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Lucky Block, a decentralized gaming initiative powered by the BNB Chain, recently announced that it had completed the first-ever daily drawings for both its $1 million regular prize and $1 million NFT jackpot.
The winners were announced on May 31, as planned, and the payment was executed soon after, as evidenced by blockchain activity on the BNB Chain. The overall prize pool was 1.53 million LBLOCK tokens, or just over $2,000 per winner.
What is Lucky Block?
Lucky Block (LBLOCK) is a decentralized lottery that employs blockchain technology to address a number of issues plaguing the present system, including security, liquidity, and payout delays.
The innovative platform envisions the creation of a worldwide gaming platform where players use Blockchain Protocols operating on the Binance Smart Chain, independent of geographies or local financial systems.
Security, speed, and liquidity are all concerns that online lotteries face. While physical systems might be rigged, online gambling can also be hacked. Lucky Block seeks to make the lottery system fairer and more profitable by combining blockchain and lotteries.
On Lucky Block (LBLOCK), cryptocurrency investors have the option of earning passive income as well as purchasing a lottery ticket. They are also entitled to collect 10% of the total jackpot on a regular basis. The proceeds from a levy on speculative transactions are used to support these prizes.
Lucky Block has also produced a Platinum Rollers collection of non-fungible tokens that entitle owners to a ticket for the daily NFT draw, which is similarly supported by the revenues of the short-term trading tax.
Finally, if more gamblers and investors become interested in the project as a result of the attractive incentives, the value of LBLOCK may climb quickly as demand for the token rises while supply remains relatively stable.
The transaction records corresponding to the payment of the first-ever daily draws on the platform have now been made live, and can be checked here and here.
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How are Jackpot Winners of the Lucky Block Daily Draws Picked?
For its Platinum Rollers Club collection, Lucky Block has made a total of 10,000 NFTs. Each of these assets entitles its owner to take part in the daily drawings. A total of 2,671 of these NFTs had already been sold before the most recent draw was completed.
A “random number generator” powered by Chainlink selects the winner of Lucky Block’s daily primary prize draw. Meanwhile, the winner of the daily NFT draw is determined using a number-picking algorithm generated from a JSON file holding all of Lucky Blocks’ active non-fungible tokens.
It is worth noting that 4% of every LBLOCK transaction is donated to the lottery fund. By locking in their tokens, token holders will be able to determine whether or not they wish to participate in the daily jackpot.
The lottery fund and the total of locked-in LBLOCK are combined in this jackpot. When the lottery is held, 70% of the jackpot is won by an individual, 10% is donated to charity, 10% is spent on marketing, and 10% is dispersed to all LBLOCK holders, based on the percentage of tokens owned.
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US Rapper Swae Lee Triggers the Random Number Generator
To commemorate the completion of its first-ever NFT draw, Lucky Block organized a virtual party with US musician Swae Lee and the project’s ambassador Jamie Jewitt.
Users can see when Swae Lee hits a button that activates the random number generator in the video. The winner of ticket number 401 will earn a total of $1 million in LBLOCK tokens handed out immediately.
Learn More About LuckyBlock Now
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The daily jackpot draws will begin on June 6 and will take place every day at 20:00 BST. Winners will get a minimum of $10,000 in LBLOCK tokens, with the possibility of receiving more based on ticket sales. Once the complete NFT collection is sold to the public, the group will hold a unique crypto prize draw for a Lamborghini vehicle.
Read More:
- How to Buy LuckyBlock Crypto – Our Detailed Guide
- These are the Best Cryptocurrencies to Invest in 2024
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