This article is sponsored by Lucky Block.
Lucky Block is the market-leading NFT competitions platform that offers unrivaled prizes in the crypto world.
Currently up for grabs are some incredible prizes including the chance to win a $1 million house, a 5-star trip abroad, and even a $300,000 Lamborghini.
But its top prize is undoubtedly the chance to win $1 million of Bitcoin.
At current prices of sub-$20k that would land the winner more than 50 BTC, it doesn’t need much calculation to work out how much that could be worth in the future should Bitcoin reach its previous all-time high of nearly $70k.
More bullish analysts predict that BTC will reach six figures in the next couple of years and potentially $1,000,000 per coin by the end of the decade.
What is Lucky Block?
Numerous grand prizes are up for grabs as well as smaller prizes that have included recent giveaways of $2,500 and a pair of tickets to the heavyweight boxing clash between Joe Joyce and Joseph Parker.
Investors buy a Lucky Block NFT and are rewarded for holding the NFTs. Rewards are distributed in LBLOCK ⏤ the project’s native token ⏤ which is also available to trade on a number of decentralized (DEX) and centralized (CEX) exchanges.
How do I enter the Lucky Block $1 million BTC prize draw?
There are two ways to enter into the $1 million Bitcoin prize draw.
As mentioned above, to enter the draw, investors must hold Lucky Block NFTs, which act as a ticket for entry.
Individual NFT entries for the Bitcoin draw can be bought on launchpad.xyz for 0.26 BNB. At the time of writing, that equals around $75.
Alternatively, Platinum Roller Club NFTs are also on sale on launchpad.xyz with a floor price of 1.65 BNB (approx $465 at the time of writing) and will also count as one automatic entry for all of the main prize draws.
Once investors have their ticket ⏤ there are around 24,000 entries remaining ⏤ they simply have to hold the NFT until the full collection is sold out and a winner will then be picked at random.
There is no restriction on how many NFT entries individuals can buy to double or triple their chances of winning, although Platinum Roller Club holders will have to buy individual prize NFTs on top for more entries.
Other prizes on offer, including the Lamborghini and Bored Ape Yacht Club NFT, have lesser entry requirements, with both needing just 10,000 entries to initiate the draw.
The five major prizes currently available are a Lamborghini, Bored Ape Yacht Club NFT, $1 million house, 5 star luxury holiday abroad, and $1 million of Bitcoin.
Some smaller prizes, such as the Joyce-Parker tickets, did not require entrants to hold any NFTs, but did ask individuals to complete a series of tasks, including following social media accounts and posting about the competition.
What is LBLOCK V2?
Lucky Block also has a native cryptocurrency, LBLOCK, that acts as a rewards token for NFT holders, while also being tradable on major DEXs and CEXs.
LBLOCK V1 launched to huge hype and fanfare at the start of 2022, handing early investors peak returns of more than 6,000% within a month of launching.
The price has since corrected amid wider bear market conditions, but several exciting announcements from the project makes it one of the most undervalued cryptos and there is strong sentiment for more gains before the end of 2022.
LBLOCK V1 was a BEP-20 coin and only tradable on DEXs, and in August the project released LBLOCK V2, an ERC-20 token that can be more easily listed on CEXs and erases the 12% transaction fee.
This saw great gains on MEXC, LBank and Gate after listing, with other exchanges expected in the near future.
Listing on bigger exchanges brings more liquidity and awareness to the project and usually causes growth in both the immediate and long terms.
What is the LBLOCK Bridge?
Holders of the V1 coins will be able to swap the tokens for V2 once the LBLOCK Bridge goes live on Oct. 3.
The bridge allows holders to exchange 1 V1 token for 0.88 V2 tokens.
However, the BEP-ETH bridge is currently undergoing a strict audit and verification process from blockchain security firm Certik, who use Binance as their firm of choice.
Given the high profile number of cross chain bridge attacks in 2022, the project is opting to take a cautious approach to the task.
It is estimated that more than a $1 billion of crypto has been stolen this year in cross-chain bridge attacks.
High-profile hacks include $600 million stolen from Axie Infinity’s Ronin Bridge, $326 million from Wormhole, $200 million from Harmony, and another $100 million from Nomad.
What is the LBLOCK Burn?
Lucky Block CEO Scott Ryder announced in early September that the project will start a drastic deflationary burn to increase scarcity and value of each individual LBLOCK token.
Projects such as Terra Classic (LUNC) have garnered huge headlines, as they are to introduce a 1.2% burn on transactions, but Lucky Block has gone a step further by introducing a monthly burn of 1%.
With a total supply of 3.25 billion coins, the burn will see 32,500,000 LBLOCK tokens permanently erased from the supply on Sept. 30, with burns set to follow every month after and will make it a fast-growing crypto thereafter.
In simple economic terms, supply and demand should see the value of LBLOCK increase as tokens are burned and the supply is cut.