Lucky Block (LBLOCK): A Scam or A Gamble to Get Rich?

If you’ve been active on Twitter, you’ve probably caught wind of a relatively new cryptocurrency being talked about — Lucky Block. This crypto project prides itself on being the number one NFT competition platform for holders to earn rewards, win prizes and more through their ecosystem. While this may seem like an exciting project which changes the current lottery industry, some people can’t help but wonder if this is actually a scam. 

In this article, we’ll take a look at the features Lucky Block offers, and explore whether or not it should be your next investment. 

What Is Lucky Block?

Lucky Block is an Ethereum-based lottery platform that offers the opportunity to earn passive income through dividends on NFT holdings, and to qualify for special rewards and prizes. It overcomes many of the challenges and pitfalls associated with traditional lottery programs.

The Lucky Block ecosystem has a user-friendly design that ensures all participants are winners to some degree. Because it operates on the Ethereum blockchain, it strives to offer a more transparent, secure and fair lottery system. There are various opportunities available for Lucky Block lottery players to profit from. For example, regular lotteries are held that dole out desirable gifts and cryptocurrency prizes. Individuals are encouraged to hold NFTs to generate passive income — and NFT holders continue to earn rewards even after competitions have concluded. 

What Is LBLOCK?

LBLOCK is Lucky Block's native token. Lottery tickets on the Lucky Block platform are purchased with LBLOCK. The Lucky Block token is also used to pay out winnings from competitions. 

Before the winners of each competition are announced, all LBLOCK token holders receive a proportional share of 10% of the jackpot. This ensures that all players are winners. As the Lucky Block platform expands, the rewards that LBLOCK holders receive will also increase.

It’s important to note that fairness has been incorporated into the platform’s design. The system identifies bots and whales, and ensures they won’t exploit the platform’s functions. You can trade LBLOCK on PancakeSwap, which is a popular decentralized exchange (DEX). 

History of Lucky Block

Lucky Block is a United Kingdom–based platform that’s owned by Block Media Ltd. While the company is based in the Cayman Islands, it’s also registered in the U.K. The CEO and founder of Lucky Block, Scott Ryder, is an entrepreneur who was involved in the launches of STAKEMOON, DeFi Swap and DeFi Coins.

Ryder is supported by brand ambassadors, including boxers Dillian Whyte, Joe Joyce, Florian Marku, Savanna Marshall and Lerrone Richards. Many of the platform’s executives are former or current employees of major marketing firm Finixio. Lucky Block's team includes a developer as well as marketing and sales professionals. However, the Lucky Block app was developed by a third party, Brugu. While there is considerable talent on the Lucky Block team, the platform has established partnerships for promotional purposes.

Lucky Block first launched in January 2022 on the BNB Chain network before the new version launched in July 2022 on Ethereum. 

What Does Lucky Block Aim to Achieve?

The Lucky Block project was initially designed to serve several key purposes. Its founder identified transparency and ethics issues with other online and offline gambling and lottery options, and he wanted to create a space that improved on these areas. 

Lucky Block aims to increase the winning and profit-making opportunities for its participants. At the same time, it strives to provide its players with helpful financial advice, and to foster the development of gambling and lottery communities.

The design of the Lucky Block platform supports these goals. For example, it uses an advanced ledger system to complete payouts more quickly and with greater transparency. Both players and tickets can be validated to prevent issues related to manipulation and data loss.

The decentralized platform supports the accessibility of the ledger to all users, and distributes the ledger for optimal transparency. Decentralization also protects players’ funds from losses related to cyberattacks.

How Does Lucky Block Work?

To participate on the Lucky Block platform, players must first buy an NFT. Lucky Block NFTs, which are available through Launchpad.xyz, are a type of digital lottery ticket. Winners are announced at the end of the competition, and prizes may include anything from a new gaming console to an NFT, a car, a getaway and more. There are no extra steps required to enter a contest. Simply holding the NFT of the specific competition serves as the player’s entry. If a player doesn’t win a contest, the NFT will still have value.

By holding an NFT, a player receives their proportional share of 10% of the pot. This means that every player receives something for playing. Because contests are held daily, holding an NFT can provide a small amount of passive income.

