The mission of NFTicket - to disrupt the traditional lottery system by introducing the transparency and security, provided by blockchain technology, while also maximizing the player's advantage. Using smart contracts that provide cryptographically secure and verifiable randomness, NFTicket ensures that all participants have an equal chance of winning.
Description of the NFTicket project
The platform implements several unique earning methods for the crypto community that go beyond just participating in sweepstakes. In addition to NFT, NFTicket will have its own ERC20 token, called $KENO. $KENO holders receive a reward in ETH after each NFTicket draw. $KENO token holders will also be able to stake tokens by earning ETH, generated through the NFTicket resale process.
At the start of each draw, 1,024 NFTickets will be made available for minting through the NFTicket website. Only three NFTickets from each draw can be stored in one wallet. Half of all issued NFTickets will be liquidated every two days. The remaining half will go to the next round. This process will continue until only one ticket remains. The destroyed NFTickets will be automatically sent to the incinerated wallet via a smart contract. In most traditional lottery systems, the winner receives only about 50% of the actual income from ticket sales.
Draw features:
| 1. | With each elimination round, the chance of winning one NFTicket doubles. |
| 2. | At any time during the draw, players who have active NFT tickets can sell their NFT tickets on OpenSea. |
| 3. | This introduces a "deal or no deal" mechanic where players can choose to be bought out of their risk by selling their ticket early. |
Each NFTicket, purchased at the beginning of each draw, can be resold on the secondary market. For example, if your NFTicket made it through the first round, you can hedge your bet and sell it on OpenSea, or keep it and wait for the next round. Each round as you avoid elimination, your NFTicket has a higher probability of winning and becomes more valuable to secondary buyers. Secondary sales are taxed at 10%, half of which is shared between $KENO and LP stakers.
Fees
To discourage sales and encourage growth, the $KENO smart contract imposes a 4% tax on all purchases and an 8% tax on all sales. The fees, generated from these taxes, help to pay gas fees, associated with the issuance of NFTickets, fees, associated with Chainlink VRF and Gelato, and general maintenance costs. The total supply of $KENO is capped at 1,000,000. This value will decrease rapidly over time as the enhanced buyback proceeds.