Lost Worlds announced yesterday that it would release its beta update LOST V2 on the Avalanche Web 3.0 platform.
As one of the crypto industry’s first location-based NFT platforms, Lost World runs a mobile minting platform that connects non-fungible tokens (NFTs) to locations in the real world. Users can find these unique geoNFTs through physical travel and exploration, earning unique benefits from finding these tokens and completing various quests. LOST tokens also gain value through this unique minting process.
Lost Worlds prides itself on connecting Web2 and Web3 technology through the real-world implementation of NFTs, allowing users to build stronger connections with their discovered tokens and enhancing the player experience. Their new beta update has provided important quality-of-life changes, including adjustments to the onboarding experience and cryptocurrency purchasing journeys.
With their new update on the Avalanche platform, users can now directly purchase geoNFTs through their Apple Pay, Google Pay, credit card or cryptocurrency wallets. All purchases will now be established on the Web 3.0 blockchain, with some projects and purchases further strengthening the LOST token’s economy.
The new update also introduces new quests for players to chase after. These quests reward players with exclusive ERC-721 NFT badges, a unique item that can be traded for token-gated event access tickets, various merchandise, drops and much more. Players can also gain LOST tokens by completing these quests.
However, the update also brings a new deflationary model to balance the LOST token’s economy. The new Black Hole mechanism will trap LOST tokens away from the economy for every geoNFT purchase, depleting the tokens in the economy’s circulation and increasing value over time.
A transaction fee will also be required for GeoNFTs minted through methods other than LOST token. The fee acts as an intermediary for the LOST token, further decreasing the economy’s supply even if users mint their geoNFTs with outside cryptocurrency or payment solutions.
New quests also pull LOST tokens out of the economy. Whether it’s geoNFT minting, quest completion or simple purchases, most interactions with the platform will reduce the number of tokens in the system. The Lost Worlds creators hope the new system will allow the LOST token to grow further in value as the application continues its development.
Interacting with Web 3.0 and beyond
As NFTs traditionally come in the form of virtual art or interactive collectibles, it has gained a reputation for being heavily connected to virtual reality. The Lost Worlds project aims to change that perception, allowing NFTs to prosper in real-world settings and giving users the opportunity to engage with these tokens in different ways.
According to the Lost Worlds whitepaper, businesses can install geoNFTs around their premises, further enhancing customer engagement with their brand. This is especially notable in rich, environment-heavy establishments like theme parks and museums, where visitors already spend their time exploring the sights and experiences on display.
By providing more gameplay to the experience, Lost Worlds’ geoNFTs promise to expand people’s perception of digital assets in Web 3.0 and the physical world around them.
Among other things on the Lost Worlds roadmap, the platform plans to release more collaborations with Web 2.0 companies. These collaborations may be featured through in-application events or sponsored quests, suggesting a range of customizable options for potential business partners.
Interestingly, the company’s roadmap also hints at several core features that will be implemented in the future. In addition to the geoNFT’s current quest system, there will be a gig-economy-like system called Bounties that may allow players to trade or sell geoNFTs. A teleportation system, which would enable users to break the game’s geoFence boundaries, may also be implemented.
