Open Loot (OL): The Key to Frictionless Web3 Gaming
In 2021, Big Time Studios made headlines with its popular multiplayer play-to-earn game, Big Time (BIGTIME). Not only was the project's team filled with gaming veterans associated with famous games such as Fortnite and Call of Duty, but Big Time went viral with the hype of non-fungible tokens (NFTs) and an in-game token.
Open Loot's utility token was launched on Nov 19, 2024, allowing those who accumulated Open Loot Reward Points (OLRP) to convert them into OL tokens and unlock exclusive benefits.
Let's learn more about Open Loot and how it's shaking up things in the web3 gaming space.
Key Takeaways:
Open Loot is a gaming platform that facilitates the launch of blockchain games. The most popular one is Big Time, by Big Time Studios.
Open Loot’s native cryptocurrency is OL, used to increase engagement with the platform's games and products.
OL is available on Bybit as a Spot trading pair (OL/USDT) and Perpetual contract (OLUSDT).
What Is Open Loot?
Open Loot is a web3 gaming ecosystem that includes a distribution platform and marketplace designed to enhance user experience, scalability, and payments for players and developers. The platform is owned by Big Time Studios and manages all aspects of the hit web3 game Big Time, including crypto and non-crypto sales.
The brain behind the project is Ari Meilich, the gaming legend who brought Decentraland (MANA) to the crypto space in 2017, and co-founded Big Time Studios in 2020. Open Loot aims to eliminate the complexities associated with launching blockchain games by creating a vibrant player-driven marketplace. Players can enjoy seamless gaming without the hassle of connecting wallets, paying gas fees or waiting for transactions to process.
Its NFT marketplace includes NFT rentals and a marketplace for non-crypto game currencies, a feature that has appealed to Web 2.0 gamers, which in return makes the project scalable. Game developers can leverage Open Loot’s out-of-the-box solutions to launch their games and also take advantage of the platform’s advisory services to consult regarding token design, marketing and overall gaming development.
Open Loot’s utility token is OL, which can be earned through various in-game activities and participation in special events.
How Does Open Loot Work?
Open Loot leverages blockchain technology to enable the creation and management of player-owned economies within games. The following is an overview of its operation.
For Developers
Open Loot offers an end-to-end solution for launching games with robust web3 economies. It handles all NFT and token management, allowing developers to mint and distribute crypto-based digital assets within their games. This integration simplifies the process of incorporating blockchain elements into games without requiring extensive blockchain expertise.
Marketplace
The Open Loot ecosystem features a marketplace in which players can buy and sell Open Loot NFTs through direct sales and auctions. Transactions can be conducted globally using cryptocurrencies, debit and credit cards or bank transfers, providing flexibility and accessibility to a broad user base.
Patent Vault Technology
Open Loot's patented Vault technology enables players to effortlessly manage blockchain-based digital assets. This system supports instant transaction settlements without gas fees, enhancing the user experience by eliminating common blockchain-related complexities.
Marketing Support
Gaming developers can collaborate with premier creators and influencers to generate powerful content, and leverage automated marketing through scale-proven and go-to-market strategies and opportunities to speak at AMAs in the gaming community.
Open Loot Games and Partnerships
In addition to its team of notable gaming veterans, Open Loot has entered into strategic partnerships and already has five games associated with the platform.
The most notable game is Big Time, an AAA-quality NFT game in which players explore space and even build their own personalized metaverse. The other games are WorldShards, Boss Fighters, The Desolation and Shatterpoint.
Another notable game associated with Open Loot is the Clockie Chaos Telegram game, in which players engage in a time-bending adventure on their mobile phones.
What Is the Open Loot Crypto (OL) Token?
Open Loot (OL) is the native token for the Open Loot platform. It’s designed to increase platform activity, enhance user acquisition and boost engagement across Open Loot’s games and products. The token’s utility is as follows:
Payments — Players can pay with OL tokens on Open Loot’s marketplace when buying NFTs or purchasing primary in-game currencies, such as Time Crystals.
Special in-game perks — The platform holds special events offering premium currency packs on offer that can only be paid for using OL tokens.
Exclusive deals for NFT primary sales — OL tokens can be used to purchase NFTs during primary sales, during which VIP holders receive access to special discounts or exclusive access.
In-game spending — Partner games may allow players to use OL tokens to gain invite-only early access to content, or acquire items in the games.
OL is a fungible ERC-20 token whose supply is capped at 5 billion. Tokens are to be distributed as shown below:
Source: wiki.openloot.com
Open Loot is holding an OL TGE airdrop designed to reward its most active users with OL tokens. Users who earn OLRP from their activities on the Big Time game and in the Open Loot marketplace can convert their OLRP to OL.
Converting OLRP to OL
You can only convert OLRP points into OL tokens after holding them for ten days, at a ratio of 100:1 and a maximum of 30,000,000 OLRP per day (300,000 OL). Note that OLRP will expire in two years. Hence, it’s imperative to convert them before the expiration date.
How to Earn OLRP
You can earn OLRP through in-game activities, such as opening Epoch Chests and the Showdown Tournament on the Big Time game. You can also earn OLRP from social media activities, by playing the Clockie Chaos Telegram game and by being in the top 5 on the Big Time leaderboard.
Where to Buy the OL Token
You can buy OL tokens on Bybit as USDT Spot pair (OL/USDT) or a Perpetual contract (OLUSDT). The OL Spot pair can also be traded via Bybit's Spot Grid bots. To celebrate the OL Spot listing, Bybit is holding two special Token Splash events with a total prize pool of 7,000,000 OL tokens.
The first event is exclusive to new users. To participate, register on Bybit and get verified, then accumulate a deposit volume of at least 2,000 OL or deposit 100 USDT and trade 100 USDT worth of OL via your first trade using your Bybit account.
For the second event (Trade to Earn), register and trade at least 500 USDT worth of OL on Spot to earn a share of the 2,000,000 OL prize pool.
Both events run from Nov 19, 2024, 6AM UTC through Dec 3, 2024, 6AM UTC.
Closing Thoughts
Open Loot’s robust infrastructure is good for the gaming space, where it accommodates both Web 2.0 and web3 users. Developers can seamlessly launch games through the platform and receive technical support. With the success of Big Time and, by extension, Decentraland, Open Loot is one project to watch in the web3 space.
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