NFT creation for participation of IDO
LitBit is using a unique approach in the world of non-fungible tokens (NFTs) by using them as a means of accessing their Initial DEX Offering (IDO). The presale NFT serves as a receipt or a ticket for the IDO, and once the project launches, investors can use the NFT to claim their tokens. In other words, the NFT acts as a unique ticket that allows investors to participate in the token sale and claim their tokens once the project launches.
In order to purchase a presale NFT, the IDO must be live and available for participation. Once the IDO is live, interested investors can visit the presale page and initiate the purchasing process by clicking on the "BUY" button for the NFT. This will initiate a Web3 login, which is necessary to complete the transaction. If the investor is not already logged in, the website will prompt them to do so.
Once the login process is complete, the investor will be presented with a transaction for the approval of the presale contract. Once this transaction is approved, the investor can proceed with the purchase of the NFT by initiating a purchase transaction through their Web3-connected wallet.
Upon successful completion of the transaction, LitBit's backend will pick up the mint event from the blockchain and create an NFT image that includes the base image and additional data such as the NFT's ID, round number, and value in LitBit tokens or BUSD (See example NFT above). This NFT image will be accessible through LitBit's backend API and will include the required JSON file for use on trading platforms.
The frontend of LitBit's website will also be updated to reflect the newly minted NFT. At this point, the investor will have successfully obtained their presale NFT and gained access to the LitBit token sale.
Once the presale period ends, investors will be able to deposit their NFT into a new contract that will exchange it for the LitBit token. This process is made possible by the unique nature of NFTs, which allow for the creation of unique digital assets that can be bought, sold, and traded on blockchain platforms.
Once an investor receives their Elite Squad NFT it can be sold or traded on any NFT marketplace, for example:
Overall, LitBit's presale NFT represents an innovative approach to token sales and underscores the potential of NFTs as a means of access and ownership in the digital world.