Lootex Company overview
Lootex is an NFT marketplace based in Taiwan, and its primary focus is on digital items. The core team intends to drive the company towards the NFT niche. Consequently, Lootex has been able to provide a wide range of digital items services to its clients, including software integration and channel sales. The company is committed to ensuring you get actual ownership of digital collectibles. Their platform allows you to showcase, sell and buy digital items in a simple and secure way. They also play the managerial role that protects your rights.
Therefore, Lootex provides a new business model to the creator. They are able to acquire their rightful royalties while maintaining the value and uniqueness of all creations. Their unique marketplace and showcase rooms maintain the real value of the physical creation. These showrooms are customized based on your creation and target niche. The Lootex community is also diverse and is a scene of discovery while maintaining decentralized exchange.
Key Features
Metaverse
NFT marketplace
Multiple cryptos
In gaming
Problems faced by Lootex
We established that Lootex's mission was providing creators with a platform where they could achieve several factors. First, a marketplace to showcase their creations and sell them. Second, acquire the royalties they deserve without big industry players' involvement, and third a customized, fancy way of presenting their creations. However, this mission was hindered by factors concerning ownership.
Lootex's developers stand firm on ownership, yet this remains a largely unregulated area. They approached us to analyze the copyright issues affecting their operations and mission values. Lootex's main problem was they couldn't define who owned the underlying asset. The buyer owns a digital item that is hosted somewhere while at the same time the digital object. Lootex, in its managerial role, could not identify who owns the underlying asset, i.e., between the person who purchased the digital asset and the person in charge of the centralized server or centralized exchange where the sharing file system is decentralized.
Solutions we provided to Lootex.
We confirmed with Lootex that the person who bought the digital asset is the owner and should possess the digital asset. The person or entity hosting does not own it, and to ensure that these entities do not interfere. We proposed an interplanetary file system which is a peer-to-peer network for safe keeping of file data which is done by freezing the metadata. Lootex would be in charge of storing the item name, media, description, levels, properties, and statistics to ensure it is locked.
Therefore, Its digital fingerprints are easily stored on the blockchain. It is a secure method of file storage due to its decentralized nature. By using several computers, there can be no single point of failure in storing the actual asset.
Technology stack used
The best stack of choice was from the Truffle suite. This is because the truffle storage command comes with the ability to preserve files to IPFS, Filecoin, or Textile buckets, all secure decentralized storage methods.