Bounce Docs
HomeApplicationGovernance
  • đŸĨŗWelcome to Bounce Docs
    • Welcome
    • Auction as a Service
    • About Bounce Finance
    • Our Vision
    • Product Offering Overview
  • đŸ•šī¸Bounce Auction Mechanisms
    • Fixed-Price Auction
    • English Auction
    • Mutant English Auction
    • Dutch Auction
    • Sealed-Bid Auction
    • Random Selection Auction
    • Orderbook Auction
    • Playable Auction
    • Real world collectibles Auction
    • Advertisement Auction
  • đŸ› ī¸Auction User Guide
    • About Bounce's Auction Guides
    • Fixed-Price Auction Guides
      • Create a Fixed-Price Auction
      • Participate in a fixed-price auction
      • Token claim post auction
    • Staking Auction Guide
    • Random Selection Auction Guides
      • Create a random selection auction
      • Participate in a random selection auction
      • After the auction
    • Dutch Auction Guides
      • Create a Dutch auction
      • Participate in a Dutch auction
      • Token claim post auction
    • Playable Auction Guides
      • Participate in a playable auction
    • Sealed-Bid Auction Guides
      • Create a sealed-bid auction
      • Participate in a sealed-bid auction
    • NFT Sealed-Bid Auction Guides
      • Create an NFT sealed-bid auction
      • Participate in an NFT sealed-bid auction
    • NFT English Auction Guides
      • Create an NFT English auction
      • Participate in an NFT English auction
      • After the NFT English auction
    • NFT Dutch Auction Guides
      • Create an NFT Dutch auction
      • Participate in an NFT Dutch auction
      • After the NFT Dutch auction
    • NFT Random Selection Auction Guides
      • Create an NFT lottery auction
  • 🌟Products
    • Token & NFT Auctions
    • Real World Collectible Auctions
    • Bounce M&A
      • Motivation Behind Bounce M&A
      • Key Features of Bounce M&A
    • Bounce Booster
    • BounceX
      • About BounceX
      • BounceX User Guide
  • đŸ—ēī¸Roadmap
  • đŸ–ŧī¸Bounce NFT
    • NFT Issuance
      • NFT standards
      • NFT standard API document
      • NFT issuance on Binance Smart Chain
    • FAQ
      • What's a Web Wallet? What's Metamask?
      • How to Get Setup on Metamask?
      • How Do I Connect My Wallet to BSC?
      • How Do I Become "Verified" on Bounce NFT?
      • How to Make Money on NFTs
      • How to Search for NFTs?
      • Bounce NFT Support
  • 👨‍đŸ’ŧLogistics
    • $AUCTION Utility & Platform Fee Structure
    • Sign Up
    • Sign In
    • Basic Profile Registration
    • Portfolio Registration
    • Company Registration
    • Account Settings
    • Start-up Ideas
  • 👨‍🌾Bounce Recruitment
    • What is Bounce Recruitment?
    • Key Features
    • Technical Innovations
    • Whitepaper
      • Architectural Overview
      • Tokenomics
      • Business model
      • Strategic Vision
    • User Guide
      • User Help Manual
        • Account Management
          • Sign in/ Sign up
          • Forget Password
          • Account Settings
          • My Wallet
        • Being a Seller
          • How to Become a Seller
          • How to Modify Seller Profile
        • Service Management
          • Service Category
          • Create the Service
          • How do I Retrieve the Service?
        • Requesting & Acquiring a Service
          • Follow Service or Seller
          • How do I Post a Request?
          • How to Purchase a Service
          • Search Requests
          • Request Bidding
          • Cancellation of Published Requests
          • Confirmation Bid
        • Ordering Process
          • The Ordering Workflow
          • Minting the Deliverable as an NFT
          • Order Voucher (on chain)
          • Order Reviews & Ratings
        • FAQ
        • Seller Verification Process
  • 👀Token Economics
    • $AUCTION Token Economics
      • AUCTION Distribution
    • AUCTION Token Metrics
    • Investors
  • đŸ‘ĒBounce DAO
    • Bounce Lab
    • Governance
      • Governance Policies
      • Governance Forum
  • 🤩Bounce Community
    • Join our Community
  • đŸ“ļAdditional Resource
    • Auditing Report
    • Branding Asset
    • Bug Report
    • Bounce Github
Powered by GitBook

Š2023 Bounce dao Ltd. All rights reserved.

On this page

Was this helpful?

  1. Auction User Guide

NFT Random Selection Auction Guides

What is an NFT lottery auction?

In the NFT lottery auction, participants buy lottery tickets for a fixed amount (the principle amount) to enter into the draw. The principle amount is set by the pool creator.

At the end of the running time of the lottery pool, the winner is selected randomly by a smart contract and the principle amount is automatically swapped for the auctioned NFT. The pool creator claims the money raised from the sale, while the winner will claim the NFT from the pool.

The lottery auction does not have permanent losses for non-winning participants. Participants that are not selected as a winner, can claim their principle back from the pool.

The NFT lottery auction is built for mass usage. The maximum number of participants that can enter into a draw is 60,000 people and the solution is gas-friendly with low fees to enter into the draw. Fairness and integrity are secured by random selection and execution by smart contracts.

PreviousAfter the NFT Dutch auctionNextCreate an NFT lottery auction

Last updated 1 year ago

Was this helpful?

đŸ› ī¸