Problem statement
Last updated
Last updated
The central challenge that Degen or Bust (DoB) seeks to address lies at the intersection of innovation and financial empowerment. In a landscape dominated by traditional lotteries, it's time for a change. We've identified several key issues that led to the conception of Degen NFTs and the subsequent launch of Degen or Bust:
Lack of Transparency - The lack of transparency and trust in traditional lottery systems has deterred many potential participants. Suspicion of rigging and fraud has cast a shadow over the fairness of these lotteries.
Blockchain Unfamiliarity - While the Web3 space is teeming with innovation, it remains unfamiliar to a significant portion of the population. Bridging the gap between those already immersed in Web3 and those curious but uninitiated is a formidable challenge we aim to address.
Changing Lives - Despite the debates surrounding lotteries, one indisputable fact remains: every lottery ticket purchase represents a shot at changing one's life forever. Harnessing this universal aspiration for a better future is a powerful opportunity.
To tackle these challenges, we're introducing Degen NFTs and the Degen or Bust smart contract. We will inject a substantial portion of the funds generated from the initial sales of the Degen NFTs directly into the Degen or Bust smart contract. As such, we will bring the following to everyone who plays Degen or Bust:
Transparency - By utilizing the inherent transparency and security of blockchain technology, this will build trust among participants, effectively eliminating concerns of manipulation.
Bridge Knowledge Gaps - Encourage both blockchain enthusiasts and newcomers to explore the world of decentralized lotteries, making it a welcoming space for all.
Anonymity - The current Lottery isn’t safe for winners, and if you wish to remain anonymous, you must go through hoops and bounds in order to do so, a Lottery on the blockchain does away with such measures as you're able to collect your winnings anonymously.
Guaranteed Winners - We have a total of 3 win conditions, 2 of which will happen each play cycle! (This is discussed further in the section)
NFT Utility - Degen NFTs will aid your chances of winning, and depending on the rarity of the NFT, you can increase your chances even more! (This is discussed further in the section)
Instant payouts - If you're one of our 3 winners, you'll receive your payout instantly as well as anonymously, no need to sign the back of a ticket, no need to delete your social media!
No fear of losing your ticket - Since the Blockchain records everything, you won't have to worry about a case where you're having to prove you're the winner. If you're a winner, the funds will sent to the wallet used to purchase your ticket!
Retainment - In traditional Lotteries, your actual payout is often times half of what the advertised Jackpot amount is, with Degen or Bust you're able to retain over 90% of the advertised Jackpot amount!
Win chance - With us you have a 1 in 749,398 chance of winning compared to a 1 in 300 millionth chance with traditional state lotteries.
We invite everyone to engage in a familiar game, but in a new blockchain-powered setting, we intend to not only disrupt the traditional lottery landscape, but also open doors to financial possibilities for a broader audience. Degen NFTs and Degen or Bust represent the fusion of innovation and aspiration, where everyone has a chance at rewriting their future, and the blockchain becomes the canvas for a more equitable and transparent form of Lottery!