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LearnCrypto 101

NFT Spotlight: Rafffle by Famous Fox Federation

Zac Glover
    Famous Foxes Rafffles

    Raffles aren’t just for middle school banquets. They’re for daily NFT dealings too. Case in point: Rafffle by Famous Fox Federation (FFF). The Solana-based app is gamifying NFTs through randomized raffles and other fun features.

    Here’s what you need to know.

    What is Rafffle?

    Rafffle is a gamified NFT app built by Famous Fox Federation. Like traditional NFT marketplaces, it connects buyers and sellers. But there’s a twist. Rather than buy and sell NFTs directly, you list them or bid on them via raffles and auctions. How?

    Sellers list their NFTs as raffles or auctions and set their terms (price, supply, duration, etc.). The idea is to create a healthy competition for the NFT so you make more than a traditional listing. But once terms are set, it’s out of your hands. The market decides.

    Buyers browse raffles and auctions to find NFTs to buy. Rather than buy outright, you buy tickets and place bids to try to scoop up coveted NFTs at a discount. After that, it’s up to chance.

    All this raffling activity is tracked on Rafffle’s leaderboard. Who are the top rafflers? Who are the top raffle buyers? It’s on display for all to see.

    With these gamified aspects, such raffles, auctions, and a leaderboard, Rafffle provides a bit of degen fun without venturing into predatory territory. Here’s why you should play…

    Rafffle by Famous Foxes

    Why use Rafffle?

    Win top NFTs for cheap

    Missed out on the hottest NFTs? Rafffle could be your chance to nab them at a fraction of the cost. It features hundreds of notable Solana NFTs, such as Degenerate Ape Academy, Okay Bears, and Taiyo Robotics. Rather than buy them full price, you’ll buy raffle tickets for a chance to win them for cheap. As with a traditional raffle, more tickets equals more chances to win. But nothing is guaranteed. Buyer beware.

    Raffle off your unwanted NFTs

    Got NFTs you’re looking to move? Raffle them! Once you pick which NFT to list, set your ticket supply, ticket price, and raffle end date, then submit. After that, the bids will roll in. And when the raffle ends, your NFT will be sold and you’ll receive the proceeds (minus a 5% commission fee).

    Climb the leaderboard

    The raffles aren’t the only gamified aspect. There’s also a leaderboard. You’ll climb the ranks by posting or participating in raffles and buying or selling tickets. If you make it to the top ten, your profile will be on display for all to see. That means extra exposure for your linked Twitter account…and bragging rights, of course.

    Phantom pro tip: The leaderboard is a good way to gain alpha on the top raffle buyers. How many raffles are they entering? How many tickets are they buying? This insight might help you win your own bids. And, who knows, one day enter the top ten.

    Enter auctions

    Auctions offer a small, curated selection of NFTs to bid on. If one catches your eye, outlast competitors in a series of bids until time expires. When it does, your prized NFT will arrive in your wallet. If you’re the seller, you’ll choose your NFT and set the details: auction end date, bid increment (e.g. 5%), and reserve price (the lowest you’ll sell for). That’s one way to avoid lowball offers from traditional listings, amirite?

    How to get started with Rafffle?

    Before you YOLO all your crypto on raffle tickets, we have a better idea. Take a cool-headed, measured approach. Our recommendation? Filter raffles by ‘expiring soon’ to see which ones are ending soon. Then, browse for raffles that have a lot of tickets remaining (50% or more). If not a lot of tickets have been sold, and the raffle’s set to expire, your chances are higher. Once you find one, snap up tickets before the raffle ends. You might just swipe the NFT of your dreams.

    Phantom makes participating in Rafffles a breeze.

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