Introducing Explore to Earn
The Economy of the Lost Worlds Platform
In the past 18 months, P2E gaming has taken off within Web3. We are witnessing a paradigm shift where hours of hard work going into a game are finally being rewarded. Those who actively participate in a game’s ecosystem, contribute to its community and have an active stake in its development are fostering a new age of decentralized gaming and finance.
Lost Worlds is introducing a new dimension to the P2E movement; Explore to Earn. Conceptually, Explore to Earn (E2E) is similar to P2E, except your participation is venturing into the real world to mint NFTs.
We explain how Explore to Earn will work on the Lost Worlds platform with our native NFT projects.
Lost Worlds a Brief Reintroduction
Lost Worlds is a new NFT platform launching on Avalanche that brings NFTs into the real world. In order to mint NFTs on the Lost World platform, you will have to use a mobile device, travel to a certain location and explore until you find the NFT you are looking for.
How to Access the Lost Worlds Application
To access the Lost Worlds platform, you will need to stake at least five (5) LOST tokens. At launch however there will be a warmup period where users only need to stake one (1) LOST. To support early access, we’ll provide an initial airdrop faucet, where users can receive one free LOST token.
There are different incentives for staking varying amount of LOST tokens.
The Lost Worlds Economy
Each native NFT project on Lost Worlds gives you a chance to earn rewards in the form of $LOST tokens by minting NFTs. On Lost Worlds, you mint NFTs through traveling and exploration, hence “Explore to Earn”. On a tokenomics level, 50% of the 50MM total token supply is emitted as community, staking and platform rewards. As of writing, there are three unique “Explore to Earn” events that disburse $LOST tokens to NFT holders and four traditional ways to earn:
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
Explore to Earn Rewards
Rewards for Minting an NFT
Minting an NFT from any of our 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, in the rewards screen.
Your earnings don’t stop at mint however. You will also earn a dividend for each subsequent mint at the location which you originally minted. For example, with your Empire State Building NFT, you would earn a dividend in $LOST tokens for every subsequent mint from NYC until the location is fully minted. Therefore, there is a strong incentive to be as early as possible to a location. The earlier you are, the larger total dividends you can earn.
The Mint Dividends tab shows you the NFTs you have active dividend rights to (based on NFTs Minted in your collection)
Big Payday Challenges
As any gamer can attest, unlocking achievements for in game accomplishments is one of the best parts of gaming. Lost Worlds has developed a similar mechanism except you are rewarded in $LOST tokens when you complete achievements called Big Payday Challenges.
An example of a Big Payday Challenge as it relates to Portals is collecting a Utopia card.Utopia cards are extraordinarily rare, only a 0.5% chance of minting one at each location. If you are lucky to mint one however, you will have completed a Big Payday Challenge and can claim $LOST tokens for completing that challenge.
The challenges available to you are determined by the staking tier you are in. The more LOST token you stake on the platform, the higher tier of rewards you will access.
Final Thoughts on Explore to Earn
The mechanics of earning will change depending on which NFT series you are collecting. Even between Portals, Continents and States there will be some variations. More projects, either through curated creators or more native NFT projects, will launch on Lost Worlds and explore new mechanisms for Explore to Earn.
If you are interested in learning more about our tokenomics, read our whitepaper.