Australians may not ever see their nonfungible tokens (NFTs) take them “to the moon,” but they might be able to get to the next best place — the edge of space.
Crypto Competitions, an Australia-based Web3 sweepstakes startup, has recently signed a partnership with stratospheric exploration company World View, offering its NFT holders a 1-in-7,000 chance to win a priority seat in a World View space flight in 2024.
Speaking to Cointelegraph, Harls Cannard, managing director of Crypto Competitions, said the sweepstakes was a way to celebrate the launch of his Web3-powered marketplace, which uses NFTs and prizes as an incentive to join its discount rewards program.
“Everyone in crypto talks about like, when are we going to get a Lambo, and when are we going to the moon?”
Canard said he thought the space flight was a “great way to launch,” even if it wasn’t necessarily sending someone “to the moon.”
He explained that his Web3 company wanted to use blockchain to power its space flight sweepstakes project as the technology allows the draw to be “safe, secure and transparent.”
“Because in a lot of lotteries and systems like this, you never actually know your odds of winning. You can’t verify your details to know if your name is actually in that barrel or in that draw. So we’re creating more of a trustworthy and transparent system of generating winners.”
Crypto Competitions’ model bears resemblance to traditional NFT lotteries which uses an NFT to represent a sweepstake “ticket.”
However, it puts a unique spin on the sweepstakes process, as it employs a gradual elimination process to determine a final winner.
“We start with 7,000 NFTs that have been purchased. Then we begin to remove people that have entered […] On the final day, there might be 10 people left with 10 NFTs in the draw.”
Canard explained that at each step, eliminated NFT holders or new buyers would be encouraged to participate in the secondary sales market for the surviving NFTs.
“We’re creating secondary resale market value for the actual NFT.”
Canard said his hopes for the company’s space flight project will showcase the capabilities of its blockchain technology.
“I’ve been doing this in the Web2 space for the last four years and I’ve seen a massive gap in the market in Australia and internationally and so that’s why.”
Crypto Competitions is a Web3…