BullPerks, a community-dedicated decentralized VC and multichain launchpad, announced a partnership with GamesPad, an NFT ecosystem, to launch a new feature called the NFT Lottery on the GamesPad marketplace.
You might’ve participated in lotteries in IRL but Bullperks and GamesPad are bringing the lottery aspect by launching a proper feature where users can win NFTs via lotteries from different NFT collections.
How does it work?
The NFT Lottery is a unique feature where users can get any NFT from various collections based on their luck. The feature utilizes blockchain technology and smart contracts for the lottery rounds on GamesPad’s NFT marketplace.
According to an official press release, there will be different lotteries for $BLP and $GMPD holders separately on the marketplace.
In other words, to participate in the NFT Lottery, users must have a certain amount of BullPerks ($BLP) and GamesPad ($GMPD) tokens in their wallets.
The holders will get token-specific lottery rounds to participate where they can set a bid for NFTs. There will be maximum and minimum bid restrictions and time limits for each round.
When the lottery begins, the NFT will be transferred to a smart contract. After the time limit has passed, the smart contract will show a randomly generated number, and the person whose bid is nearest to the number will win the NFT.
It’s a fun yet exciting game that follows the same pattern as any lottery ticket. The only difference is that only $BLP or $GMPD can participate in the separate lottery rounds on the NFT Lottery marketplace.
Benefits of $BLP and $GMPD tokens
Other than doing lottery rounds, the NFT Lottery is also designed to increase the demand for $BLP and $GMPD tokens in the crypto market.
In the press release, the team shared that BullPerks and GamesPad will be burning a certain amount of both tokens used for NFTs after the lottery round ends to increase the demand and reduce the circulating supply of the tokens. This will benefit the holders in the long term due to stable volatility and value growth.
The token burn is basically an intentional process of removing a portion of tokens from circulation by a company. The burned tokens are sent to an “eater address” or “blackhole” where they cannot be retrieved again. The token burn is solely done to increase the scarcity of tokens to increase their value.
Additionally, the users will get a chance to own their NFT collections for a better bid price than in other marketplaces. The NFT Lottery feature adds up to the thrill of buying NFTs based on whatever price you put.
GamesPad is the world’s first gaming, NFT, and Metaverse ecosystem aimed to leverage the most influential crypto/blockchain gaming projects. It comprises an NFT, GameFi, and metaverse incubator to empower projects with fundraising, business networking, marketing, PR, and technical expertise.
GamesPad’s ecosystem also offers a gaming-based multichain launchpad, a one-stop marketplace, and an NFT aggregator. Through its various platforms, GamesPad aims to bring blockchain gaming into the mainstream.
BullPerks is a community-committed decentralized VC and multichain launchpad. It aims to empower crypto projects by using its well-made decentralized venture fundraising model.
The NFT Lottery feature is a first of its kind that has never been introduced by any other platforms or marketplaces.
Usually, users can be required to buy NFTs by placing a certain bid which the holders have a choice to either take or decline in the secondary marketplace. With the NFT Lottery feature, all kinds of investors, collectors, and traders, small or rich, holding $BLP or $GMPD can bid on the NFT and win it.
This is yet another possibility of NFT and blockchain technology that GamesPad and BullPerks have introduced.