Altcoin Alerts Community had an Ask Me Anything session with Gary Wu (Community Manager) from Lootex on 16th Feb 2022
Segment 1: Lootex Introduction & Q/A with Altcoin Alerts Team
Altcoin Alerts: Hi Sir, Welcome to Altcoin Alerts community
Hope you’re doing well
Gary Wu: Thanks, it’s my pleasure to be here!
Altcoin Alerts: Our pleasure, let’s start the AMA
Gary Wu: Let’s go!
Altcoin Alerts: Let us start the AMA with an introduction. Can you please introduce yourself & your journey in the cryptocurrency field. Also please introduce Lootex.
Gary Wu: Sure!
My name is Gary Wu, Community Manager at Lootex.
Before I joined Lootex, I was running a social marketing startup in the old Web2.0 for 4 years starting in 2017. In 2021, I learned about NFT and crypto and I instantly got addicted to it to the point that I decided to end my startup just for the sake of learning more about blockchain, crypto, NFTs, and in result I found and joined Lootex!
Altcoin Alerts: Amazing 👍🏻
Gary Wu: A brief introduction of Lootex:
The origin of the company’s name, Lootex, was Loot Exchange — a cross-chain game item shop for the Metaverse.
Lootex is a decentralized NFT marketplace. Users can #buy / #sell NFTs on any of the supported blockchains (#ETH/#BSC/#Polygon).
Our marketplace focuses on the NFT trading of play-to-earn game assets. We are actively building a player-centric NFT trading platform, and our ultimate goal is to establish a #LootexDAO with a complete ecosystem.
And in the last quarter of 2021, we have 80K+ monthly active users and we have garnered a total of 3 million USD trading volume on our marketplace. We are looking forward to achieving more this year!
Our #CEO and Co-founder, Justine Lu, is an avid fan of gaming and a long time game industry veteran. She felt the pain of losing valued items and accomplishment when the game publisher no longer supports the games. So Justine, together with the help of David Tseng, one of the co-founders, decided to take a rebellious approach and formed Lootex as a gamer-centric, in-game asset marketplace where players can easily browse and trade the most popular game assets. This is when delivering the message of owning your own game asset in blockchain games became Lootex’s mission.
One of our core team members, TengYing Yu, has been a die hard gamer since his teenage years. With over 15 years worth of experience coming from #Blizzard Entertainment, he was able to work on well-known projects like World of Warcraft, Hearthstone, Diablo 3, StarCraft 2, and many more as project manager and producer.
Altcoin Alerts: Okay let’s move on to next question
There are various features of Lootex like Protocol for items on chain, Crypto wallet, P2P trading platform and more. Please tell us more about it.
Gary Wu: Good question!
We offer Cross-Chain Payments
One of the great things about Lootex is its cross-chain functionality.
This means that players with tokens on one blockchain can purchase in-game assets used in games that run on other networks.
For example, players who store assets on Ethereum will be able to purchase game assets on the Polygon blockchain through Lootex. We will achieve this by aggregating different DeFi Protocols using bridge solutions, such as xy.finance or Anyswap.
We also have the upcoming LootSwap feature
It is based on a peer-to-peer exchange. It helps users by minimizing gas fees when they swap in-game items.
For instance, the current system requires 2 transactions for a swap to be completed. And per transaction made, the user gets charged with a gas fee (transaction fee for using a blockchain).
With Lootswap we can complete the transfer with 1 transaction which gives users a swift, cheaper transaction. 💰
Altcoin Alerts: N1ice one
Gary Wu: We have multiple supported DeFi Wallets
Users can use popular wallets like #Metamask, #Coinbase, #Qubic and #WalletConnect. Wherein they can choose which wallet they are most comfortable in using.
Altcoin Alerts: Nice, next question
Which network/blockchain Lootex platform supports and will support in future?
Gary Wu: Currently our platform supports #Ethereum, #BSC, and #Polygon.
As of the moment, we are currently working in adding #Avalanche, #Arbitrum, #FTM and #Moonbeam blockchain.
