We’re excited to announce our NFT project, Mega Hash Lotto. Mega Hash is an on-chain lottery with drawings each month and every Mega Hash ticket holder stands a chance to win 80% of the monthly royalties. Mega Hash tickets last a lifetime and are automatically in-play each month. Some have properties that increase the odds of winning. Here’s how it works:
How it works
Mega Hash tickets are generated on-chain. At the time of mint, our smart contract generates an NFT (non-fungible ticket) with 6 main numbers ranging from 1–9. The same value may appear in more than one slot because each slot is independent of the others, similar to many traditional lotteries. Tickets last forever and are automatically played in the drawing each month. Winning tickets can claim their winnings anytime on megahashlotto.com. Unclaimed winnings are tied to the Ticket so be sure to claim any un-claimed winnings before transferring your ticket to a new owner.
To win, tickets must match at least 2 consecutive numbers. For example, if the number in the first slot of your ticket is a 4 and the first number of the drawing is a 3, your ticket is a loser and your next opportunity to win is next month.
Prize Pool
Each month, the royalties generated from secondary market sales create the prize pool. We have applied a 10% royalty on each transaction. 8% of this royalty is reserved in the prize pool. The remaining 2% is reserved for the team to fund future projects and periodic floor sweeps, we estimate once per month. All remaining winnings will roll-over to the next month.
An example scenario is as follows (in USD):
Monthly Trading Volume: $5 million
10% Royalties Collected: $500,000
Prize Pool: $400,000 (80% of Royalties Collected)
Below is the prize pool allocation, each slice will be shared among tickets who match. To the right are values from the scenario above, if the prize pool is $400,000:
Match first 2: 2% ($8,000)
Match first 3: 10% ($40,000)
Match first 4: 15% ($60,000)
Match first 5: 30% ($120,000)
Match all 6: 40% ($160,000)
Properties
There are three properties that will randomly appear on tickets at the time of minting, each increasing the odds of matching numbers in the monthly drawing. Each property can only occur once per ticket, but a single ticket may have more than one property. For example, a ticket cannot have two Gifts, but it may have a Gift and a Back-up.
- Back-up: Match the main number or back-up number to win the slot. Back-ups occur on ~30% of tickets and can appear in any slot except the first.
2. Siblings: Match the main number or it’s older (+1) or younger (-1) sibling to win the slot. Siblings appear on ~20% of tickets and can appear in any slot except the first.
3. Gift: A gift is an automatic match in that slot. Gifts occur on ~10% of tickets and can appear in any slot except the first.
Claim Winnings
After each drawing, the value won (in Ethereum) is automatically allocated to the winning ticket. Winnings can be claimed on megahashlotto.com at anytime via the “Claim Winnings” button after connecting your wallet. Holders of winning tickets will have to pay a gas fee to claim winnings so it is reasonable to only claim winnings once the value is greater than the price of gas. In theory, you can claim your winnings once per year if you’d like.
It is important to emphasize that winnings are tied to the NFT, not the wallet. Be sure to claim any un-claimed winnings before transferring the ticket to a new owner, or include the value of the winnings in the sale price (not the best practice but you get the idea).
Round #1
The first drawing will occur one month after all tickets are sold. After that, a drawing will occur every 30 days, forever.
When Mint?
Release date and prices will be announced soon. Follow us on Twitter for official announcements.
The ticket image and metadata will remain sealed until all tickets are minted. It may take 24–48 hours after sell-out to move all metadata to IPFS and trigger the reveal. We will keep you updated via Twitter.
Future Roadmap
It was important to us to build a functioning lottery before releasing the tickets. We are at the point where the lottery works and we are now testing and polishing. The lottery mechanic uses Chainlink VRF to generate random numbers and 90% of the entire flow is automated, requiring minimum human interaction. We aim to achieve 100% sooner than later.
As we get closer to the Round 1 drawing, we will update our website to display the current prize pool and countdown.
We don’t intend on building on top of this project once it is up-and-running. It should sustain itself. We do plan on designing other innovative projects and Mega Hash ticket holders will have first access, maybe even air-drops.
Team
We are a small group of friends, mainly developers and product guys (and girls). Collectively we are Bored Apes, Gutter Cats, World of Women and active NFT community members.
Final Notes
We will publish official announcements on our official Twitter page and can be contacted via Twitter direct message.
We hope you are as excited as we are and we will see you soon!
The Mega Hash Team
