Lost Worlds was the first location-based NFT platform on the Avalanche blockchain, and they have continued to innovate in this space.
What Is Lost Worlds ($LOST)?
Lost Worlds is a first-of-its-kind NFT platform experience in which NFTs are geo-referenced to real-world locations for collectors to explore and mint.
The platform enables creators and brands to leverage geolocation as a medium, merging the physical and Web3 worlds and adding a new layer of scarcity and utility to how we assess and value people’s interactions with NFTs. In a nutshell, Lost Worlds reintroduces NFTs to the real world.
Additionally, this utility generates “work” inside the ecosystem, since one needs to go to or be in a particular zone in order to mint a requested NFT. This limitation enables the addition of DeFi incentives and components to reward the energy expended in developing, minting, and purchasing/selling location-based NFTs.
The creative opportunities available to artists and creators on Lost Worlds are limited only by their imagination, as Lost Worlds supports any ERC-721 token, which means creators can submit any type of NFT, including 1 of 1s, event tickets, location-based scavenger hunts, games, or ideas yet to be seen.
How Does It Work?
The goal of Lost Worlds is to create the best location minting experience possible for both creators and users, while also experimenting with unique location-based technologies to bring NFTs to life. The following describes how the project determines a user’s real location:
- They collect and send a set of location data from the front end of their app
- That information is sent off-chain to a Lost Worlds Validator that runs anti-spoofing mechanisms
- If the data compiles, an off-chain signature is generated
- On mint, the lat/long of the user position is pushed on-chain within the metadata of the NFT
Geographically Bound Digital Assets:
- Lost World expands the way NFTs can be experienced; rewarding creators, explorers and collectors for using the platform.
- In order to access locations to mint all users need is a mobile device and to stake the LOST token.
- The greater the stake the more utility and rewards can be derived.
- NFTs obtained from a given location give the owner the right to sell or trade their NFT on the marketplace.
The Portals NFT series invites you to visit some of the world’s most iconic monuments in their actual position. The project emphasizes the fragility of the physical world, and the team is providing a way for you to immortalize your visit to these monuments via the immutable blockchain. The Portals is the platform’s first official NFT series.
The team is starting with six landmarks and will add more as the community grows. Each landmark has 1,100 Portal NFTs with varying Portal rarity. The most prevalent reality is the common world, whereas Utopia is the rarest.
You will earn incentives in the form of $LOST tokens for each Portals NFT you mint. Other ways to generate income include the following:
- Minter dividends: where a Minter earns LOST on all mints that happen after their own at a location for the first 20% of Minters
- Achievements: Utopia card collectors can claim the achievement and receive $LOST tokens. You also receive a non-tradeable NFT badge for completing the achievement
Given the dynamics of a location-based NFT platform, we built an in-app secondary market for these location-based digital assets. While users can also trade their NFTs on popular secondary markets, the trading costs from our in-app marketplace are refunded to NFT holders on the Lost Worlds platform, depending on their location. Currently, the marketplace only supports fixed-price sales, but as we grow, we will add auctions and NFT swaps to the platform.
Explore to Earn LOST
Users will be rewarded with LOST tokens for a variety of activities including travelling, minting, buying and selling, and completing challenges. The following is a basic summary of the many sorts of incentives available.
Explore to Earn:
- Minting an NFT (Minter)
- Someone else minting an NFT from the same location you have one (Dividend)
- Completing a Big Payday Challenge (BPD)
Other Ways to Earn
- Marketplace Rewards
- Minter Royalties
- Staking Rewards
- Lost Ecosystem Funding
Rewards for Minting an NFT
Minting an NFT from any of Lost Worlds’s native projects entitles you to $LOST token rewards. It is ‘Explore to Earn’ in the most straightforward sense. For example, say you are in New York City and want to collect the Empire State Building NFT from our Portals series.
You would go to the Empire State Building, go on the Lost Worlds app, find your location, hit mint and pay in $AVAX. You will receive a certain amount of $LOST token for each NFT you mint at that location. You can keep track of your rewards, on the rewards screen.
