The Lootex DAO

The activities4554ralized Autonomous Organization is an organized virtual entity without a central authority.

DAO was launched in 2016 via a crowdfunding program, and about $150 million was raised.

An automated system powers DAO to eliminate human error and manipulation.

Several decentralized applications use DAO governance on the blockchain network.

One of those applications is Lootex.

Lootex provides a virtual marketplace and trading platform for cryptocurrency.

Lootex was launched on the Ethereum platform in 2018 as an NFT platform where buyers, sellers, and enthusiasts of digital artworks converge.

Forge, vault, and marketplace are the components of Lootex DAO.

The essential features of Lootex DAO are flexible API, a Direct redeem link, and a user-friendly interface.

What Is a DAO?

The activities4554ralized Autonomous Organization (DAO) is simply an organized entity without central leadership. The DAO was launched in April 2016 via a crowdfunding campaign.

The fundraising campaign was on for a whole month, and a total sum of $150 million was raised. It was the largest crowdfunding campaign at that time.

The idea behind DAO was to eliminate human error and the manipulations that characterize investor funds (raised). The developers of DAO felt the best solution was to create an automated system and make it automatically powerful for the crowdsourced processes.

Several activities4554ralized Autonomous operations (DAO) based applications are deployed over the blockchain network.

In this article, we shall focus on Lootex as a DAO application.

What Is Lootex DAO?

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Image: theblock101

Lootex is a digital platform that aims to enable everybody (experts and new entrants in blockchain technology) to access a trading platform and marketplace. You can create and see the worth of your virtual assets with Lootex.

Lootex was launched in 2018 on the Ethereum network. Today, it has expanded to the BSC and Polygon networks. The idea behind Lootex is to make virtual assets look real.

Lootex Marketplace And The Trading platform

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Lootex marketplace is an NFT platform where buyers, sellers, and enthusiasts of digital artworks converge. Lootex is an NFT provider formally launched on the Ethereum network in 2018.

Lootex had expanded to Binance Smart chain (BSC) and polygon with increased patronage. Since 2018, Lootex has created about 6000 NFTs and has partnered with several brands that cut across all industries.

These industries include renowned content creators, street fashion creators, game studios, film publishers, wineries, and IP address owners.
The Lootex Trading platform was developed to provide a trading network for all. The trading platform aims to make your virtual assets real, and it leverages blockchain technology.

Lootex has a smart trading platform that allows you to create, buy, and sell crypto items seamlessly. This platform ensures a transparent, fraud-free, global, and safe NFT auction market.

The Lootex NFT platform provides an auction market through a Peer-to-peer (P2P) network on a decentralized platform. The lootex trading platform eliminates the middle man process by incorporating smart contracts.

The lootex marketplace and trading platform simplify the entire Non-Fungible Token (NFT) creation, minting, buying, and selling process.

Lootex DAO Components

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Image: medium

To create a complete NFT ecosystem and allow users to manage the lifecycle of their token, Lootex has three core components. They include;

Forge

The forge component in Lootex enables blockchain developers to create crypto items. You can create any crypto item on Lootex using the Forge tool.

Another function of Forge is to provide Lootex users and stakeholders with the required NFTs to support their gaming activities. Forge allows you to mint on-chain smart contracts with ease.

Vault

Vault is a storage component in Lootex. This component is a native wallet for NFT holders to keep their collections and a quick way to showcase the collection.

Vault is cold storage for seamlessly showing your digital assets. It integrates easy-to-use features such as easy account creation, airdrop candies accessibility, built-in Dapp browser, and user identity.

These features make it easy for new users to navigate this blockchain app.

Marketplace

The marketplace is an essential component of Lootex. It is regarded as a Peer-to-peer auction house.

The marketplace allows players and developers to buy/sell NFTs. The market also has a gallery where users can display their digital art pieces.

It is a smart gallery where you can browse and get the details of all the digital artworks in the holders’ gallery.

The marketplace supports Async art, SuperRare, Known Origin, Rarible, and MarkersPlace. It also boasts advanced features that include cryptosystem valuation, smart contract listing, content marketing, and activities4554ralized Apps (dApp).

These components of Lootex DAO make it easy for users of this blockchain platform to navigate through the various functions available.

Moving forward, we shall discuss the key features of Lootex.

Key Features Of Lootex DAO

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The following key features make Lootex stand out as a activities4554ralized Autonomous Organization. They include;

Flexible Application Programming Interface (API)

Lootex has a flexible API that supports on-demand NFT minting. The forge component of Lootex enables the flexible API, and it is designed to fit any working condition once you register on the platform.

The easiest way to test the application programming interface (API) is through postman.

User-friendly Interface

Most users of Lootex will attest to the user-friendly interface. You do not need a technical or blockchain background to use the app.

You can easily create your NFT sheet with the available metadata and upload it to Forge. Once you upload, your NFT will be minted and ready for issuance.

Direct Redeem Link

The direct redeem link feature in Lootex is a game-changer. This activities4554ralized Autonomous Organization allows you to combine Forge on the BSC with an NFT direct redeem link.

The NFT direct link feature creates an easy airdrop for your distribution process. You do not have to compile your (receivers) addresses into a multi sender or third party app; your receivers can receive the airdrops or NFT directly by putting their wallet address in the receivers column.

Conclusion

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Lootex is a new generation activities4554ralized Autonomous Organization. It combines the NFT marketplace with its crypto trading platform.

It leverages blockchain technology to innovate cross-chain integration. Lootex has expanded its user base to Bitcoin Smart Contract and Ethereum network.

At the moment, you can create, buy and sell crypto items via the smart contract. There are expectations that Lootex will expand its frontiers to include other blockchain operations in the future.



Author: Valentine. A, Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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