Taiwanese multi-chain NFT auction platform Lootex raises $9 million, launches token LOOT in Q1.

The multi-chain NFT auction platform Lootex, founded by David Tseng and Justine Lu, has been rooted in Taiwan for many years. Starting from the idea of a virtual treasure auction in gaming, it has witnessed the evolution of the NFT ecosystem from obscurity to prosperity. On the 12th, Lootex announced a $9 million investment from several well-known institutions.

Investors include Spartan Capital, Infinity Ventures Crypto, LD Capital, and Akatsuki; this round of investment also includes SweeperDAO, YGG SEA, Polygon Studio, HTC, Huobi Ventures, OKEx Blockdream Ventures, Avocado Guild, Cherubic Ventures, Palm Drive Capital, Evernew Capital, Morningstar Ventures, NGC Ventures, Petrock Capital, Panony, Yolo Investments, Kosmos Ventures, Daedalus, and other institutions.

Individual investors include: PKO Investments syndicate, Twitch co-founder Kevin Lin, Kabam co-founder Holly Liu, Rotten Tomatoes co-founder Patrick Lee, and Crunchyroll co-founder Kun Gao.

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YGG SEA's investment manager Dan Wang stated, "YGG SEA's primary mission is our scholarship program. All decisions we make are in the best interest of players in the P2E field. Lootex provides comprehensive information, statistics, and reviews on in-game items and NFTs, offering unique advantages to participants in our scholarship program."

Co-founder Justine Lu said, "Our mission is to liberate ownership of game assets, connecting blockchain games with traditional players. By providing a game-oriented NFT marketplace, players can trade and find value in their hard work and achievements."

Taiwanese Multi-chain NFT Auction House Lootex

Lootex is one of the few decentralized auction houses in Taiwan, currently supporting Ethereum, BSC, and Polygon, with plans to also support Moonbeam of the Polkadot ecosystem, Arbitrum as an Ethereum Layer 2 solution, Avalanche, and Fantom.

Lootex has been dedicated to the innovation and application of NFTs in the past, promoting exclusive NFT series by numerous artists from home and abroad. Lootex also has many original NFT series. During the BSC GameFi craze, it was an important trading platform for in-game assets.

Lootex positions itself at the forefront of the gaming revolution with Play-to-Earn (P2E), Move-to-Earn, and Share-to-Earn, with over 80,000 active users per month currently and sales transactions exceeding two million US dollars in November 2021. Lootex has collaborated with over 50 chain games, including RPS League, Block Monster, Dungeon Swap, and Olympus Royale.

Lootex has also interviewed co-founder Justine Lu and Taiwanese artists Liu Chengjie and Dong Shihang:

• Digital artist NFTs are not art, have no value? Interview with digital artists: Liu Chengjie, Dong Shihang
• Virtual treasure auction house Lootex: Collaborating artist XST discusses art reflection, BSC airdrop NFT

First Season Token Issuance LOOT

It is understood that Lootex is preparing to issue the token LOOT, and holders can receive additional rewards from Lootex through staking and lockups, expected to be released in the first quarter of this year.

Considering the current trend of token issuance, applications may include governance, fee waivers, staking, receiving airdrops, and exclusive privileges. From the perspective of NFT auction houses like Lootex, the utility of tokens in collaboration with art, chain games, GameFi, and other NFT applications may be anticipated.