NFT
LooksRare is beginning an NFT raffle the place customers should buy entries for 0.01 ether (ETH) or much less. All they should take part is a crypto pockets and sufficient ether to cowl the entry price and fuel charges, in response to the NFT market.
Zodd, the pseudonymous co-founder of LooksRare, introduced ‘LooksRare Raffles’ in a Tuesday weblog put up. They stated that the highest prize daily for this week can be a Bored Ape Yacht Membership NFT (BAYC).
Although just one BAYC NFT is up for grabs every day, the platform stated the prize pool additionally contains different “blue chip” NFTs. Different prizes embody Azukis and allocations of the platform’s native coin, LOOKS.
LooksRare stated it should run this raffle program for seven days, with one raffle spherical every day, amassing a “small payment” on every spherical. If the reception is sweet, it might change into a everlasting fixture on the NFT market’s website, LooksRare advised Blockworks.
Throughout the first spherical on Wednesday, there will probably be one BAYC NFT, 5 Azuki NFTs, and 100 bundles containing 1,000 LOOKS tokens, every obtainable for contributors to amass.
The raffle program is constructed on a basis of good contracts, which LooksRare stated are “100% clear” and “provably honest.”
“We use Chainlink VRF (Verifiable Random Perform), which is a provably honest and verifiable random quantity generator…For every request, Chainlink VRF generates a number of random values and cryptographic proof of how these values had been decided. The proof is printed and verified on-chain earlier than any consuming functions can use it,” LooksRare stated in an announcement completely supplied to Blockworks.
The assertion continued, “This course of ensures that outcomes can’t be tampered with or manipulated by any single entity together with oracle operators, miners, customers, or good contract builders.”
The prize pool has a hard and fast variety of entries customers should buy per sale, which LooksRare says retains the raffle balanced. However there’s additionally a minimal variety of entries that have to be snapped up for the raffle to proceed.
“If there’s too little curiosity in a selected spherical, it received’t go forward. So, if the quantity of entries purchased is just too low, the contract will allow customers to have them refunded,” Zodd wrote within the weblog put up.
The LooksRare weblog put up additionally instructed that purchasing these low-cost raffle entries are a great way to spend the crypto mud in your pockets. Mud refers to small quantities of cryptocurrency left over from transactions processed on the blockchain. Just like receiving pennies as change in a money transaction, mud often has minimal financial worth.
