Crypto

Satoshi’s Lounge, Loot NFT’s Unique Store, Is Now Open

NFTs

Satoshi’s Lounge, a long-awaited exclusive store, opened on November 21st, this year bringing the first plots in Lootverse, Loot NFT’s decentralized fantasy theme park with real-world access, to the public. In three stages, Lootizens from all around the world will have access to purchase their properties and one-of-a-kind NFTs.

James Duchenne, Co-Founder, and CEO of Loot NFT:

“We are excited to formally introduce Satoshi’s Lounge to the community, and to honor our most dedicated members, we have decided to give them the choice to become the first plot owners in Lootverse, providing them with a once-in-a-lifetime opportunity to be ahead of the game.”

The parallel universe of Lootverse has 4,880 plots waiting to be found. The top-24 ranking Lootizens were given the freedom to twenty-four random plots across all six kingdoms during the initial stage of the grand launch.

Each of these plots was sold in Satoshi’s Lounge for a fixed price of 50 Loot Tickets (LTTs), which were earned through battle-bidding auctions (our world’s most popular game). The orders are straightforward at this point: the top-ranked Lootizen can purchase one unit from any of the plots. The second-placed candidate will then have the option of buying one of the remaining twenty-three plots, and so on until all of the plots have been sold.

During their turn, participants have one hour to buy their plot. After that, any remaining plots will revert to the Lootverse treasury. After the current NFT auctions, the mining ratio will increase from 27:1 to 34:1 for all new miners on November 29th, 2021, and the staking bonus will decrease from 15% to 5%.

Plots will be auctioned off in the second stage, as described in our World Tokenomics Documentation, and will be available only to LTT holders. The reserve price for the initial set of eight plots will be 50 LTTs, and each plot will be available for 24 hours only.

Lootizens can bid any amount (as long as they have enough LTTs in their wallets), and any bid received during the last 30 seconds will reset the countdown for another 30 seconds. When the countdown runs out, the highest bidder gets the plot, and the LTTs are automatically deducted from the participant’s account and burned.

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If the reserve is not fulfilled within 24 hours, the plot will be listed in Satoshi’s Lounge’s Buy-It-Now section for the same amount as the reserve plus 10%. The first member to place an order will be allowed to purchase their plot.

During the third phase, anyone without an invite will be able to join Satoshi’s Lounge, and new members will be able to quickly acquire LTTs from miners and plots. There will be no staking bonuses, and the mining ratio will be increased to 42:1. Miners will be able to sell their LTTs in the marketplace for credits. Other things will be available in Satoshi’s Lounge, competing for attention with plot sales.

Plot owners in the Lootverse have permission to enhance their property, manufacture NFTs representing historical events from their plots, and build real gates to our planet for Earthers. Plot awards that have accrued since October 1, 2021, will be distributed seven days after the third stage begins. Following that, perks will be distributed every Thursday at the same time as staking rewards. This allows Lootizens to prepare their tales.

Plot incentives will be distributed proportionally to the number of stories published on HABN, rather than just based on plot ownership. After purchasing a plot, the owner will gain access to the Fund, Lootverse’s fantasy real-estate and financial gateway. They will be allowed to mint their tale NFTs on HABN first, with a 24-hour clearance process.

James Duchenne, Co-Founder, and CEO of Loot NFT:

“Lootizens will create their own distinct lives, new applications, fashion, culinary, and much more in our world.” Our team is ecstatic to embark on this adventure with all Lootizens, developing the first-ever parallel universe with a self-regulating economy, powered by LTT, and applicable to Earth in a cross-dimensional reality.”

*To ensure the greatest experience for all Lootizens and new members, our team will keep track of purchases and reserve the right to suspend Satoshi’s Lounge auctions if necessary.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.