LOOT meaning in Cryptocurrency ?
Answer:
Launched in early November of 2020 by a team based in the United Kingdom, NFTLootBox is an NFT farming platform that combines NFT, DeFi, and Loot Box Technology to make NFT farming fairer.
NFT farming in its current state is not fair. There is both a high prevalence and potential for unethical behavior. Individuals close to or even working for NFT projects are given early notice on NFT releases before the community, bots claiming NFTs in less than a second before the majority of users even have the chance, individuals executing denial of service (DDOS) attacks on websites to claim rare NFTs before others, etc.
Additionally, many individuals simply do not have the time in their schedule to claim or start farming new NFTs. The NFT market is largely international, many users live in different timezones and might be sleeping, working, or spending time with friends or loved ones while the opportunity to start farming for valuable NFTs arises. It’s a first-come, first-served world where dishonest users can take shortcuts to get ahead and legitimate users are often burned.
The solution? NFTLootbox.
The platform gives a fair chance for all users to obtain rare and valuable NFT art alongside cryptocurrency prizes and more.
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