LooksRare Raffles Go Live

LooksRare's provably fair raffle system went live today and the first raffle has begun.

The Deets

• The grand prize is BAYC #5368, and the five other NFTs that can be won are Azukis #8702, #5882, #3720, #3113, and #9957.
• The other 100 prizes are 100x bundles of 1,000 $LOOKS tokens, which are valued at 0.06 ETH (~$105 USD).
• Combined, today's 106 prizes are worth ~147 ETH.
• A single entry costs 0.00165 ETH (~$3 USD), and other possible denominations such as 100, 250, 500, and 1000 also include free entries.
• There is a minimum number of entries needed to trigger the draw. At the time of writing, about 30,000 entries have been purchased out of the 150,000 required, with 21 hours and 30 minutes remaining.
• Refunds will be provided if the raffle doesn't get enough entries. The raffle round will be canceled, and anyone who bought entries can claim a refund.

❗ Why It Matters

In a way, this appears to be the first NFT marketplace to run a lottery of this variety and scale. While MetaWin's platform was the first to make this NFT raffle mechanism mainstream, LooksRare has the advantage of also being a legitimate marketplace, which adds a built-in base audience to market to.

🎬 Take Action

Those feeling lucky can follow these three steps:

1. Buy entries at looksrare.org/raffle. You'll need a Web3 wallet like MetaMask and enough ETH to cover the cost of your entries plus gas.
2. Wait for the draw. When the required number of entries is reached, the draw will begin.
3. Check for prizes. Come back to see if you've won, and @LooksRare will announce the winners on Twitter as well.

🧠 Learn More

• Uncut Gems: LooksRare Raffle Edition