How NFTLott work?

The lottery NFT system consists of 4 operating parts

1. Create lottery:

Starting with the user choosing the NFT that will participate in the Lottery from their wallet, NFTs with high liquidity will more easily attract users, followed by choosing the number of tickets sold, price per ticket, number Maximum number of tickets per person can be purchased, ticket sale time. After the user has filled in all parameters and selected start. The NFT selected as a prize will be sent to the NFTLott smart contract along with a fee of 2 ADA. And locked until the lottery ends

2 Buy tickets:

Once the lottery creation transaction is confirmed and the prize NFT is locked in the NFTLott smart contract, the Raffle corresponding to that NFT will be displayed on the NFTLott website with information about the maximum number of tickets sold out, ticket price, maximum number of tickets to buy per person, lottery ending time, NFT information is linked to pages pool.pm, jpg.store or epoch.art to help participants buy tickets Lottery verifies the origin of NFTs easily. Now the lottery ticket is ready so other users can buy tickets.

For users to buy lottery tickets, they must have enough ADA balance in their wallet and send the ADA number corresponding to the number of tickets they want to buy to the NFTLott smart contract. For example, if each lottery ticket costs 10 ADA and a user wants to purchase a quantity of 5 tickets to participate in the lottery, they will have to send 50 ADA to the NFTLOTT smart contract

All 50 of those ADAs will then be locked up with the NFT prize and added to the rest of the proceeds from the lottery.

The NFT prize will always be locked in a single UTxO along with the total lottery proceeds. This process facilitates the receipt of prizes at the end of the lottery and ensures that the lottery owner or lottery winner will be able to claim their prize in just one transaction.

When a user purchases a lottery ticket, other users will have to wait for the previous transaction to be confirmed before they can buy new tickets. This is due to the Cardano UTxO format. We have to wait until a new UTxO is created with the new total ticket amount and another user can buy the ticket and generate the new total amount.

3 Draw the winner:

Once the lottery countdown runs out, users will not be able to purchase additional tickets for that lottery. Next our API then automatically finds the winner among the tickets that have been sold. The more lottery tickets a user owns, the higher the probability that one of the lottery tickets that user purchases will be drawn, however the only way you can be sure you will win the lottery is if you have all the lottery tickets. tickets (100% chance) for that lottery. Although it is very unlikely, even if you have a 99% chance of winning the lottery, you can still lose. The algorithm used to select the winner ensures that no candidate will ever be given priority.

4 Reward payment:

Once we determine the winner for the raffle, he or she will be able to claim the prize NFT in the rewards page. NFT owners who create a lottery can also receive 98% of the tsotal proceeds for the lottery. Only one claim transaction must be made, so if the winner claims the prize before the lottery creator, the lottery creator will automatically receive the prize into his/her wallet without having to do anything (and vice versa). The NFTLott platform will receive 2% of the total proceeds, this amount will be used to reinvest in user experience, prizes and feature upgrades to make the application more user-friendly and convenient for users.