Win NFTs on the Blockchain

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About NFT Raffle

Why NFT Raffle

Raffles for NFTs Platform

Our focus is on building a platform for charity raffles for Non-Fungible Tokens (NFTs). Since NFTs are digital goods, they are very appropriate for a blockchain raffle/lottery and can be quickly distributed to lucky winners. Our platform will serve NGOs or any other organization that runs fund-raising events. Participants will buy entry tickets and wait for the “drawing” time. After a drawing is completed, the winnings are all paid out within minutes.


Since we’re focusing on charity fundraising raffles, we should avoid most of the regulation and prohibitions on gambling. 

 

Inspiration

Lotteries and raffles are a very serious business, with a large amount of money at stake. The Washington Post reported that Americans spent $77.7 billion on various lotteries in 2018, up about $5 billion from 2017. That is more than total spending on music, books, sports teams, movies and video games for that year. State Lotteries payout typically 50-70% of each bet back to players. The rest goes to administration, advertising, and revenue for the state government. Aside from problems with revenue distribution, lotteries and raffles face a set of challenges:

  • Fairness of the game - can we trust a selection process;

  • Availability - many more people can participate from all over the world if lottery or raffle is hold online;

  • Flexibility in currency of purchase  - participants are bound to single currency;

  • Distribution of funds - lack of trust and transparency in pay off funds;

  • Time - elapsed time between winning and receiving goods.

 

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