The Platform
WOX Raffles
Creating and configuring a raffle in WOX is a simple process that allows sellers to trade their assets for a low ticket price, while giving buyers the opportunity to win the product at a competitive market price. To get started, sellers need to create a raffle on the platform by filling out all the required information such as the title, category, tags, and prize type (Web3, Web2, or physical).
Sellers also need to set a delivery or pick up option for the prize, allowing them to specify how the winner will obtain the prize. This can be done by setting distance or borders limits for the delivery area or providing a pick-up location with a specified time window. Sellers can choose one or both options, depending on their preferences and the parties involved.
In addition, sellers need to specify the currency, collection target, raffle ticket price, and minimum sale to execute, which is the amount of money collected for the raffle to start. Sellers also need to post the date and time of the raffle and its execution date and time.
Moreover, sellers need to provide detailed information about the prize, including prize details such as photos or videos and a description. Lastly, sellers can set up their own seller's page by adding a banner, logo, description, and other details to showcase their brand and increase their credibility on the platform. Once the raffle is created and configured, the seller needs to deposit their collateral of 10% of the amount they aim to collect, this way the users can make sure that it’s a serious deal and that the seller's collateral is liable until the raffle is executed and the product is delivered as described.
Once the raffle goes live, users will be able to purchase tickets to potentially acquire products they might not otherwise be able to afford. The raffle will be executed at the time and date of the seller's choice.
Ticket Purchasing
Users can browse the raffles on our platform and purchase tickets to enter the raffles they are interested in. Users can purchase tickets using cryptocurrency through their blockchain wallet. The smart contract will ensure that the tickets are allocated fairly, and the winner will be chosen randomly at the end of the raffle period.
The minimum ticket quota ensures that the raffle goes through, and all participants are refunded their ticket value if the minimum is not met. With the option to buy multiple tickets, users can increase their chances of winning. In the case of physical assets, users can specify delivery options such as distance or borders limits, or provide a pick-up location and time window, ensuring convenient delivery for all parties involved.
Benefits for using WOX raffle:
Get the chance to win highly coveted products and assets at a fraction of the retail price.
Enjoy a fair, transparent and secure platform powered by blockchain technology.
Get access to a global marketplace with a wide variety of products and assets available.
Easy to use interface, with step-by-step instructions to make the experience seamless.
Option to list and possibility to sell your own products and assets to a global audience.
Review and rating system for sellers, promoting accountability and transparency.
Quick and efficient payment process with immediate fund release once the transaction is complete.
Dedicated support team available to handle any issues or disputes.
Access to a fun and engaging community, with frequent promotions and raffles.
Opportunity to collect unique and rare items that may not be available through traditional marketplaces.
WOX Lotteries
To participate in a lottery, users simply need to purchase one or more tickets. Each ticket has a unique number and serves as an entry into the lottery. The more tickets a user purchases, the higher their chances of winning.
The prize pool for each lottery is determined by the total amount of ticket sales, and the minimum number of tickets required to be sold in order for the lottery to be executed is also established at the beginning. If the minimum ticket requirement is not met, then the lottery is canceled and all ticket purchases are refunded to all participants.
Users can browse available lotteries on the platform and choose which ones they would like to participate in based on the prize, ticket price, and other relevant information. Once the lottery is executed, a winner is selected through a random number generator, ensuring a fair and transparent process for all participants.
WOX Lotteries provides an easy and entertaining way for users to potentially earn money through a simple ticket purchase, without the need for any particular knowledge or expertise in trading or finance.
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