Document Details

Title

Loot NFT Overview

Uploaded On

12-May-2021

Loot NFT Co LLC

We are a gamified auction platform where members use BUNs, tokens of limited supply, to bid at auctions. Membership is by invitation only. Patent Pending. Copyright 2021, Loot NFT Co LLC. We are an invite-only platform If your email address is not whitelisted during our open membership intake (before 30 June 2021), get a member to whitelist it for you before you sign up. Achieving degrees A set that is put together for the first time unlocks a mystery gift. Each set collected is called a degree and grants more BUN rewards to the member that achieves it. Buy Bid Units (BUNs) Buy BUNs with USD Coin (USDC). BUNs are bought in packs of 25 for 5 USDC (around $0.20 each). Joining and bidding at auctions Members pay a fee in BUNs to join an auction. This fee goes up as the auction progresses, making it more expensive for latecomers to join. Thereafter, members bid 1 BUN at a time. The last member to bid when the timer expires receives the NFT. Each BUN bid is spent and debited from a member's account. Re-listing Members can list NFTs they won for re-sale at auction. The BUNs collected in that auction are converted to USDC and paid to that member (less our fees). Conditions apply. Games within a game Members participate in auctions to collect NFTs to achieve degrees (up to the 5th degree) and receive mystery gifts. In this process they can re-list NFTs which may be snapped up by those hunting for NFTs to complete their sets. Blockchain Technology The BUN is a cryptographic token limited in number and member interactions are recorded and audited by the blockchain. Rewards The more a member participates in auctions, the more BUN rewards they receive. Badges Early-adopter members receive badges granting them benefits. Be early! Non-Fungible Tokens (NFTs) Each NFT we list on auction is curated, unique, and part of a themed set. We are the custodian of the digital and physical creations until the members that own the NFTs request to transfer them into their custody. Time-limited auctions NFT auctions are time-limited, but if a member places a bid in the last 15 seconds, the timer resets to 15 seconds. It is possible that auctions lasts hours (or days). Step into the arena and battle-bid for NFTs. … in the process, creators anywhere, known and unknown, get recognized and paid for their creativity and talent.