WHAT IS THE BLOKPAX BUSINESS MODEL?
Our business model is simple. We want to vault collectibles and mint them as NFTs (Non-Fungible Tokens) on the blockchain to make the transfer of collectibles trustless and borderless using cryptocurrency and smart contract technology. We will receive our compensation as NFT royalties.
The NFT for every card in our vault will be called a “Vault Token” and they will be fully tradable digital assets like any other NFT except they come with the utility of being fully redeemable for the underlying cards.
WHAT IS AN NFT?
NFT stands for Non-Fungible Token. It simply means that the Token is unique and different from all other tokens.
$1 bills are fungible. One = The Other.
Any two 1986 Fleer Michael Jordan cards are unique, and One is NOT equal to the other (so the two cards are non-fungible).
The fact that an NFT is a “Token” simply means there is a proof of ownership on the blockchain. Whoever owns the Token (the NFT) owns all rights and utility associated with that Token. The technical standard we use is ERC-721 if you want to go deep down that rabbit hole on Google.
WHAT IS UP WITH THE PAX DROPS AND THESE RAZZ TOKENS?
Our marketing team came up with the Packs and RAZZ model to help us get more Vault Tokens in the hands of hobbyists. Unlike other packs of physical cards, our Packs and the RAZZ Tokens are governed by sweepstakes laws and all Drops are bonded in the states where it’s required (New York and Florida). 1 Pack = 1 Token.
WHAT IS A RAZZ?
It’s simply a promotion where there are a certain number of entries and one entry claims the prize. In the real world it’s similar to a charity raffle at your local school where people donate money to get entries to win a prize.
HOW DO I BUY PAX?
Currently we plan to offer both credit card and crypto options for buying Packs. We are a crypto project so our long-term goal is to become 100% crypto but we will wait for the community to adopt crypto before making this change and we will notify you well in advance.
WHERE WILL THE TOKENS BE STORED?
We will hold the Tokens for you in your Blokpax account. No other crypto wallet is required. However, we want to be as decentralized as possible and these are your tokens and you can move them to your wallet. If you want to connect your MetaMask wallet and hold your own tokens, list them on various exchanges, that’s your choice.
WHAT ARE THE ODDS?
The odds of getting a RAZZ Token for any specific card is based on the number of cards in a particular drop. The odds of winning any specific card once you have a RAZZ Token is 1 in 2048. The odds of making it to the Shark Rounds (aka the cash offer rounds) are 1 in 32.
CAN I MAKE MY OWN COLLECTION VAULT TOKEN NFTs?
Not currently but this is on our roadmap.
WHAT FORMS OF PAYMENT ARE ACCEPTED?
We will accept ETH cryptocurrency on our website through MetaMask.
IS THIS CONSIDERED GAMBLING?
No, this is not gambling. Every drop is an independent sweepstakes, bonded as required and legal in all 50 states and Canada. Since each Drop is a unique promotion, there will be a separate set of terms for each Drop which will be linked at the entry point of the drop.
When will I receive my free Packs for early sign-up?
The free Packs from our early sign up promotion will be between drop 2 and 3. The Free Packs will have great cards and the same odds as any drop. If you got into that promotion....be on the lookout for it after Drop 2 but before Drop 3. We will post and share an exact date in advance.