The Aussies offered NFTs that could send them into space
Australians may never see their non-fungible tokens (NFTs) take them ‘to the moon’, but they might just make it to the next best place – the edge of space.
Crypto Competitions, an Australia-based Web3 competition startup, recently signed a partnership with stratospheric exploration company World View, offering NFT holders a 1-in-7,000 chance to win a priority seat on a World View space flight in 2024.
Harls Cannard, CEO of Crypto Competitions, told Cointelegraph that the competition was a way to celebrate the launch of his Web3-powered marketplace, which uses NFTs and prizes as an incentive to join the discount program.
“Everyone in crypto is talking about when are we going to get a Lambo, and when are we going to the moon?”
Canard said he thought the spacewalk was a “nice way to launch,” even if it wasn’t necessarily sending someone “to the moon.”
He explained that his Web3 company wanted to use blockchain to power its spaceflight competition project, as the technology allows the draw to be “safe, secure and transparent.”
“Because in many lotteries and systems like this, you never actually know your odds of winning. You can’t verify your details to know if your name is actually in that barrel or in the draw. So we’re creating a more reliable and transparent system to generate winners.”
Crypto Competition’s model is similar to traditional NFT lotteries that use an NFT to represent a “ticket”.
However, it puts a unique spin on the competition process, as it uses a gradual process of elimination to determine a final winner.
“We start with 7,000 NFTs purchased. Then we start removing people who have entered […] On the last day, there may be 10 people left with 10 NFTs in the draw.”
Canard explained that at each stage, eliminated NFT holders or new buyers would be encouraged to participate in the secondary sales market for the surviving NFTs.
“We create secondary resale market value for the actual NFT.”
Canard said his hope for the company’s space project will showcase the capabilities of blockchain technology.
“I’ve been doing this in the Web2 space for the last four years and I’ve seen a huge gap in the market in Australia and internationally, and that’s why.”
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Crypto Competitions is a Web3 company that offers a membership platform that gives members access to discounts, coupons and rewards in over ten countries.
Canard said in the future he plans for the adjacent NFT contest product to include prizes such as Bored Ape Yacht Club NFTs and more “life-changing” giveaways and experiences.
