Questions & answers
LAUNCHJOY PROJECT FAQ
What is Launchjoy?
Initially, LaunchJoy will focus on the sale of NFT Mystery Boxes in collaboration with projects from the Chromia ecosystem and beyond. LaunchJoy provides a platform which streamlines the NFT sale process, saving valuable time and resources for our partners. Over time, LaunchJoy will expand to provide a larger suite of products and services, with the vision of becoming “Chromia's Metaverse and NFT Hub”.
What are NFT “mystery boxes”?
When Mystery Boxes are opened, they award the owner a randomized NFT from a collection. Before opening the box, the owner can see the possible contents along with probabilities, but they will not know for sure which NFT they receive until the box is opened. Mystery Boxes can be sold on the open market unopened, allowing another user to purchase and then open the box. However, boxes can only be opened once, at which point an NFT is irreversibly awarded to the opener. Each LaunchJoy sale event has boxes sorted into two categories: those sold at full price and those sold at a discounted price (or even given away for free) to community members who utilize LaunchJoy POINTs.
How to get the discounted price for NFT?
LaunchJoy users earn POINTs which can be used to enter raffles or auctions which award the right to purchase discounted (or free) Mystery Boxes. At launch, the primary way of obtaining POINTs will be staking Chroma (CHR) tokens through Chromia’s official staking portal. Over time, more methods to generate POINTs will be added
How do I earn POINTs?
Once a user signs up for LaunchJoy, the system starts keeping track of relevant tokens staked by the user via daily snapshots. Based on these snapshots, POINTs (CBID) are awarded on the LaunchJoy platform.
How does the NFT sales work?
There are two types of sales: random distributions and auctions. In a random distribution sale, users stake POINTs in order to enter a raffle. The more POINTs a user stakes, the higher their chance of being selected. If a user is selected, their POINTs are burned and they receive the Mystery Box/NFT/Digital Asset. If a user is not selected, they are able to receive their POINTs back by unstaking them at the conclusion of the event. These POINTs can then be used in future random distribution or auction events. In an auction sale, users can bid an arbitrary number of POINTs above a preset minimum bid (i.e. 1000 POINTs). The top X bids will win a whitelist slot to the discounted sale, where X is the number of NFTs offered at the discounted price.
Do I have to pass KYC to participate in a sale event?
No. Your account is registered on LaunchJoy by signing a message via MetaMask.
Which wallets are supported by LaunchJoy?
LaunchJoy currently supports Metamask.
How many events can I join at the same time?
You can join as many raffles and auctions as you wish, provided you have the necessary POINTs to do so. as you like. You can simultaneously join as many raffles and auctions as you wish, provided you have the necessary POINTs to do so.
Do I need to unstake and restake CHR for each?
No. You'll be automatically registered for all the auctions as long as you have activated your profile via Metamask and stake relevant tokens. LaunchJoy system is keeping track of relevant tokens staked by you and gives you POINTs, which you can use to participate in whitelisting auction.
Can I choose how many POINTs I use for a particular auction?
Yes. If a sale is ongoing and you hold any amount of POINTs, the website will display a ‘Bid’ button which allows you to enter the number of POINTs you wish to bid.