Big Time Studios, creators of popular Web3 MMO Big Time and blockchain integration platform Open Loot, have launched their first utility token, titled $OL.
Earned by completing challenges in titles across the Open Loot network, $OL can be used to grant early access to other titles, exclusive NFT drops, in-game rewards and more.
The token has already been listed by popular cryptocurrency exchange OKX, and is currently valued at $0.10 USD each, with a total market cap of $125 million USD.
What is Open Loot?
Open Loot is a platform that helps developers integrate Web3 features into blockchain games.
The platform provides solutions for NFT and token management, asset marketplaces, fiat and crypto payment options and more, meaning that game developers can focus on building great games, rather than worrying about the intricacies of blockchain app development.
Big Time is the premier partner of Open Loot, which has used the platform to achieve a reported $170 million USD in NFT sales. Other titles that have partnered with Open Loot include VR-vs-PC title Boss Fighters, RPG Shatterpoint, and Web3 game studio Revolving Games.
What impact will $OL token have?
The launch of the $OL token has been described as a way for Big Time Studios to “give back” to players of games in the Open Loot ecosystem.
By integrating $OL rewards, developers can give players a more direct route to tangible rewards, and tap into an ever-growing market for reward-led gaming. Incentivising players in this manner could drive higher audiences, player activity, and retention.
Open Loot has facilitated over $445 million USD in transaction volume thus far, and the $OL token looks set to help amplify the games in their ecosystem even further.
COO & founder of NFT Insider. Bullish on web3. Competitive soul.