Australians might by no means see their non-fungible tokens (NFTs) take them “to the moon,” however they may be capable of get to the subsequent greatest place – the sting of area.

Crypto Competitions, an Australia-based Web3 sweepstakes startup, just lately signed a partnership with stratospheric exploration firm World View, providing its NFT holders a 1 in 7,000 likelihood to win a most popular seat on a World View area flight in 2024 .

Chatting with Cointelegraph, Harls Cannard, managing director of Crypto Competitions, stated the sweepstakes is a solution to rejoice the launch of its Web3-based market, which makes use of NFTs and prizes as an incentive to take part in its rebate rewards program.

“Everybody within the crypto business is speaking about when are we going to get a Lambo and when are we going to the moon?”

Canard stated he thinks spaceflight is a “nice alternative to launch,” even when it would not essentially ship anybody “to the moon.”

Supply: Crypto competitions

He defined that his Web3 firm wished to make use of blockchain to energy his area flight sweepstakes undertaking as a result of the expertise permits the draw to be “protected, safe and clear.”

“As a result of in lots of lotteries and methods like this, you by no means actually know your possibilities of profitable. They can’t evaluation your particulars to find out in case your title is definitely in that keg or draw. So we’re making a extra trusted and clear system for producing winners.”

Crypto Competitions’ mannequin is much like conventional NFT lotteries, which use an NFT to characterize a sweepstakes “ticket”.

Nonetheless, it provides a singular twist to the sweepstakes course of because it makes use of a step-by-step elimination course of to find out an final winner.

“We begin with 7,000 bought NFTs. Then we begin eradicating the entered individuals […] On the final day there could possibly be 10 individuals with 10 NFTs left within the draw.”

Canard defined that at every step eradicated NFT holders or new patrons could be inspired to take part within the secondary gross sales marketplace for the surviving NFTs.

“We create a secondary resale market value for the precise NFT.”

Canard stated his hopes for the corporate’s area undertaking would display the capabilities of its blockchain expertise.

“I have been doing this within the Web2 area for 4 years and have seen a large hole available in the market in Australia and internationally and this is the reason.”

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Crypto Competitions is a Web3 firm providing a membership platform that offers members entry to reductions, coupons and rewards in over ten international locations.

Canard stated that sooner or later he plans to have the adjoining NFT Sweepstakes product embody prizes like Bored Ape Yacht Membership NFTs and different “life-changing” giveaways and experiences.