ROAD TOWN, Virgin Islands (British), August 15, 2022 (Newswire.com) –
In collaboration with BullPerks, gaming, NFT and metaverse ecosystem GamesPad is launching the new NFT marketplace feature – NFT Lottery. It will allow users to win NFTs from various art collections by staking a specific number of BullPerks ($BLP) or GamesPad ($GMPD) tokens.
There will be separate lotteries for $BLP and $GMPD holders, allowing participants to bid for NFTs in either of these tokens. For the benefit of token holders, BullPerks and GamesPad will burn a portion of tokens exchanged for NFTs after the lottery ends to reduce the circulating supply of tokens and potentially increase their value.
The lottery is primarily designed to give community members a chance to win exclusive NFTs. However, by burning a portion of the exchanged $GMPD and $BLP tokens, projects also aim to stabilize the volatility of their tokens and support their long-term value growth.
In crypto, token burning refers to the process of taking a certain amount of tokens out of circulation to increase the value of the existing tokens. The burned tokens are sent to the so-called “eater address”, also known as a “black hole”, which makes them inaccessible forever because it does not have a private key attached to it – like a lock without a keyhole.
How does the NFT lottery work?
The lottery will have a limited time and bidding restrictions (minimum and maximum bet) set by an administrator. All participants must bid NFTs in either $GMPD or $BLP tokens (depending on whether the event is held for the GamesPad or BullPerks community) within these limits before a lottery closes.
When a lottery starts, the NFT is transferred to a smart contract. To offer unparalleled transparency, the process of selecting a winner will be performed by a smart contract at the end of the lottery. The user whose bet is closest to the winning number (randomly generated number) receives the NFT.
About BullPerks
BullPerks is the fairest and most community-dedicated decentralized VC and multi-chain startup platform. By unleashing the power of the blockchain and a decentralized venture fundraising model, BullPerks offers huge opportunities to anyone willing to invest in the best crypto projects on equal terms with VCs. The platform is fully community oriented and provides low access and access to early stage projects for users.
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Source: BullPerks
