BMillions FAQ
  • What is BMillions?
  • Getting Started
    • What are the eligibility requirements to participate in ₿Millions jackpots?
    • How do I purchase an NFT ticket, and what payment methods are accepted?
  • Types of Jackpots
    • What are the benefits of owning a Major Jackpot NFT?
    • What are Minor Jackpots, and how can I participate?
    • What are Mini Jackpots, and how can I participate?
    • What are Sponsored Jackpots, and how can I qualify for them?
    • What benefits do 'Holder Only' and 'Loyalty' jackpots offer?
  • Token Utilization and Benefits
    • What is the $BMIL token used for in the ₿Millions ecosystem?
    • How can I stake $BMIL tokens, and what are the benefits of staking?
  • Security and Fairness
    • What measures are in place to ensure the fairness of NFT ticket distributions?
    • What security measures are in place to protect players and their investments?
  • Voting and Jackpot Adjustments
    • What is the DAO Difficulty Reduction Protocol, and how does it affect players?
  • Jackpot Management
    • What happens if a jackpot is not claimed?
    • How are tokens distributed, and what does spending tokens mean for players?
    • How do aftermarket sales of NFT tickets contribute to the jackpot pools?
  • NFT Management
    • Can I sell or transfer my NFT ticket after purchase?
    • What happens to my Major Jackpot NFT after the jackpot is won?
  • Future Developments
    • What future developments are planned for ₿Millions?
  • Official Links
    • Official Links
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  1. Jackpot Management

How do aftermarket sales of NFT tickets contribute to the jackpot pools?

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Last updated 11 months ago

Aftermarket sales of NFT tickets play a crucial role in sustaining and expanding the jackpot pools on the ₿Millions platform, particularly for the Minor Jackpots. Here’s a detailed explanation of how this mechanism works:

  1. Aftermarket Sales Platform

  • Platform Used: NFTs sold on secondary marketplaces like Magic Eden contribute to the jackpot pools. Magic Eden is a popular platform for trading digital assets, including NFTs, and supports the enforcement of royalties, which is vital to ₿Millions' funding model.

  1. Royalty Percentage

  • Dedicated Royalty for Jackpots: Each time an NFT ticket is sold on the aftermarket, 7.5% of the sale price is explicitly allocated to fund the Minor Jackpots. This percentage is automatically deducted from the sale and directed towards the jackpot funding.

  1. Funding Minor Jackpots

  • Accumulation to Threshold: The accumulated funds from these aftermarket sales are directed into the existing Minor Jackpot pool. This pool grows until it reaches a predetermined threshold of $125,000.

  • Opening New Jackpots: Once a Minor Jackpot pool hits the $125,000 mark, a new Minor Jackpot is opened. The cycle continues, with funds from subsequent aftermarket sales to fill this new jackpot pool.

  1. Perpetual Funding Mechanism

  • Continuous Contribution: The funding mechanism is designed to be perpetual. As long as there are aftermarket sales of NFTs, a portion of these sales will always contribute to the Minor Jackpots. This ensures a continuous influx of funds, maintaining the Minor Jackpots' availability and attractiveness.

  • Sustainability: This approach helps maintain a sustainable model for the jackpots and adds value to owning an NFT ticket, as the potential for winning remains as long as the aftermarket activity continues.

  1. Impact on NFT Value and Player Incentives

  • Increase in NFT Value: Knowing that each sale contributes to potential winnings can increase the perceived value of NFT tickets on the secondary market. This can stimulate trading activity, further feeding into the jackpot pools.

  • Player Engagement: This system also encourages players to remain engaged with the platform. Knowing that their actions in the aftermarket can directly influence the jackpot sizes offers an additional layer of engagement and excitement.

Through this detailed integration of aftermarket sales into the jackpot funding strategy, ₿Millions ensures that the ecosystem remains vibrant and financially robust, providing ongoing incentives for players to participate and trade NFTs on the platform. This strategy not only supports the liquidity of NFTs but also enhances the overall gaming experience by potentially increasing the frequency and size of jackpots available to the community.