Tickets to enter the draw cost $5, paid for with Lucky Block LBLOCK crypto tokens. But holders of the LBLOCK token who connect their wallet to the app each day will receive the added incentive of a free ticket.
The free entry also serves to keep the product outside of the perimeter of regulations enforced by the UK Gambling Commission and similar regulatory oversight that exist in other jurisdictions.
The prize draw industry is valued at more than $300 billion worldwide and Lucky Block aims to grab a slice of that expanding pie with its innovative and transparent offering.
Giving to charities made easy
Alone among prize draw giveaway systems, Lucky Block rewards token holders for providing input to guarantee the smooth running of a key aspect of the network: the distribution of donations to good causes, which is decided upon through the voting activity of participants in the jackpot draws.
When customers enter the draw, either with the free ticket or with extra ones purchased using their Lucky Block holdings, they must go to the charity section of the platform and vote for the charity they wish to be the recipient of the 10% of each jackpot prize draw allocated to good causes.
For each draw there will be four causes that can be voted for. To find out about each option and how the donation will be used, users click the info button and then vote for the one they wish to receive the donation.
The good cause that wins the vote will receive 70% of the charity allocation, with the other causes receiving 10% each.
Main Prize Draw Pool valued at $2.2 million
In addition to the 10% of the overall daily jackpot going to charity, 10% comes back to token holders in the form of their reward, 8% goes to Lucky Block for marketing and 2% is set aside for the NFT prize draw (more on the NFT prize draw below).
In order for LBLOCK holders to receive the reward, they must take part in the daily charity voting as part of the claiming process.
The funds for the prize are collected in the Main Draw Pool, which is an address on the blockchain that everyone can see. Currently the pool is valued at $2.37 million.
Funds for the Main Draw Pool come from the transaction fee charged on sales of the LBLOCK token on decentralised exchanges and from ticket sales revenue when the prize draw is live.
The transaction fee is charged at a rate of 12% on each sale, of which one third goes to the Main Draw Pool.
In addition to issues regarding regulations, that have all now been fully addressed by Lucky Block, guaranteeing that winning numbers are truly randomly determined has been another frequently raised matter.
Anticipating such concerns, the team from the outset integrated the Chainlink VRF service, which is an oracle (a secure data feed used by smart contracts to interact with real-wold events and data) providing a verifiable source of randomness.
NFT prize draw launch
Alongside the start of the main prize draw will be the launch of NFT daily draws.
To enter this draw an individual must own one of the 10,000 limited edition Platinum Rollers Club NFTs. The unique value of the NFT derives from its utility as a lifetime entry ticket for the daily NFT draws.
But that’s not all. NFT owners will also be automatically entered into a special one-off giveaway draw to win $1 million.
The NFT daily draw will coincide with the launch of the main draw in mid May, with the $1 million giveaway taking place at the same time.
Around a quarter of the NFTs have been sold – at a ‘buy now’ price of 3.75 Wrapped BNB (WBNB), which means existing Platinum Rollers Club members have an exceptionally good chance of becoming an overnight millionaire.
After all the NFTs have been sold another special prize draw will be held, this time to win a Lamborghini worth £270k.
The Lucky Block Games Gallery
The giveaway prize draw and NFT is the first product of many that the crypto games platform is launching as it sets out to build the No.1 such destination globally.
Sitting alongside the giveaway draws will be an expansive gallery of prize raffles for digital and physical goods, be they NFTs or watches.
The Games Gallery will grow to include geo-targeted Play-to-Earn games of chance compliant with the regulations in force in the locale of the user, so may not be available in some jurisdictions. These games will include titles such as Keno, Mahjong and Pai Gow.
The value proposition represented by the family of products Lucky Block is launching, beginning with its flagship daily jackpot prize draw, attests to the ambition of the project as it eyes top 100 crypto status.
Those ambitions are further underlined by an audacious marketing campaign that has already seen the project become a big player in boxing sponsorship, as it sets out to target a key demographic for the types of games and giveaways it will be offering.
Lucky Block is the sponsor of boxers Dillian Whyte and Florian Marku, with more big names in the boxing world – and up-and-coming ones too – set to join its roster of brand ambassadors.
To play the giveaway prize draw, users can now buy LBLOCK on the Lucky Block website with a debit or credit card.
Purchasers can use ordinary money to first buy BNB and then swap that into LBLOCK before purchasing their draw tickets, valued at $5 each.
Commenting on the upcoming launch of the jackpot prize draws, Lucky Block CEO Scott Ryder said:
“We have a breakthrough crypto that our team can be rightly proud of, as we set out to shake-up how jackpot prize draws are run, putting the players and charities front and centre.
“Also, now with a free-entry option, the jackpot draws will attract users to our wider games platform in droves. We look forward to the challenge of catering to these new crypto users and scaling up as we grow our other giveaway and Play-to-Earn games offerings.
“It has been barely three months from going public to launch, so we reckon that’s quite a feat, especially when you consider the regulatory obstacles we had to navigate.
“With a web app that includes fiat onboarding and a unique ‘vote and claim’ system, plus a free entry ticket for token holders, we think Lucky Block’s first product has certainly been worth the wait.”
Media contact
Email: [email protected]
Notes for editors
Lucky Block is a decentralised games network powered by crypto. LBLOCK is the utility token of the platform.
Lucky Block offers the chance to make ‘everyone a winner’ because its platform pays a token reward of 10% of every jackpot to token holders, whether or not they buy a draw ticket. Each token holder also receives a free ticket, subject to terms.
More than that, by trying their luck with its daily draws, players will be giving to charity in the process – 10% of every jackpot goes to charity.
Jackpots are funded by a tax of 12% on sales of the LBLOCK token on decentralised exchanges and from ticket revenues.
Because Lucky Block is built on blockchain it is cheaper to run, more transparent, can reward its token holders and makes charities winners too.
Lucky Block plans to launch its first giveaway draw in mid May after the launch of its web app.
An Android beta version of the Lucky Block app is available to download from the Google Play Store – only test tokens can be used with the Android app.
The iOS app beta has been submitted for approval at the Apple App Store.
Lucky Block’s Platinum Rollers Club NFT Collection provides owners with lifetime entry tickets to the daily NFT jackpot draws and are on sale now.
SOURCE Lucky Block
