Werewolf Exchange Just launched its NFT Raffle Competition Platform

NFT Raffle Competition Platform

Exciting News…!! Werewolf Exchange Just launched its NFT Raffle Competition Platform.

An NFT raffle is often defined as a way of raising fund by selling tickets. It gives an alternative to conventional selling of Valuable products like an NFT. Also, as we know, many people don’t have enough resources to buy high-value goods by paying for the market price.

So, we came up with the idea of creating NFT Raffle where people collectively finance the pool and then NFT Winner will be selected randomly by a smart contract’s pseudo-random algorithm and the winner will get the NFT.

Werewolf’s vision is to give utility to the WEREWOLF NFT. By launching NFT Raffle Competition Platform we also expand our vision to other NFT’s by allowing them to list on our platform and raise fund.

An NFT holder can go on platform and create its own NFT Raffle Pool by entering required details about NFT like Token Contract Address, Token ID, NFT value, Raffle ticket price and Competition end date etc. At the time of creating the raffle pool, NFT will be transferred in the smart contract and staked until the raffle pool creator sets the end time.

In the NFT raffle competition, participants buy lottery tickets for a fixed amount to enter into the draw. The ticket amount is fixed by the competition creator. As said earlier winner is selected by Contracts pseudo-random algorithm and Raffle Pool amount is automatically exchanged for the staked NFT. In this way the person who create NFT Raffle pool will received the money raised from the sale and while the winner will receive the NFT from the raffle pool. If users buy more tickets, there is a higher chance to win NFT.

How to create Raffle on Werewolf Platform

Step 1. Go to https://app.werewolf.exchange/nft/raffle and Connect your Wallet

NFT Raffle Competition Platform
NFT Raffle Competition Platform

Step 2. You can see two option over there along with the list of Raffle created already.

Create NFT Raffle Competition
Create NFT Raffle Competition

Step 3. Click on Create Auction. You can see a panel appears.

Step 4. You need to enter required information about your NFT to create Raffle on Werewolf Platform. Such as

  • Token Contract Address
  • ERC-721 Token ID [When you enter Token ID, NFT will be auto fetched]
  • Current Price of your NFT [In ETH]
  • Ticket price you want to set for Raffle. [In ETH]
  • Minimum Participant Allowed
  • Maximum Participant Allowed
  • Your Raffle Pool Name
  • End Date for your Raffle.
Approve NFT Raffle
Approve NFT Raffle

Step 5. Now you have to approve your NFT Raffle by clicking “Approve” button and wait for transaction after confirming it.

Step 6. You can see Create button on panel after your Approval transaction confirmed.

Create NFT Raffle
Create NFT Raffle

Step 7. Go ahead and create your Raffle by clicking “Create” button and wait for transaction after confirming it.

Step 8. Congratulations…!!! Your Raffle is now created on Werewolf Platform. Peoples can start buying your Raffle ticket. You can also see your Raffle in “My Raffle” Section.

You can also go through following Video Explanation on How to create NFT Raffle Competition.

How to Purchase Raffle Ticket on Werewolf Platform

Step 1. Go to https://app.werewolf.exchange/nft/raffle and Connect your Wallet

NFT Raffle Competition Platform
NFT Raffle Competition Platform

Step 2. You can see the list of Raffle created already.

Step 3. Select your desired Raffle [You can also Search Raffle by Name] and Click on Buy Ticket.

Buy NFT Raffle Competition Ticket
Buy NFT Raffle Competition Ticket

Step 4. Enter the Number of Tickets you want to purchase and click Buy. Wait for transaction confirmation. There is a higher chance to win NFT if you buy more tickets.

Step 5. You can also see your Raffle Ticket entry in “Purchased” Section after clicking “My Raffle” button.

NFT Raffle purchased Tickets
NFT Raffle purchased Tickets

You can go through following Video Explanation on How to Buy NFT Raffle Tickets.

Declaring the NFT Raffle Competition Winner

At the end of each NFT Raffle competition the creator of Raffle competition will declare the winner. There will be two scenarios if number of participants are less than “Minimum Participant” threshold then creator will have option to withdraw the NFT which is staked in contract and if the number of participants is more than “Minimum Participant” threshold then creator will declare the winner.

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Disclaimer: This article includes some forward-looking statements, none of which are financial advice. Always DYOR.

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