❓FAQ

What is LuckyBid?

LuckyBid is a decentralized omnichain NFT lottery marketplace protocol that gives everyone the chance to own bluechip NFTs with minimal investments and affordable gas fees. Utilizing state-of-the-art NFTZero technology, LuckyBid offers secure and convenient omnichain bridging of NFTs and FTs between layer1 and layer 2. LuckyBid also benefits from Chainlink VRF technology to ensure 100% fair and verifiable lottery draws.

What is the problem we are trying to solve?

Currently top bluechip NFTs like BAYC and CryptoPunk cost 60 ETH on OpenSea, such a high price makes most NFT ethusiasts and average NFT traders unattainable. This situation dramatically limits the growth potential and democratization of the NFT space.

What is our solution?

LuckyBid aims to make blue-chip NFTs more accessible to everyone. With 100% transparency & decentralization, LuckyBid users are able to own bluechip NFTs with a small investment and have more fun on provably fair bets!

How LuckyBid works?

LuckyBid is the first blockchian protocol that combines NFT and lottery by using smart contract technology. The LuckyBidDAO selects whitelisted NFT collections for LuckyDraws, including BAYC, CryptoPunks, Azuki, MoonBirds, and more. All LuckyBid tickets are priced the same at 0.01 $ETH, making it affordable for anyone to purchase as many tickets as they want. So, the more tickets you bid, the higher your chances of winning your NFT. Every ticket has an equal chance. Once all tickets are sold for a specific draw, the collected funds are used to purchase the lowest-priced floor NFT on OpenSea on the Ethereum network. Once a winner is selected, the NFT prize will be automatically transferred to the winner via smart contracts. Furthermore, winners are able to seamlessly bridge NFT from Layer 2 (Arbitrum) to Layer 1 (Ethereum).

What’s the competitive advantage of LuckyBid?

1. Omnichain Powered by NFTZero omnichain technology, LuckyBid will become a super NFT infrastructure covering all chains and offers the seamless bridging of NFT between any two chains.

2. Own bluechip NFTs with small investments With LuckyBid, regular NFT lovers can make a small investment on bidding for the whitelisted bluechip NFT, and get a chance to win high-value bluechip NFT assets. Owning bluechip NFTs with 0.01 ETH is not a dream, it’s real on LuckyBid.

3. Using #Arbitrum layer 2 solutions of lightning-fast & significantly lower fees Building on Arbitrum, LuckyBid has the inherited advantages of lower transaction fees and shorter latency. Users don’t need to worry about high gas fees and bad experiences. All you need to do is enjoy fun on LuckyBid. Much lower gas fees but lightening-fast & ultra-smooth on-chain experiences.

4. More betting fun with 100% transparency & fairness LuckyBid collaborated with Chainlink VRF to ensure a fair selection of the lucky winner on a trustworthy lottery protocol. Bidding is so fun and it’s also secure on LuckyBid.

What network holds the LuckyBid protocol?

Initially building on Arbitrum and will gradually upgrade to a full-chain protocol with LayerZero omnichain technology.

Is LuckyBid centralized in any way?

No, LuckyBid is fully decentralized. We are building LuckyBid completely on-chain underlied by the rubost blockchain structure of the Arbitrum network. Furthermore, lucky draw is fully deployed on contracts with Chainlink VRF technology. It is 100% transparent and decentralized, all transactions can be tracked on-chain.

How to Bid on LuckyBid?

Bidding on LuckyBid is easy. Head to the official website, and choose the NFT you wanna bid, then enter the competition and bid with the appropriate amount of tickets according to your personal financial situation. When the tickets of target NFT sell out, the lucky draw will start and select a winner by ChainlinkVRF technology. Enjoy the fun of bidding.

What is the difference between “Bid with tickets” and “Bid with ETH”?

The difference between them is that ‘Bid with tickets’ gives you a good discount, but it requires you to buy a batch of tickets. If you are afraid of risks and just want to have a try first, then go bidding with ETH.

How to bridge NFT from Arbitrum to Ethereum

With NFTZero omnichain technology, LuckyBid enables users to seamlessly bridge NFTs from Arbitrum to Ethereum mainnet. Just go to the [Bridge] tab, choose the NFT you want to bridge, click approve and confirm to move NFT back to mainnet, then done! Please take note bridging requires gas fees.

What’s the price of ticket?

1 ticket equals 0.01 ETH. All tickets are priced the same.

Is there a whitelisted bluechip NFT list?

Yes. Whitelisted bluechip NFTs will be selected by LuckyBidDAO at the early stage and it will include community votes later. Also, the NFT list and any related updates will be published on LuckyBid socials.

How many NFT collections can I explore on LuckyBid?

Currently, we have whitelisted NFT collections including Board Ape Yatcht Club, Mutant Ape Yacht Club, Azuki, BeanZ, Moonbirds, Otherdeed, and PudgyPenguins, etc. More blue-chip NFT collections will be added soon. Stay tuned.

How does LuckyBid price the whitelisted NFT?

The price of whitelisted NFT is estimated by the floor price on Opensea when it’s open for competition.

Will someone definitely win the NFT?

Yes, there will always be a winner for the NFT draws.

How are winners drawn?

LuckyBid will divide the whitelisted NFT into a certain quantity of tickets based on the estimated floor price. When you buy tickets, your unique tickets will be stored in the competition smart contract. The more tickets you bid, more times they logged in the contract, and higher chance to win prize. Lucky draw will be drawn via on-chian VRF technology within 1 hour after all tickets are sold out. When the required criteria are met, the smart contract will automatically buy the target NFT at the floor price on Opensea when the winner is drawn. If the current price is lower than the estimated price, there will be extra tickets and these will roll over to the next draw of the same NFT collection. On the contrary, if the current price is higher than the estimated price before, the draw won’t be activated and the target NFT needs to raise more funds to reach the actual floor price. All bidding activities and draws are 100% transparent, and you can track all transactions on-chain.

When will the lottery draw?

All competitions will draw automatically when the required criteria of ETH raised are fulfilled. Simply speaking, lucky draws will start when all tickets are sold out.

What can I do to increase the odds of winning the NFT prize?

The more tickets you bid, the higher chance you will win the NFT prize.

Will I be notified when I win the NFT prize?

Once a winner is drawn, your NFT prize will be automatically transferred to your wallet via smart contracts.

You can check the [Recent Winners] section on the website or [My Prizes] on the wallet account page to check whether you are the winner. Also, make sure opt-in our Discord & Twitter notifications to get the latest winner announcements.