Can you explain what is NFT Raffle Platform??
I want to buy ticket but I am little bit confused.
An NFT raffle is often defined as a way of raising fund by selling tickets. It gives an alternative to conventional selling of Valuable products like an NFT. Also, as we know, many people don’t have enough resources to buy high-value goods by paying for the market price.
So, we came up with the idea of creating NFT Raffle where people collectively finance the pool and then NFT Winner will be selected randomly by a smart contract’s pseudo-random algorithm and the winner will get the NFT.
Werewolf’s vision is to give utility to the WEREWOLF NFT. By launching NFT Raffle Competition Platform we also expand our vision to other NFT’s by allowing them to list on our platform and raise fund.
An NFT holder can go on platform and create its own NFT Raffle Pool by entering required details about NFT like Token Contract Address, Token ID, NFT value, Raffle ticket price and Competition end date etc. At the time of creating the raffle pool, NFT will be transferred in the smart contract and staked until the raffle pool creator sets the end time.
In the NFT raffle competition, participants buy lottery tickets for a fixed amount to enter into the draw. The ticket amount is fixed by the competition creator. As said earlier winner is selected by Contracts pseudo-random algorithm and Raffle Pool amount is automatically exchanged for the staked NFT. In this way the person who create NFT Raffle pool will received the money raised from the sale and while the winner will receive the NFT from the raffle pool. If users buy more tickets, there is a higher chance to win NFT.
How to Purchase Raffle Ticket on Werewolf Platform
Step 1. Go to Werewolf Exchange’s “NFT Raffle Platform” and Connect your Wallet
Step 2. You can see the list of Raffle created already.
Step 3. Select your desired Raffle [You can also Search Raffle by Name] and Click on Buy Ticket.
Step 4. Enter the Number of Tickets you want to purchase and click Buy. Wait for transaction confirmation. There is a higher chance to win NFT if you buy more tickets.
Step 5. You can also see your Raffle Ticket entry in “Purchased” Section after clicking “My Raffle” button.
Declaring the NFT Raffle Competition Winner
At the end of each NFT Raffle competition the creator of Raffle competition will declare the winner. There will be two scenarios if number of participants are less than “Minimum Participant” threshold then creator will have option to withdraw the NFT which is staked in contract and if the number of participants is more than “Minimum Participant” threshold then creator will declare the winner.
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Hey Thanks for the Information