LooksRare’s NFT Raffle Hits the Market


LooksRare is beginning an NFT raffle the place customers should purchase 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 value and fuel charges, in line with the NFT market.

Zodd, the pseudonymous co-founder of LooksRare, introduced ‘LooksRare Raffles’ in a Tuesday weblog submit. They stated that the highest prize on daily basis for this week could 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 consists of different “blue chip” NFTs. Different prizes embody Azukis and allocations of the platform’s native coin, LOOKS.

LooksRare stated it can run this raffle program for seven days, with one raffle spherical every day, gathering a “small price” on every spherical. If the reception is sweet, it may change into a everlasting fixture on the NFT market’s web site, LooksRare informed Blockworks.

Throughout the first spherical on Wednesday, there can be one BAYC NFT, 5 Azuki NFTs, and 100 bundles containing 1,000 LOOKS tokens, every out there for individuals to amass.

The raffle program is constructed on a basis of sensible contracts, which LooksRare stated are “100% clear” and “provably honest.”

“We use Chainlink VRF (Verifiable Random Operate), 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 have been decided. The proof is printed and verified on-chain earlier than any consuming purposes can use it,” LooksRare stated in an announcement solely offered to Blockworks.

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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 sensible contract builders.”

The prize pool has a set variety of entries customers should purchase per sale, which LooksRare says retains the raffle balanced. However there’s additionally a minimal variety of entries that should be snapped up for the raffle to proceed.

“If there’s too little curiosity in a selected spherical, it gained’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 submit.

The LooksRare weblog submit 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 normally has minimal financial worth.

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