In a game-changing move, LooksRare, a popular NFT marketplace, is all set to launch an NFT raffle. The platform offers users the opportunity to buy raffle entries for 0.01 ether (ETH) or less. To participate, users just need a crypto wallet and enough ether to cover the entry cost and gas fees.
Zodd, the pseudonymous co-founder of LooksRare, recently revealed 'LooksRare Raffles' in a blog post. During the inaugural week, the platform will offer a top daily prize of a Bored Ape Yacht Club NFT (BAYC). Though only one BAYC NFT is available each day, the prize pool is also enriched with other "blue chip" NFTs like Azukis and allocations of the platform’s native coin, LOOKS.
The marketplace plans to conduct this raffle for seven days, hosting a raffle round each day, and levying a nominal fee on each round. If the initiative is well-received, it might become a regular feature on the LooksRare site.
The first raffle round will offer one BAYC NFT, five Azuki NFTs, and 100 bundles containing 1,000 LOOKS tokens each for users to win.
In terms of fairness and transparency, the raffle program relies on smart contracts. According to LooksRare, they employ Chainlink's VRF (Verifiable Random Function), a provably fair and verifiable random number generator. This ensures that results are untampered with and are immune to manipulation by any entity.
The raffle program is designed with a fixed number of entries users can purchase per sale to maintain balance. Additionally, a minimum number of entries must be sold for the raffle to proceed. If the interest in a particular round is low, the contract will enable users to have their entries refunded.
The blog post by LooksRare also proposed that purchasing these affordable raffle entries could be an ideal way to spend the "crypto dust" in users' wallets, referring to the minute amounts of cryptocurrency left over from transactions processed on the blockchain.
