Famous Fox Federation Raffles: How Can You Double Your NFT Profits?
The Famous Fox Federation is an OG of Solana NFTs. Learn how can you benefit from the products offered by FFF.
NFT or whitelist token raffles and auctions are very popular right now.
Many NFT projects provide utility for their token by bringing NFT investing opportunities to their community. The process usually goes like this: you buy NFT, stake it, and receive tokens, in other words, the currency of the ecosystem as rewards. Then you use the tokens in raffles or auctions to win or buy whitelist spots or NFTs from already established collections.
Famous Fox Federation introduced to the Solana NFT community a new way to use raffles, allowing many opportunities to win an NFT or even get more profit for individuals who want to sell their item above the market value.
First of all, what is the Famous Fox Federation?
The Famous Fox Federation, often referred to as FFF, is a collection of 7777 NFTs. The project's token is called FOXY, and if you stake your NFT, you get 100 FOXY per day. The value for the token is provided through multiple utilities Famous Fox Federations offers to the whole Solana NFT community.
In addition to the primary collection, there’re Dens (houses for foxes). You can buy a Den on an official website using the FOXY token. Dens also trade on the Magic Eden marketplace.
There is also collection made up of pixels called Transdimensional Fox Federation. It was airdropped to holders in November 2021. TFFs qualify for 25% staking rewards (25 FOXY per day). They can also be traded on a secondary marketplace.
The famous Fox Federation minted in September 2021. Since then, the team has built many products for people to use.
For example, Foxysweep allows buying multiple floor NFTs, Foxyswap – trade NFT for NFT. You can also list multiple NFTs with one transaction or send a message to a wallet address or Twitter handle on FFF platform.
Additionally, FFF holders can send their NFT to missions in order to earn rewards. Anyway, for a long time, the most used feature on FFF was the Famous Fox Federation marketplace. It lets anyone list or trade Solana tokens. The product is handy as it provides a way to exchange the tokens of other NFT collections that don't have a liquidity pool and cannot be found on any DEXes.
The Famous Fox Federation raffle
Very recently, the Famous Fox Federation launched the Raffle site, and it has been a huge hit. The idea is simple but powerful: Usually, the raffles are created mainly by the projects, but the FFF allows anyone to create a raffle for an NFT they own.
The raffles can be priced in many different tokens. In fact, you can price your raffle ticket in almost 30 different tokens of the NFT collections in the Solana ecosystem.
The raffles brings a new way for people to sell their NFT, and it can be much more profitable if you do it right. For example, the raffle running for the Mad Scientist NFT has a 3333 ticket cap, and it is priced at 1 DUST. If the raffle sells out (it almost sold out already), it will collect 3333 DUST tokens worth approximately the same amount in USD as $DUST is currently priced at ~$1.00. If converted into SOL, 3333 dollars would be equivalent to 60,6 SOL ($55.00 per SOL).
So, by creating a raffle instead of listing the NFT on a marketplace, a seller earned twice as much. Let me note that the rarity of the NFT wasn’t any better than the most items listed on the floor. The current floor price of the Communi3: Mad Scientists is 27.5SOL. (read more about Communi3: Mad Scientists here)
Why is the Famous Fox Federation Raffle site important?
First of all, FFF charges a 5% fee from the proceeds, which will fund the FFF treasury. More than that, holders of the FFF fee get a 50% discount for the raffle they create.
Since the FFF raffles launched on May 9, Famous Fox Federation NFT floor value has increased 40%.
The raffle brings a lot of eyes to the famous Fox Federation project and also has an effect on the FOXY token. If a raffle is priced in FOXY, then the token collected from fees is burned.
The benefit for NFT investors is clear, but one more win-win situation the FFF brings into the market is the additional utility for other projects, as their tokens now have a new use case.
Keep your eyes on Famous Fox Federation
The famous fox Federation is an OG of Solana NFTs, and the people behind the collection keep innovating. Their two products, the marketplace and now the raffles, have a positive impact on the whole ecosystem, benefiting their community and also other NFT projects. It makes Famous Fox Federation very unique project worth knowing about.
This article covered only a tiny part of the FFF. We recommend spending some time for research if you’re not following the FFF yet.
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