Decentralized platform CoinsLoot has announced the launch of the world's first crypto loot boxes, allowing users to purchase boxes with ERC-20 tokens and reveal a randomized mix of cryptocurrencies and real-world prizes, including a Tesla Model X. The platform also introduces its native token LOOT, which can be staked for rewards, with an IEO (Initial Exchange Offering) currently live on CoinCasso Exchange.
How CoinsLoot Crypto Loot Boxes Work
Each loot box's value is determined by the ERC-20 token used to open it. Inside, users may find a diverse portfolio of cryptocurrencies along with up to 10% free crypto. The system employs a provably fair algorithm to ensure transparency and secure returns. If a user is dissatisfied with the prize revealed, they get an additional spin for a chance at a different prize. This approach aims to simplify crypto portfolio building for everyday enthusiasts and enable spending on real-life items.
In contrast to traditional gaming loot boxes—where giants like EA and Activision generate over a billion dollars per quarter by selling virtual skins, weapons, and mods—CoinsLoot's boxes offer spendable cryptocurrency and tangible prizes. The transparency and guaranteed returns provide a trust advantage in a market projected to reach hundreds of billions of dollars.
LOOT Token IEO and Staking Incentives
A key feature of CoinsLoot is LOOT staking. Users who buy and stake LOOT tokens earn a share of 100% of the profit generated from every loot box transaction. The more LOOT staked, the higher the rewards. The total supply is 100 million LOOT, allocated as follows: 70 million for IEO sales, 15 million for the team and founders, 10 million for influencers and advisors, and 5 million for bounty and airdrop. Additionally, users who refer others receive a 10% commission, and anyone spending $2,000 USD on LOOT gets an extra 10% bonus tokens.
The IEO is being conducted exclusively on CoinCasso Exchange and is currently in Stage 2 (ending December 23, 2020) at $0.07 per LOOT. The full stages are:
- Stage 1 (Dec 2–11): 11M LOOT at $0.06
- Stage 2 (Dec 14–23): 12M LOOT at $0.07 (current)
- Stage 3 (Dec 24–Jan 2): 13M LOOT at $0.08
- Stage 4 (Jan 3–31): 14M LOOT at $0.09
- Stage 5 (Feb 1–28): 15M LOOT at $0.10
As the IEO progresses, the token price increases, rewarding early participants. CoinsLoot aims to combine the excitement of loot boxes with decentralized finance yields, offering a new way for gamers and crypto enthusiasts to engage.