Today in NFT developments, Lootex, a prominent marketplace, has unveiled Smart Accounts to streamline Web3 accessibility and a token exchange feature to enhance NFT liquidity.
According to the official announcement, these advancements, coupled with the Smart Frens initiative, pledge to deliver a smooth, safe, and immersive platform for collectors and traders.
“This strategic initiative, supported by Lootex’s collaboration with Mantle Network, seeks to democratize blockchain technology and enhance user engagement,” the team stated.
The Smart Account leverages the ERC-4337 standard for account abstraction, eradicating conventional barriers and enabling “five-second account creation similar to everyday email or social media registrations.” Additionally, it facilitates a gas fee sponsorship mechanism, rendering NFT creation and trading more accessible and secure.
Simultaneously, the Swap NFT and fungible token feature provides users with a seamless solution for exchanging and trading NFTs and tokens within a unified platform, as announced.
Justine Lu, CEO of Lootex Technology, emphasized the platform’s goal of democratizing access to the NFT and gaming realm.
“Our focus remains on simplicity and enjoyment, ensuring newcomers can effortlessly enter and flourish in this space,” Lu expressed. “Through innovations like ERC-4337 and ERC-404, we aim to elevate the user experience, striving to establish a welcoming, 404-friendly marketplace. Here, everyone can explore, trade, and connect, making Lootex a comprehensive metaverse hub.”
Additionally, the platform introduces the “404 Journey” event, encouraging users to earn FRENS tokens through various activities ranging from account registration to trading. The event is bolstered by a prize pool sponsored by layer-2 (L2) blockchain, Mantle Network.
“This strategic partnership is poised to transform NFT trading, enhancing liquidity and user experience by merging our blockchain technology with Lootex’s forward-looking platform,” remarked Sean Lee, NFT Growth Lead at Mantle Network.
