Raffle Party

Raffle Party provides liquidity for your JPEGs. Pool your NFTs with others, raffle, and earn.

Description

This project lets anyone start a raffle for their own NFT. Others can also pool in with their own NFT and split the earnings of the raffle. The raffle can be completed with Ethereum or any ERC-20 token. We considered 0 royalty for the protocol, but this would let the raffle creator buy infinite tickets at net 0 cost. To prevent this, we implemented a custom royalty model where the default royalty is used below the reserve price and the inverse of the default royalty is used above the reserve price. If royalty is set to 0 in this case, the raffle creator's max return is set to the reserve price. At 50% royalty, the creator takes on higher risk for potentially higher earnings. To keep the protocol "free", tickets that don't win are converted into governance tokens and all royalty is distributed amongst governance token holders who staked their tokens.

Raffle Party showcase

How it's made

Raffle Party is fully on-chain with no off-chain components. Chainlink is used to randomly select the winners and to get price feeds used to determine ticket -> governance token conversion rate. Gelato will be used to automate Link token deposits whenever the contracts balance drops below a threshold. To facilitate fair splitting of raffle earnings, the raffle creator specifies a list of NFT collections that qualify for the raffle along with the shares tokens from each collection is eligible for.