Holding an LBLOCK token can also be lucrative. While the price of the tokens fluctuates with considerable volatility, there’s now a burn program in place. Each month, 1% of the supply of the tokens is burned. This creates upward pressure on token value. Therefore, simply holding LBLOCK tokens qualifies individuals for a portion of the lottery pool, which means that it’s not necessary to purchase an NFT to earn through the Lucky Block ecosystem.

Features of Lucky Block

The Lucky Block app and website are both intended to be user-friendly and simplistic. They offer convenient access to basic features, such as obtaining tokens, buying a Lucky Block NFT and more. Let’s look at the specific features available to you through the Lucky Block platform.

Competitions

Lucky Block regularly announces new competitions tied to NFT collections, which gives individuals the opportunity to join contests by purchasing the corresponding-themed NFTs. For example, a recent promotion was announced for a Bored Ape Yacht Club NFT. To participate, individuals who didn’t already hold an NFT had to purchase one using LBLOCK tokens for the competition. Once the competition NFT collection sells out, the competition’s winner will be picked, and they may win a BAYC NFT or prizes such as a trip, a house, BTC and more.

Lucky Block NFTs

Some critics of NFTs claim that there’s little value associated with buying them. However, this isn’t the case with Lucky Block NFTs, which offer financial gains through a portion of each competition’s pool. They also enter players to win incredible prizes. Lucky Block has several NFT collections. The Platinum Rollers Club NFT Collection is Lucky Block’s first and main NFT collection. As is the case with other Lucky Block NFT collections, these NFTs may increase substantially in value, as well as provide potential reward prizes and passive income. 

All of the Lucky Block NFTs are available through the NFT Launchpad and must be purchased with LBLOCK tokens.

Reflection Token Mechanism

The LBLOCK reflection token mechanism provides token holders with financial rewards for holding their tokens. For each purchase or sale of LBLOCK tokens, a 6% transaction fee is assessed and allocated to a tax fee, a development fee and a burn fee. Token holders receive a portion of each transaction fee for as long as they hold their tokens.

Benefits of Lucky Block

While there are many available online contests for gamblers and lottery enthusiasts, Lucky Block offers several exciting benefits to its participants, who include those who own Lucky Block NFTs and tokens.

Daily NFT Lottery Draw

Other than the usual competitions that users can take part in by purchasing the corresponding NFTs, Lucky Block also has a daily NFT Lottery Draw that’s exclusively available for holders of Platinum Rollers Club NFTs from the platform’s first NFT collection. A daily prize pool of $10,000 is distributed among holders, who are also entitled to free automatic entries to all Platinum Competitions held each week.

The Platinum Rollers Club NFT collection features 10,000 different NFTs. Once the collection is sold out, holders will have the chance to win a Lamborghini. If you’re interested in becoming a Platinum Rollers Club NFT holder, you can do so by purchasing one on Launchpad.xyz. 

Rare NFTs

A total of 10,000 Platinum Rollers Club NFTs have been created, with 25 of them being rare NFTs. Since the collection has yet to be sold out, you still have a chance to purchase and mint a rare NFT. Do note that buyers aren’t able to learn about an NFT's rarity until after purchasing an NFT. Those who hold a rare token will receive double the jackpot prize and other perks.

Win Exclusive Prizes

In addition to the daily drawing, some contests have special prizes. For example, once the entire Lucky Block BTC1M NFT collection sells out, a drawing for $1 million in BTC will be held. Some of the other exclusive prizes have been (or will be) a house worth $1 million, a holiday trip, gaming systems and more.

Earn Passive Income

The Lucky Block ecosystem provides two ways to earn passive income, either by holding an NFT or by holding LBLOCK tokens. Both of these passive income streams can continue indefinitely as long as the Lucky Block assets are held.

Risks of Lucky Block

While Lucky Block offers passive income, as well as the opportunity to win incredible prizes, it’s not without risks. Before you buy your first LBLOCK token, it’s important to understand what the risks are and their potential impact for you.

Gambling

Lucky Block is a lottery-style platform that offers the chance for players to earn prizes. Therefore, participation in the platform can be considered gambling. Gambling addictions are unfortunately common, and may be difficult to break. With this in mind, individuals who have previously struggled with a gambling addiction should proceed with caution, if at all.

