Meta Ruffy recently expanded further into the NFT and Web3 space with its new platform, LooBr.
While the site has been live for some time, it will officially launch today when its token goes live on Pancakeswap.
Here’s a quick look at what to expect.
LooBr: a Combined Marketplace and Social Network
Like most NFT marketplaces, users can mint and list their creations with a Smart Chain wallet (MetaMask works just fine). Minting NFTs on Loobr is free of charge – you only have to pay a small gas fee (which is not paid to LooBr.
Once minted, NFTs can be sold at a fixed price or as part of a timed auction. Each NFT can have a list of properties and include a proof of authenticity pulled from the creator’s chosen chain.
It also currently offers limited analytics information, including each NFT’s view count, history, and the number of bids (if it’s listed as an auction). Listings also include several social functions (more on that later).
When minting an NFT, creators have the option to easily include royalties. In other words, creators can decide how much of a percentage they want from each future sale of their NFT. That percentage is included as a smart contract. They only have to set and apply the percentage; LooBr does the rest.
LooBr Uses its Own Token Rather Than $MR. Here’s Why
Despite being built by the MetaRuffy, LooBr uses its own token. This decision was made for a several reasons.
Meta Ruffy has its own NFT marketplace for in-world assets. It will eventually serve as the in-world currency.
The team behind $MR wanted to maintain its stability within the Meta Ruffy ecosystem. Using it on the LooBr platform introduces more concerns revolving around volatility.
The LooBr token helps shield $MR from that volatility while also building its value as a child token. Additionally, the LooBr token offers more accessibility to those who aren’t yet part of the Meta Ruffy community but still want to use the LooBr platform. LooBr is specifically meant for trading.
So, they created this token that can possibly have a crazy chart without consequence. Every buy and sell has a tax that benefits them if they hold, and benefits the parent token holders at the same time by creating only buys in the MR chart.
If there’s a huge red candle, it creates MR buys. If there’s a huge green candle, MR buys. Of the 10% tax for buys and sells, 8% goes to buy MR. The other 2% covers marketing. So this token pumps the MR chart, no matter if it’s red or green.
The reason this will work while other 2nd tokens fail is because there is always going to be buy pressure because it’s a retail “store” of sorts, and people will be buying and selling things for their own purposes.
It’s honestly one of the most brilliant systems devised by a Web3 platform. It benefits $MR holders even if they don’t have LooBr (of course, they benefit even more from holding LooBr).
Big shout out to CryptoDiva for helping me explain this!
The Social Network
Unlike most NFT marketplaces, LooBr also features a robust social platform centered on discussions, reactions, and the sharing of its NFTs.
Each user’s profile features a list of their connections and their activity feed. That feed is also shared with the platform’s main Social Feed, accessible from the top menu.
Each NFT’s listing features a like button and comment section. Users can share their support using either, whether they’re connected with its creator or not. Listings also feature a share button that instantly connects with other social media platforms.
Each listing also features a “Loobr Score.” This measurement is determined by the NFT itself, the community’s reactions to it, and the social activities of its creator. The score ranges from 1-100. Since the platform is new, most scores are currently on the low end.
Even better, LooBr Scores – and the metrics that define them – remain with the NFT. This means that when an NFT is purchased, the new owner also receives the record of the popularity associated with it.
A Few Notes
- LooBr doesn’t yet have a smartphone app.
- It’s a new platform, so its user base is currently limited (mostly to fans of Meta Ruffy). However, it’s growing quickly. This might be an opportunity for early adopters.
- It currently only offers Smart Chain compatibility. However, there are plans to make it cross-chain compatible.
Ease of Use
LooBr makes it simple to mint and sell NFTs. If you already have a Smart Chain wallet, the hardest part is over with!
Just visit the website and follow the instructions in the upper right. It’ll guide the user every step of the way to minting, and then eventually listing, their NFT. No fluff, no upsells, just an easy process.
Looking Ahead: The Future of Meta Ruffy’s New LooBr Platform
LooBr has several features in the works. No release date has been announced yet, but stay tuned! Here’s a quick list of what we have to look forward to:
- Mystery Box
- Cross-chain compatibility
- Decentralized Autonomous Organization (DAO)
- Mobile Apps