LuckyBid is the first omnichain NFT Lottery that gives everyone on Layer 2 chains the chance to own bluechip Ethereum NFTs (e.g. BAYC, CryptoPunks) with small investments and low gas fees. We are powered by LayerZero omnichain technology and use the Chainlink Verifiable Random Function (VRF) to ensure 100% provably fair play.
Real world lotteries have few equals and have been popular for centuries, with hundreds of billions of annual USD turnover worldwide. The global lottery industry has several serious drawbacks that can be solved using blockchain technology. Some of the problems include issues such as lack of fair play, inaccessibility, non-transparency, and slow or missed payouts.
Blockchain lotteries are 100% transparent, all information such as winners and past draw results can be verified by anyone on-chain. By design, blockchain lotteries are more accessible and do not depend on residing in a particular geographic location to participate. Blockchain lotteries enable anyone, anywhere to try their luck as long as they have an internet connection and a crypto wallet.
In conclusion, LuckyBid wants to make it more fun and profitable for everyone to join the NFT revolution and unlock universal NFT market access for millions of L2 traders that have until now felt frustrated and left out.
How the LuckyBid NFT lottery works?
LuckyBid is similar to real world lotteries in that bidders can buy tickets and win prizes by simply possessing the winning ticket. In fact, the LuckyBid NFT lottery offers a better user experience than real world lotteries because the tickets are actually NFTs that can be freely traded and never expire, even after the draw concludes.
Here is how LuckyBid works for the typical bidder. First, buy your tickets and then choose your favorite NFT collection from the active draws: the more tickets, the higher your probability of winning your desired NFT. Next, wait for the draw process to finish. Specifically, once the draw has collected enough funds to purchase the floor NFT, the ETH will be bridged via Stargate Bridge to Ethereum and the NFT will be purchased on the OpenSea NFT marketplace. After the NFT is successfully acquired, it will be bridged safely and securely to Abitrum One utilizing LayerZero technology. Next, the 100% provably fair Chainlink Verifiable Random Function (VRF) will choose the winner of the draw. Finally, the NFT will be transferred to the chosen wallet address and an instant notification will be sent to the winner. Last but not least, the NFT can be bridged back to Ethereum or used by the LuckyBid winner in L2 DeFi activities.