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I heard that many in the community get confused with the terminology, so I decided to figure out what a raffle is and how it works.
Basically, a raffle is a draw for NFT tokens on special platforms. Winners are selected randomly and gain early access to the project. Usually, this looks like a whitelist — when you get on a list for priority minting or the chance to buy an NFT on a marketplace.
To put it simply, a raffle is essentially similar to IDO and ICO platforms like DAO Maker or Coinlist, but specifically focused on NFT projects. Instead of buying tokens through a regular auction, you participate in a lottery and hope to be lucky.
The mechanics are simple: you register on the platform, participate in the draw, and if luck is on your side, you get a spot on the whitelist. After that, you can mint the NFT or sell it immediately.
What’s interesting is that a raffle is a good way for projects to select their community and avoid bots. For participants, it’s a chance to catch an interesting project early.