an NFT or NFTs. 

Crypto Library Team : What is the background, of the your project, team do you think team's qualifications, and experience, able to support the long-term development, of the project?

James (LOOT NFT) : My team:
  1. Me - I'm an early bitcoin adopter since 2013, advised companies, governments, projects and invested in a number of projects.
  2. My cofounder founded one of the largest Cardano Staking pool - called Loot Pool.
  3. Suyash singlehandedly built the Ethereum-based permission blockchain.
  4. Shubham is one of the most talented artist in the south easter african region. More is that we work well together as a core team. 
Supporting us is a pretty large team from all corners of the globe.

Crypto Library Team : Is This Your project only for elite investors, how about others with small funds, is it open to everyone?

James (LOOT NFT) : No that's the point of our business. Our goal is to allow anyone, anywhere to participate. Think of it this way. You bid one token at a time in an auction. The token is $0.20. If you are the last person to bid in the auction when the timer reaches 0, you can win the NFT. There's a twist - a bid received in the last 15 seconds resets the timer back 15 seconds. So, if you want to get a valuable NFT you need to be able to strategise. While we make it available to everyone, it certainly doesn't mean it will be easy. However, we make it accessible to you. And there's no better time to start than now, because we're still getting known out there and you can be an early adopter of what we're doing.