Introducing the WKD Raffle
You might have come across raffles while attending a charity event, local community gathering, or browsing online. Raffles are a popular game of chance that allows participants to purchase tickets for a chance to win prizes through a random drawing. With their widespread appeal, they offer an exciting and engaging way to test your luck at fun games. But what exactly is a raffle?
A raffle is a game of chance in which participants purchase tickets for an opportunity to win a prize. Typically, these tickets are sold at a predetermined price and the winner is decided through a random drawing. Raffles are often held in physical locations and also on digital platforms. In this article, we shall be exploring the Wakanda Inu Raffle.
What is the WKD Raffle & how it works works
The Wakanda Inu Raffle is an online game of chance where participants acquire or mint NFT tickets to participate in a four-phase raffle cycle. Once the four cycles ends, winning participants can then claim their winnings (if they win). The raffle works in four cycles namely the Closed, Open, Drawing Winners, and Post Draw — we will explain what each of the steps in the cycle means but we should note that each cycle has a maximum of 2000 participants with a minimum number of winners in a single raffle set at 300 while a maximum number of winners is 500. Now, let’s explore each of the phases or steps in a Raffle cycle.
Elements of the WKD Raffle Cycle
Closed: This refers to when a cycle is created.
Open: During a raffle cycle, every user or participant is welcome to join by minting the HATUT_ZERAZ_E NFT at the designated price. Each minted HATUT_ZERAZ_E NFT token is considered an entry, which qualifies the participant for a chance to win during the draws. However, please note that participants are limited to buying only 200 units out of the 2000 available slots allowed per raffle.
Drawing Winners: At this stage, it's likely that either the cycle is fully subscribed or the time has elapsed. As a result, the raffle manager can now begin selecting winners from the pool of entries.
Post Draw: During this stage in the cycle, the raffle manager distributed the funds based on the formula coded into the smart contract and sets the raffle back to the CLOSE step, making it ready for a new cycle.
Funds allocation formula in each cycle
The funds generated in each cycle are split in six ways. The first is the 5% of the funds generated in the raffle cycle that is set aside for winning referrals. Next is the 50% of the funds set aside for winners in the cycle. Then we have a 14% set aside and sent to the Wakanda Inu DAO to help the further development of the WKD Ecosystem and drive charitable programs across the world. 15% of the fund is set aside for product development and maintenance. Another 15% is allocated to buy WKD from the market and burn. Lastly, the remaining 1% of the fund is shared amongst holders of token type 2 and above.
The WKD Raffle NFTs
The Wakanda Inu Raffle has five token types. Token type 1 is minted whenever a cycle is in the OPEN phase. What this means is whenever you join a cycle, you mint the Type 1 token which is an NFT. If you wish, you can upgrade to the rarer kind of tokens such as:
200x HATUT_ZERAZ_E = 1x KIMOYO
10x KIMOYO = 1x DORA_MILAJ_E
3x DORA_MILAJ_E = 1x TAIFA_NAGA_O
2x TAIFA_NAGA_O = 1x NEGUS
You should note that token upgrade is optional and in the future, we will release a marketplace where these tokens can be traded.
Disclaimer!!
Wakanda Inu NFTs SHOULD NOT be considered financial investment. Wakanda Inu NFTs is not responsible for losses or errors you experience while using its website, platform, or games and you should use at your own risk. NO information on this website, platform, or games should be considered financial advice. Wakanda Inu NFTs should be considered high risk and you should not participate with more money than you can afford to lose.
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