Non-fungible tokens (NFTs) are proof of ownership of digital assets that emerge from the bubbles of digital tokens and have become an inseparable part of the cryptocurrency and arts industry. So far, NFTs have enjoyed patronage and support from celebrities, making them part of mainstream pop culture.
A top decentralized trading platform in the NFT space has started changing its rewards system to engage its traders in a competition to increase their chances of winning.
Interested traders can earn a raffle ticket by staking at least a thousand FODL tokens between February and April to qualify them for the final draw of the competition. The decision to create a new system like this is to give its traders a step above others, following some research on the likelihood of traders accepting NFTs as collateral.
The prizes set aside for winners include $1M of BAKC and BAYC NFTs, making it one of the most handsome rewards in terms of value.
NFT Items For Grabs
FODL plans to give away NFT collectibles to top performers using the platform, including their influencers, for their role in promoting the venue on their various social media handles. Additionally, FODL will reward the top five traders with extra tickets to participate in the draw. The best performer of the competition is announced after all the BAKC NFTs have been taken by winners during the raffle draw stage.
Some celebrities, like Eminem, Paris, and Hilton, are just a handful of top collectors of the BAYC NFTs.
What Is The Value Of BAKC NFT?
The BAKC NFT has a current market value of 8.6 ETH with a USD value of $27,000. BAKC NFTs, on the other hand, have a value of $316,000, or approximately 100 ETH.
The NFT is part of one of the most important sub-sectors of the Ethereum blockchain, accumulating a sales volume of $25 billion last year. Just as Defi is valued, the NFT is critical to digital transactions, allowing people to exchange assistance assets, build investment portfolios, and even obtain loans where possible.
What Are Flash Loans?
A flash loan is a unique type of transaction where a massive sum of money is sourced, traded, and repaid at a particular trading period. Flash loans are leveraged when products are bought in one market and sold in another to maximize profit. In such transactions, loans give the trader some advantages, resulting in considerable earnings above the borrowed money used. However, the FODL as a trading platform is well conversant with the theory of risk, thereby allowing users to leverage its decentralized platform to trade. Traders on this platform can invest as much as they can by borrowing money using loans to increase their trading principal.
The potential investment return is enticing enough to make users overlook the attendant risks associated with such trading. All things being equal, traders using the FODL platform might consider trading their acquired NFTs.