Lootex Project Review: An NFT Ecosystem Making Virtual Assets Real

Lootex aims to make people's virtual assets real by providing an NFT minting service, wallet service, and a trading platform that is built on the blockchain.

By
Ujay
on
February 2, 2021
Category:
Project Insight

What is an NFT?

NFTs, also known as Non-Fungible Tokens, are a particular type of cryptographic token, representing unique assets. These types of tokens have been produced since 2012, and the most common forms of NFTs are the ERC-721 and ERC-1155 standards. Both of these tokers are native to the Ethereum network. These tokens are not mutually interchangeable due to their individual specifications; in other words, one NFT is not equal to another even though they follow the same token standard. This system allows users to trade one-off or scarce assets on the blockchain, typically found as digital art.


What is Lootex?

Lootex is an NFT provider that launched in 2018 on the Ethereum network, but they have recently expanded to the Binance Smart Chain (BSC). Over the years, they've created over 6000+ NFTs; the team has worked with several companies such as: street fashion media, digital content creators, game studios, film publishers, wineries, and IP owners, overall creating a unique value of digital collectibles.

Lootex aims to make people's virtual assets real by providing a trading platform or marketplace that is built on the blockchain. This trading platform ensures a fraud-free, international, transparent, and safe NFT auctions market through peer-to-peer (P2P) use on a decentralized basis. Anyone can use this network to create, buy or sell its crypto items through smart contacts in a simplified way. In turn, this system substitutes a middle man's need by incorporating smart contracts to make virtual items tangible assets. Overall, Lootex provides a platform to simplify the NFT process for all.


What Does Lootex Provide?

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Lootex has three core features, that is Forge, Vault, and Marketplace. Together these features create a complete NFT ecosystem, allowing users to manage the lifecycle of their tokens. Let's begin with the Forge:

Forge

Forge deals with the protocols on-chain item creation, Forge enables developers to create crypto items or provide users necessary NFTS to support their games.  Forge provides the seamless and quick ability to mint on-chain smart contracts, i.e., initial item offerings, white list scarcities, and other NFT necessities.

Vault

Vault is a native wallet provided for NFT cold storage giving users a quick and straightforward way to showcase NFTs. The Vault integrates a few features making it seamless to new users; one-click account creation, a user identity/ game leaderboard, access to airdrop candies, and a built-in Dapp browser.

Marketpalce

The marketplace is the P2P auction house; it creates a bridge between players and developers to exchange/sell NFTs. The marketplace boasts smart contract listing, cryptosystem valuation, loot hunt (editor's picks), and a content marketing/featured Dapp.

On top of this, the marketplace offers a gallery, where several of the users' art pieces are showcased. You can browse and get information about different crypto-artwork in the gallery, so this gallery exhibits other marketplaces currently supporting Async Art, SuperRare, Known Origin, MarkersPlace, and Raible.


Key Features:

Flexible APIs

Flexible APIs are essential for a business to support on-demand NFT minting. Forge is designed to fit in any scenarios just through registering and using the platform. The easiest way to test their APIs is through postman.

User-Friendly Interface

Lootex also boasts a friendly interface that everyone can use easily, especially for clients who don't have technical backgrounds. It's as easy as creating a sheet with NFT metadata and uploading it to Forge, where your NFTs will instantly be ready for issuance.

NFT Direct Redeem Links

Using Forge on the BSC combined with an NFT direct redeem link instantly makes a game-changer. NFT redeemable links create a seamless airdrop for an organization's distribution process. Instead of compiling the address into a multi sender app, users can connect their wallet or put their wallet address in the receivers column to claim their NFTs instantly.


All DAPPs Store

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The All Dapps store contains all kinds of digital collectibles of artworks from various artists on the marketplace. Using the All Dapps store, you can get NFTs from multiple stores, some of the most prominent being the Gods Unchained Store, the Sandbox Store, the League of Kingdoms Store, and the Ethermon Store. This acts as an aggregator of all prominent NFT markets and allows users to trade them using the Lootex platform simply


Conclusion

The Lootex team has created a platform which takes the confusion out of NFTs. This platform allows users and companies to access these unique tokens seamlessly. Through innovating cross-chain integration the team has expanded its user base to both the BSC and the ETH network. Lootex’s service take care of the creation, custody and trading of NFTs through their Forge, Vault, and Marketplace. Overall, the platform is continuing to expand into the world of NFT’s, and I am most excited about seeing it on the BSC. This means that users can easily access the platform and participate in the NFT space with little to no fees.

For more information, or if you wish to stay up to date on the project, check out project and media pages:

Website

Medium

Telegram

Twitter


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Ujay

Ujiri Kelvin Atahine Is a native Nigerian who is pursuing crypto research and writing. Ujay describes himself as a, foodie, crypto enthusiast, and overall, a display of exceptional character.