High Volatility

As a cryptocurrency, the LBLOCK token’s value is highly volatile. There was considerable buzz immediately before the launch of the LBLOCK V1 token, resulting in the initial price of $0.0008 increasing to $0.002 only a few days later. Within a few more weeks, the value of an LBLOCK token was $0.009. As of October 18, 2022, the price is $0.0002059. 

The LBLOCK V2 token was released in August 2022 at a price of $0.001476. Within a few weeks, it saw a substantial increase in value to $0.001934. However, like virtually every other cryptocurrency during the current bear market, LBLOCK V2 is seeing red and is now valued at $0.000216. It’s not possible to accurately predict the future value of any cryptocurrency, so investors and players need to be aware of this risk.

Scam Rumors

Another risk to consider before investing are the rumors of Lucky Block being a scam. While it has boasted prizes worth $1 million, note that many of the prizes have not been given away, simply because the NFT collections have not sold out. As such, definitely proceed with caution when it comes to the legitimacy of this platform. As with any other cryptocurrency out there, we’d definitely recommend you to do your own research and due diligence before actually investing your money. 

Lucky Block Road Map

Lucky Block was initially created to take the online lottery space to a new level. Through the use of blockchain technology, it’s garnered ample attention because of its security, fairness and transparency. At the same time, it’s gaining increased attention from lottery enthusiasts because of its great playing structure. The platform offers 10,000 Platinum Rollers Club NFTs along with various other sub NFT collections tied to the competitions it holds. NFT ownership is required to participate in the drawings and contests, and the winner is announced as soon as the collection of 10,000 or 25,000 NFTs get sold out. This means that the possibility of winning even the biggest prizes comes with better than astronomical odds. In addition to selling its remaining NFTs, Lucky Block's development team continues to develop the platform with improved player experience in mind. 

LBLOCK Tokenomics

There are a total of 100 billion LBLOCK tokens available for distribution. Of these, 10% have been conveyed through private sales, and 22.5% were sold through the pre-launch sale. Another 2.5% of the tokens have been allocated to PancakeSwap for liquidity pools. The developers received 2.5% of the tokens. The partners and the team received 20% of the tokens each, and the final 22.5% have been allocated for centralized exchange listings and marketing.

As above, note that Lucky Block has a new burn mechanism. Approximately 1% of a 6% transaction fee will be burned, which serves to decrease the supply of tokens in circulation and promote appreciation in the token’s value. 

LBLOCK Price Prediction

The price of an LBLOCK token is currently $0.000178. This is lower than the initial price of $0.0008. The peak value of LBLOCK was $0.009 in February 2022. This displays the extreme volatility of the value of LBLOCK tokens. Experts from Currency.com believe that the token's price may reach $0.000593 by the end of 2022, and $0.00073 by the end of 2024. By 2030, the value may reach $0.002. However, like all cryptocurrencies, the value is based in part on speculation, as well as a variety of other factors. With this in mind, there’s considerable uncertainty related to the future price of LBLOCK tokens.

Is LBLOCK a Scam?

The primary purpose of the Lucky Block platform is to take online lottery games to a new level. The Lucky Block token enables individuals to purchase NFTs and participate in lottery games. Once an NFT is purchased, it provides lifetime entry into daily contests until the NFT is sold. Therefore, using LBLOCK to buy a Lucky Block NFT could be a great investment for those who enjoy playing lottery games. The NFTs also provide holders with a source of passive income.

LBLOCK tokens may be a reasonable investment, but they come with the risk of loss as well. The reflection mechanism allows token holders to earn passive income. However, the value of the tokens has thus far been extremely volatile. Many experts believe that the value of LBLOCK tokens will increase over time, but there’s of course no guarantee. Some Redditors online have averred that Lucky Block is a rug pull, and that you may not be able to withdraw your tokens in the future if you choose to invest now. Coupled with the fact that the white paper is lacking vital information, as well as Lucky Block’s bad reviews, we’d recommend erring on the side of caution.

Closing Thoughts

As an innovative lottery platform that takes advantage of blockchain’s benefits, Lucky Block stands apart from other available popular lottery and contest options. With the platform boasting so many great features, it almost seems too good to be true — which is often a sign that it is.

Lucky Block may not be a scam, but with a lack of proper documentation and actual giveaways, we’re leaning toward that judgment. If you truly believe in the project, experts suggest that you only invest the amount of money you’re okay with losing.