Loot Items (www.loot-items.com)
Use your OG Loot as a factory to produce “First Edition” items from your bag as individual ERC721 tokens, once per week, without giving up custody. Or use your mLoot to produce individual items only once per bag. How it works: every week, OG Loot owners will be able to produce 8 new NFTs (Loot Items) representing their bag. It’s free - just pay gas. You can keep, sell, or trade these items. Only OG Loot bags will produce First Edition items (can be viewed in attributes of the NFT).
Loot Items provide the ability for games and experiences in the Loot-verse to interact with individual items, which will be a key mechanic moving forward. Loot Items also increase utility for OG Loot by introducing First Edition items. mLoot owners will also be able to produce Loot Items. However, each mLoot bag can only produce one set of items. These items will not be First Edition.
OG Loot Bag owners can now effectively earn “yield” through producing First Edition items with their Loot in perpetuity. The rate of issuance will start at once every 7 days, but can be changed over time based on community feedback. We manage supply of First Edition Loot Items by enforcing a cooldown period per mint. This was implemented in a way that allows the inflation rate to be tweaked as necessary. We have ideas for deflationary mechanics in the future e.g. burn two items to form a better one…
Example transaction: Ethereum Transaction Hash (Txhash) Details | Etherscan