What is Open Loot (OL) and What Does It Do?

As Web3 technology revolutionizes the gaming world, Open Loot (OL) emerges as an innovative platform in this space. What is Open Loot? What does it do? In this article, we’ll thoroughly examine Open Loot’s features, the use cases of the $OL token, tokenomics details, vesting plan, and the advantages the platform offers for both players and developers.

Table of Contents

What is Open Loot?

Open Loot is an ecosystem designed as a Web3 game distribution platform and marketplace. It was developed to address the challenges faced by crypto games such as growth, user experience (UX), scalability, payment systems, and legal compliance. The platform manages the infrastructure of leading Web3 games like Big Time, and facilitates the sale, rental, and trading of both crypto and non-crypto digital assets.

What Does Open Loot Do?

Open Loot’s core mission is to support the end-to-end launch of games that integrate Web3 economies. By offering NFT and token management tools, it allows developers to create player-centric economies. For players, it simplifies in-game asset transactions by removing the complexity of Web3 technology.

Open Loot offers a range of innovative solutions for both players and developers. Here are its core functions:

For Players

Open Loot provides a seamless experience for players looking to benefit from Web3 gaming:

Simplified Web3 Experience: Players are not required to connect crypto wallets, pay high gas fees, or wait for transaction confirmations. Open Loot’s patented Vault technology allows easy buying and selling of NFTs, with the option to mint them on-chain when desired.
Rich Marketplace Features: The platform offers features like NFT rentals, a marketplace for non-crypto game currencies, and NFT price histories, allowing dynamic interaction with in-game assets.
Flexible Payment Options: Traditional payment methods such as credit cards, debit cards, and bank transfers are supported, enabling global player access.
VIP Tiers: Users can reach VIP levels based on their marketplace activity and $OL token holdings. These levels offer reduced transaction fees, exclusive airdrops, early access to features, and special NFT sales.

For Developers

Open Loot provides comprehensive tools and support for developers to succeed in the Web3 gaming market:

Out-of-the-Box Solutions: Ready-made solutions for game launchers, premium currencies, and other essential features help developers meet player expectations.
Advisory Support: Drawing from experience with successful projects like Big Time, Open Loot offers guidance on marketing, token design, and game economy development.
Financial Resources: The platform has allocated a $150 million fund to support game launches, helping developers scale and integrate faster.

What is the $OL Token?

$OL is the native cryptocurrency of the Open Loot platform. Created on the Ethereum blockchain as an ERC-20 token, it has a capped supply of 5 billion tokens. $OL was launched with a community-focused distribution model—there are no tokens allocated to the team or investors. This demonstrates the platform’s commitment to a fair and sustainable ecosystem.

Use Cases of the $OL Token

The $OL token provides users with advantages across the platform and contributes to ecosystem growth:

Marketplace Payments: Players can buy NFTs, premium game currencies (e.g., Time Crystals), and other digital assets using $OL. Discounts apply based on VIP tier.
Exclusive Premium Packs: Some premium currency bundles are only purchasable with $OL and are often cheaper than regular packs.
Initial NFT Sales: $OL gives access to discounted or VIP-only initial NFT offerings.
In-Game Spending: Partner games may allow $OL to be used for content access or in-game purchases.
Platform Incentives: $OL is used to boost marketplace activity and attract new users, such as through limited-time token reward events.

How to Earn $OL Tokens?

Users can earn $OL tokens or Open Loot Reward Points (OLRP) through various methods:

In-Game Events: Events in games like Big Time offer OLRP rewards, which can be converted to $OL at a rate of 100:1.
$OL TGE Airdrop: Active users on the Big Time and Open Loot marketplaces can participate in a special airdrop program to earn OLRP.
Social Media Campaigns: Participate in Open Loot’s social media campaigns (e.g., sharing on X with @OpenLoot) to earn OLRP.
Clockie Chaos Telegram Game: This mobile game on Telegram allows users to collect Time Shards and earn OLRP.
Big Time Leaderboards: Players ranked on Big Time’s leaderboards can receive OLRP rewards.

What is Open Loot Reward Points (OLRP)?

OLRP is a premium currency designed to facilitate the distribution of $OL tokens within the Open Loot platform. Users can earn OLRP through various events. Key features include:

Conversion Rate: 100 OLRP = 1 $OL token
Validity Period: OLRP is valid for two years after earning.
Conversion Limit: A maximum of 5 million OLRP (equivalent to 50,000 $OL) can be converted per day. This limit may change post-token launch.
Restrictions: OLRP cannot be directly purchased, spent in-game, or converted back from $OL tokens.

Ways to earn OLRP include in-game events, airdrops, social media campaigns, Big Time leaderboards, and the Clockie Chaos game.

Open Loot (OL) Tokenomics

The $OL token is the foundation of Open Loot’s economic structure. With a total supply of 5 billion tokens, it follows a fair and community-driven distribution model as follows:

User Rewards (50%): For player incentives and game studio events.
Marketing & Community (20%): Campaigns, social media events, and OLRP distribution.
Treasury & Ecosystem (30%): For ecosystem growth, liquidity, and platform treasury.

This model emphasizes a fully community-centric approach with no token sale or early investor allocation.

Vesting Schedule

Open Loot Games and Partnerships

Open Loot launched with five main games, with more to be announced. Its flagship title Big Time is a multiplayer action RPG, generating over $150 million in revenue after its October 2023 economic update. Other games include:

World Shards: Expansive sandbox MMORPG
Boss Fighters: Multiplayer action game
The Desolation: Cross-platform loot shooter
ShatterPoint: Free-to-play, adrenaline-fueled mobile RPG

Additionally, Clockie Chaos is a mobile adventure game played via Telegram, allowing players to collect Time Shards. From Q4 2024, eight launch partners will bring their game economies to the platform.

Open Loot’s Technical Architecture

Open Loot’s infrastructure is optimized to integrate blockchain technology into gaming platforms:

Ethereum-Based: $OL is built on the Ethereum blockchain using the ERC-20 standard.
Vault Technology: Enables buying and selling NFTs without interacting directly with blockchain, reducing gas fees and increasing transaction speed.
Security Measures: AML/KYC procedures, fraud protection, and custodial wallets ensure a safe environment.
Flexible Features: Supports innovative tools like NFT rentals and marketplaces for non-crypto game currencies.

The Open Loot (OL) Team

Open Loot is backed by a team with deep experience in gaming and blockchain:

Ari Meilich: Founder of Big Time Studios and former CEO of Decentraland, expert in blockchain-based virtual worlds.
Thor Alexander: Co-founder of Big Time Studios, veteran in game development.
Matt Tonks: Co-founder of Big Time Studios, specialist in managing large-scale game platforms.

Official Links

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