Ethereum

Lucky Block Pitches NFT Vision, V2 Upgrade and Ethereum Bridge

02/24/2022
Bitcoin Ethereum News

Crypto-lottery platform Lucky Block announced yesterday that it will be implementing an upgrade so that its unique sale tax system is compatible with exchanges, alongside details of a major rollout of NFTs.

NFTs were already in the roadmap, but token holders were given first sight of the Platinum Rollers Club Collection of 10,000 pieces.

Each NFT will have its own designated number which will be its lottery ticket number for a special daily NFT lottery draw, set aside from the main lottery.

The Lucky Block price reacted well to the news and today is holding support at around $0.0044, despite calamitous drops by other crypto assets and in the wider financial markets due to the war in Ukraine.

News of the major upgrade of the Lucky Block platform was well received by a community that has been patiently waiting for news on more exchange listings.

Lucky Block has a transaction fee of 12% on sales of the coin and deposits to centralised exchanges. However, there have been difficulties in reaching satisfactory arrangements with exchanges for its implementation.

For example, LBank, the first centralised exchange to list LBLOCK – has now applied a 6% fee to buys and sells, as opposed to the 12% tax only on deposits from decentralised exchanges such as PancakeSwap.

Although exact details of the technical aspects of the upgrade are yet to be revealed, it will be an automated process.

 

Lucky Block “extending technology to bring millions more into our orbit” says CEO

In a Telegram message to the Lucky Block community, CEO Scott Ryder wrote:

“We are upgrading our network so that it is exchange-friendly, but in a way that maintains our innovative tax system.

“But more than that, our Lucky Block V2 upgrade will be interoperable with Ethereum – that means we will have a bridge to the huge world of Ethereum tokens, apps, users and traders. We want to bring together the worlds of Lucky Block, Ethereum and Uniswap! 

“So we are extending our technology to bring millions more into our orbit. 

“We are on the threshold of something we think is path-breaking and exciting, and we can tell you that exchanges are liking what they are seeing. 

“It means minimal work for them and more activity on their exchanges. They want to see mass market crypto projects like Lucky Block succeed.

“We will have much more to say about all of this over the coming days.”

Introducing Lucky Block NFTs – The Platinum Rollers Club Collection

As mentioned, Lucky Block also announced the upcoming launch of its first NFT collection – The Platinum Rollers Club.

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Here are the essential details:

  • Entry for life to our NFT lottery.
  • Each NFT has its own dedicated number for entry into the daily NFT draws. 
  • There is only one winner for each draw.
  • Each of the 10,000 NFTs mints for $1,500 and to be eligible to buy a potential owner must hold $1,000 in Lucky Block tokens. 
  • The collection contains 25 Rare editions.
  • The daily NFT lottery draw will have a jackpot equivalent to 2% of the main jackpot draw. We estimate this to be $10,000 on average.
  • If you have one of the 25 rare edition NFTs and your number comes up, then you will win double the jackpot.

More money for marketing

The team says the money raised through the NFT sales will go straight back into investing in the growth of Lucky Block, “which means you will be seeing our logo – your logo – at sporting events, gigs, summer festivals and the like as we join the sponsorship big time”, the announcement read.

Each NFT Jackpot Pool will be run separately from the existing Lottery Pool.

Also, funds for the NFT pool come from our existing royalty pool for NFTs and gaming development. 

Lucky Block’s Ethereum bridge goes both ways

There seemed to be some confusion regarding the intention of the Ethereum bridge that will part of the upgrade.

Some complained that it was a retrograde step because of the high gas fees on the Ethereum network. But the move is aimed at opening up the Lucky Block platform to participation by those holding ETH, not a migration to the Ethereum blockchain.

Those already in the Binance Smart Chain world can carry on enjoying the low gas fees, less congestion and the wallets and DEXs they already use.

However, Ethereum remains by far the largest decentralised apps (dApps) platform in crypto, be it for NFTs, DeFi, DAOs, DEXs, gambling or play to earn gaming dApps.

Also, the ETH 2.0 upgrade, which sees the blockchain migrate to a proof of stake consensus protocol by year’s end, further supports the rationale for the bridge, it could be argued.

Giving everyone a chance to benefit – but will whales corner the market?

So that as many as possible have a chance of purchasing an NFT, a maximum amount of 15 NFTs can be bought with one wallet. 

But it is yet to be decided how exactly an individual can be stopped from opening multiple wallets and buying up hundreds of the NFTs. A whitelisting system of some sort may be one option.

A 10% royalty payment is distributed back to the Lucky Block wallet address on the sale and resale of each NFT on the blockchain. That means all token holders will benefit from the trading of these sought-after NFTs.

A metaverse vision of the future

Lucky Block looks like it has its sights set on the metaverse. In a an interesting sign off, the Telegram communication painted a picture of Casinos in the metaverse:

“This is just the start of our NFT journey. We are headed for the metaverse. Imagine being at the Casino, where you are represented by an avatar as you sit at the roulette table. Sounds cool? Stay with Lucky Block on our journey to revolutionise lotteries and gaming.”

 

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Source: https://insidebitcoins.com/news/lucky-block-pitches-nft-vision-v2-upgrade-and-ethereum-bridge