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HomeNewsDeFi platform FODL announces Bored Ape NFT giveaway
DeFi platform FODL announces Bored Ape NFT giveaway

DeFi platform FODL announces Bored Ape NFT giveaway

Last updated 12th Apr 2022
Disclosure
  • The platform seeks to offer users a chance to win one BAYC and 24 BAKC NFTs.
  • According to FODL, the competition is open for influencers, stakers, and traders.
  • The giveaway will run for two and a half months, starting February 14 through April 30.

FODL, a decentralized leverage trading platform, is giving away NFTs in the Bored Ape Yacht Club (BAYC) and Bored Ape Kennel Club (BAKC) collections. A report unveiled this news earlier today. Specifically, FODL is offering one BAYC and 24 BAKC NFTs, worth approximately $1 million.

According to the report, FODL is holding a competition in which traders will earn raffle tickets for staking at least 1,000 FODL tokens during the giveaway period. The competition will run for two and a half months, starting February 15 through April 30.

Reportedly, the platform will give traders one ticket for staking 1,000 FODL. Each closed trade on FODL will offer users 50 tickets. Notably, only Non-Correlated Closed Trades (Long/Short) with a minimum of $5,000 Principal Investment will be eligible for tickets.

Users can also get one ticket for every dollar they add to the tax wallet will see users get one ticket. The top five traders on the platform at the end of each month during the competition will get 500 tickets. Additionally, FODL will reward influencers that promote its platform on social media. The top influencer at the end of each week will get 100 tickets. Boatlifters of Discord will get 500 tickets.

The giveaway’s details

FODL pointed out that it seeks to give away one BAKC NFT each day to a randomly selected user in the ticket pool after every three days. After the company is done with the 24 BAKC NFTs, it will announce the winner of the BAYC NFT. It is worth noting that FODL did not share details of which BAYC NFT it is giving away.

Explaining why it decided to launch this giveaway, FODL said this initiative seeks to get more eyes on its platform, which strives to offer a fully decentralized and transparent way for margin trading.

At the time of writing, BAKC NFTs have a floor price of 8.7 ETH (approximately $26,700). On the other hand, BAYC NFTs have a floor price of 97 ETH (about $296,000).

This news comes as the NFT space continues growing to become one of the largest subsectors in the Ethereum ecosystem. The industry recorded a sales volume of $25 million in the past year, making it equally important as the decentralized finance (DeFi) sector.

Jinia Shawdagor

Jinia Shawdagor

Jinia is a fintech writer based in Sweden. With years of experience, she has written about cryptocurrency and blockchain for renowned publications such as Cointelegraph, Bitcoinist, Invezz, etc. She loves gardening, traveling, and extracting joy and happiness from the little things in life.