Altcoin Alerts: Lootex token sale recently completed successfully on Huobi. Please share your milestone and major announcements till now. On which exchanges LOOT token is listed?
Gary Wu: $LOOT is currently listed on #Huobi, #BKEX. Also recently listed on #BitMart & #Uniswap! MORE CEX listings TBC early March.
We are currently upgrading all details, features and functions of our $LOOT token and we’ll be announcing when everything is all set to be released shortly.
As for our roadmap we can say that we are doing great progress in the Q1 of 2022.
Let me share our roadmap for 2022 with you guys!
2022 Q1 — Build a better game trading/launch platform
- Game Asset #Launchpad release (#INO / #IGO)
- Support more chains (eg. #AVAX / #FTM…etc.)
- In-depth customized chain game store
- better trading experience: parameter query, rarity query… etc.
- #Lootpedia — Game guide for in-game items
2022 Q2 — Create a better gaming/trading experience
- Gamer Profile Page (own photo, cover photo, favorite game… etc.)
- #Lootswap — Cross-chain NFT swap feature
- Risk-free to swap your virtual assets through smart contracts
- Build a virtual store inside The Sandbox
2022 Q3 — Chained Blockchain Game Ecosystem
- #Decentralized Game Launchpad is online
- NFT #rental and #borrowing will be available
- Cross-chain and cross-currency payment function is online
2022 Q4 — Enter the world of Metaverse!
- Advanced player-to-player trading function
- Host more events in #TheSandbox Metaverse
Altcoin Alerts: Great
Segment 2: Twitter Questions
Q1. With regards to your GAME LAUNCHPAD, Can you explain the process of application before sales are conducted on your launchpads? Also how will players participate in presales & what whitelisting allocation procedure do you use to ensure a transparent distribution of presale assets?
Gary Wu: We take our launchpad seriously, and do carefully select the project that looks promising. We have an application form for the project to fill out, and we do evaluation internally. So far we put some of the projects we know them personally on launchpad, since we know they won’t rug.
So far we have done fair and open launch for the launchpad projects, there’s no whitelist to purchase from launchpad at the moment, but we will learn from existing examples of good practice to ensure early Lootex adapters can enjoy the benefit of participating in launchpad mintings.
Q2. As it says on your website, Lootex brings real value to digital creations and the ecosystem in general. But there are other very important projects in the ecosystem. What are your main competitors and what is your strategy to make Lootex the best NFT Marketplace?
Gary Wu: Compared with other NFT marketplace, Lootex is more focused on the trading experience of GameFi NFTs. And with the help of our upcoming features like #Lootpedia📚, #Lootswap🔄, #CrossChainExchange🏦, customized gaming user interface. — Users can have the most efficient, “cost-friendly💰” NFT trading experience using our platform.
We take pride in promoting early entrants where their NFT projects can be featured on top of our marketplace giving them an opportunity to have exposure — this is the unique business model that we have established. Unlike big platforms, there are various projects being featured on top of their marketplace, and the chances of having exposure to newcomers are close to 0.
Q3. Can you tell us if LootexIO has been audited? as we know, smart contacts are very vulnerable to attack and to do check cost a lot of money. So can you tell us a little bit about that, because investors need to know?
Gary Wu: Good one, we are trying to build a #decentralized marketplace, we don’t have any kind of KYC process, but we do pay a lot of attention to our contract for our marketplace.
In fact, we have partnered with PALADIN (https://paladinsec.co/projects/lootex/) blockchain security and have been working closely with them because we truly want to focus on our investor and community safety.
We aim to cover all potential issues regarding security through this audit. We worked closely together with them and they assisted us through giving their recommendations and advice before a post-deployment round is done to deploy contracts that are verified to match the audited contracts completely.
Segment 3: Lootex Q/A with Community
Q1. LooteX is build for Gamers as well as Game projects. What can Game Projects do to be featured on your Marketplace?
Gary Wu: When we feature a game project on our marketplace, we feel like we are recommending a good game to our personal friends. We do see our site visitors as our gamer friends, and we call them Lootizen. Anyway, for games to be featured, it has to be of good quality, and has clear roadmap, best if the development team behind it also doxxed and has released games before.