The Future of Lost Worlds
Lost Worlds proposes a closed-loop economy that rewards both creators and explorers for their commitment to growing and developing the Lost Ecosystem.
- The DAO/Treasury is the central government system of the Lost Ecosystem. The DAO has voting rights on which projects are deployed onto the platform, as well as ownership of the treasury, which can be used to boost rewards across the platform and its various projects.
- Explorers must stake LOST in order to gain tiered access to the platform. Depending on the amount of LOST staked, Explorers can participate in different projects and aspects of the platform, including voting rights to the DAO.
- Creators can utilize the Lost Worlds Protocol in order to build their own location-based GameFi, DeFi, and NFT experiences. In order to submit a project, these creators must pay a fee in LOST, which is deposited into the DAOs Treasury
- Token Name: Lost Worlds
- Ticker: LOST
- Blockchain: Avalanche
- Token Standard: ARC20
- Contract: Updating
- Token Type: Utility
- Total Supply: 50,000,000
- Platform Rewards Incentives: 10M LOST (20%)
- Team: 8.5M LOST (17%)
- Staking Rewards: 7.5M LOST (15%)
- Ecosystem Fund: 7M LOST (14%)
- Private Round Funding: 5.75M LOST (11.5%)
- Liquidity: 2.5M LOST (5%)
- Public Sale: 2M LOST (4%)
- Future Partnerships: 2M LOST (4%)
- Developer Bounty/Audits: 1.5M LOST (3%)
- Advisory: 1.25M LOST (2.5%)
- Marketing: 916.667K LOST (1.83%)
- Airdrops: 500K LOST (1%)
- Marketing Partners: 333,333K LOST (0.67%)
- Professional Services: 250K LOST (0.50%)
The Lost Worlds IDO on Avalaunch
- Total LOST for sale: 2M
- Price: $0.55
- Size: $1,100,000
- Vesting — 25% at TGE, 30-day cliff, weekly vesting for 12 weeks
Token Release Schedule
- Platform Rewards Incentives: Contingent upon project participation. Emissions will be determined as projects onboard the following mainnet, slated for April 5th.
- Team: 12-month cliff, linear vesting over 24 months
- Staking Rewards: Following mainnet, staking emissions will begin linear daily vesting for 59 months.
- Ecosystem Fund: 30-day cliff, released monthly for 59 months.
- Private Round Funding: 10% at TGE, 90-day cliff, daily linear vesting for 18 months.
- Liquidity: 100% unlocked, discretionary deployment.
- Public Sale: 25% at TGE, 30-day cliff, weekly vesting for 12 weeks.
- Future Partnerships: 90-day cliff, released quarterly for 2 years.
- Developer Bounty/Audits: 30-day cliff, released quarterly for 2 years.
- Advisory: 12-month cliff, linear vesting over 24 months.
- Marketing: 90-day cliff, released quarterly for 2 years.
- Airdrops: 7-day cliff, 15% release followed by a quarterly release over 2 years.
- Marketing Partners: 12% at TGE, 18-months daily linear vesting.
- Professional Services: 10% at TGE, 90-day cliff, daily linear vesting for 18 months.
Token Use Case
Staking LOST is key to being able to utilize the full benefit of the platform. As more features are implemented, the way in which users are able to use their LOST tokens to access location-based NFTs will grow. Some examples:
- Minting Discounts for staking LOST
- Bounties — use LOST to have someone mint at a location you’re not in
- Location-Based Staking
- Buy NFTs directly with LOST
- Submit Projects to the DAO with LOST
- Sharing Mint (AVAX & LOST) Revenues with Gold Stakers
Lost Worlds uses a tiered staking system of Bronze, Silver, and Gold as a foundation to access the platform as we grow and continue to roll out more features and utility.
The team is composed of engineers and marketers with prior experience working for multinational firms such as IBM, General Assembly, and Time Magazine.
Lost Worlds enables the collection of NFTs associated with certain real-world locations. Unlike the majority of NFT experiences, Lost Worlds is a mobile dApp. To be eligible to mint the NFT bound to it, users must use the mobile application and visit to specific areas.
Find more information:
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.