In the near term future, we would even let our community pick which project should be featured on our site, as we really cater to our player-base community.
Q2. Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?
Gary Wu: We are proud partners of Infinity Ventures Crypto, YGG SEA, Avocado Guild, The Sandbox, and many more.
The mentioned partnerships will help strengthen our existing communities. Our role will be to provide all the resources they will need in order to achieve our common goal — which is to unify everyone in the Metaverse.
Q3. How Do you planning to promote your project in different countries, wherein English is not spoken well? Do you have a local communities for them to better understand your project?
Gary Wu: We embrace players from all regions and speak all languages. It is important for Lootex to make the world know our service.
On our team, we have staffs and team members who come from diverse backgrounds, and in our discord we have an ambassador program in which we encourage players from different communities to help us engage their local audiences.
Q4. On our team, we have staffs and team members who come from diverse backgrounds, and in our discord we have an ambassador program in which we encourage players from different communities to help us engage their local audiences. How LootSwap will be used for asset exchange. What market marking system will LootSwap exchange adopt or will trading and exchange be based on a P2P (peer-to-peer) exchange system?
Gary Wu: We will have different sets of blockchains soon like #Avalanche, #Arbitrum, #FTM, and #Moonbeam to support more projects related to these blockchains.
It will help users by minimizing gas fees when they swap in-game items. For instance, the current system requires 2 transactions for a swap to be completed. And per transaction made, the user gets charged with a gas fee (transaction fee for using a blockchain).
With #Lootswap we can complete the transfer with 1 transaction which gives users a swift, cheaper transaction.
Q5. May I know Some Primary Details Regarding Your Token $LOOT , When Can We Expect the Launch , and What will be The Prime Uses and utilities of the $LOOT TOKEN?
Gary Wu: Our $LOOT token has been successfully launched in Huobi Exchange at January 24, 2022.
Regarding utility kindly refer to this chart:
The Lootex platform is governed by $LOOT token holders. Smart contracts allow the gamer community to propose and vote on strategies and spotlights. The benefits from the platform like early minting or limited whitelisting will deploy to the gamers by GP ranking and the badges they owned. So, if you own more $LOOT, you get giveaways and exclusive game item packs whitelists on the Launchpad.
#GP — Gamers Power Score
For gamers: By joining the staking & locking program, the system will calculate a gamer’s power (#GP) score by the staked amount and the locking period.
The GP will be used as a ranking system to get benefits from the platform. NFT Badges from guilds or partnerships will also increase the GP.
Staking & Locking mechanism: To incentivize long-term stakers, we will use a new distribution system that differentiates between locked and unlocked tokens. The calculated weight will be a key metrics for the staking reward.
For game projects, they can stake to bid for the launchpad or to be featured on top of our marketplace giving them an opportunity to have more exposure and sales.
check out here to know more about #staking and #locking
Q6. What’s your main focus right now, are you focused on the community or market/Exchange or the products?
Gary Wu: We are focused more on our tokenomics given that $LOOT token is still new to the eyes of people. We have received a lot of good feedback from the people but we think that our product isn’t at its 100% yet. We want to make it close to perfect as our community imagined it. $LOOT token is a way we can empower our community to impact the outcome of this project, and we do use our Discord very often. https://lihi1.cc/wjOyF
We are focused more on our tokenomics given that $LOOT token is still new to the eyes of people. We have received a lot of good feedback from the people but we think that our product isn’t at its 100% yet. We want to make it close to perfect as our community imagined it. $LOOT token is a way we can empower our community to impact the outcome of this project, and we do use our Discord very often. https://lihi1.cc/wjOyF
We mainly prioritize our Discord server as we use this platform as our main mode of communication.
We highly recommend users to join Lootex Discord: https://lihi1.cc/wjOyF
Lootex Useful Links:
Telegram Group: https://t.me/lootexIO
Telegram Channel: https://t.me/LootexNews