Lucky Block price prediction: Is it worth a gamble?

• Updated

Lucky Block (LBLOCK) is revolutionising lotteries, but will it be a winner?

A box with crypto coins flying out of it                                 
To make the lottery process fairer, 10% of all daily jackpots will be given to LBLOCK holders – Photo: Shutterstock
                                

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The concept of Lucky Block (LBLOCK) is fairly simple. It is using blockchain technology to develop a decentralised lottery. The project hopes to solve a variety of problems that plague the current system, including security, liquidity and delayed payouts.

Lucky Block still has a long way to go, though. The cryptocurrency only launched in late January 2022 and has since run its first lottery event, completing the payment for the daily draws for the $1m regular jackpot, and the $1m NFT jackpot.

The crypto project has drawn plenty of attention and users. Does an LBLOCK price prediction think it can keep this up?

What is Lucky Block (LBLOCK)?

The concept of a lottery has undergone several transformations over the centuries. Lucky Block is the latest iteration, combining blockchain technology with this form of gambling. By merging the concepts, Lucky Block hopes to make the system fairer and more profitable.

Investors in the Lucky Block (LBLOCK) cryptocurrency will have the chance to earn passive income as well as purchase a ticket for the lottery. This all takes place on the Binance Smart Chain, including the BEP-2 token LBLOCK.

London-based Scott Ryder is the CEO behind the project, steering the future of blockchain gambling. With a background in finance, in 2017 he took the leap into cryptocurrency as head of sales at the CryptoGo exchange. Currently, Ryder is balancing three crypto roles, according to his LinkedIn profile. As well as his job at Lucky Block, he is the co-founder of DeFi Coins and the chief executive of StakeMoon Coin.

What is LBLOCK trying to solve?

Lucky Block’s white paper outlines multiple problems with the current lottery and gambling environment. Online lotteries are vulnerable to security, speed and liquidity issues, and while physical systems can be prone to rigging, digital gambling can be hacked.

Even if you do manage to win, Lucky Block describes the current process as “notoriously slow” because it includes paperwork, administration fees and sluggish bank transfers. The white paper says current lotteries offer “a poor user experience with substantial time-lapse from win to payout, with even more complexity added when there is no record of who purchased a specific ticket”.

Blockchain technology has the potential to solve all these problems. Its transparency can prevent tampering with the results, especially as modifying Lucky Block’s smart contracts requires third-party review before any changes are implemented.

As for speed, blockchains and cryptocurrencies have inherently solved this issue because they usually allow instant payouts. This gives Lucky Block a logistical win over its centralised rivals.

How does it work?

First, it is important to note that 4% of every LBLOCK transaction goes towards the lottery fund. Token holders will get the chance to decide whether they want to take part in the daily jackpot by locking in their tokens. This jackpot combines the lottery fund and the total of locked-in LBLOCK.

When a lottery takes place, 70% of the jackpot is won by an individual, 10% goes to charity, 10% goes to marketing and 10% is given to all LBLOCK holders, distributed according to the percentage of tokens held.

From the Lucky Block white paper

The white paper states: “There are high costs to operate a lottery, which can impact revenue for prize formation and payout. A 2019 article divulged lottery operations, including the house edge – funds to cover costs – typically at 37% to 50%. While the percentage varies depending on local regulation, operator model and game design, only unclaimed prizes positively impact potential winning sizes.”

The document goes on to say: “If a lottery can reduce costs, there is more money for larger prizes and technological innovation, changes that are ultimately beneficial to players. Lucky Block will reduce draw times and allow multiple draws per day, giving players more chances to win while lowering costs per lottery. In addition, low-margin operations will allow players to partake in lotteries aligned with their risk appetite for better odds.” 

LBLOCK price history

Lucky Block is one of the newest tokens to enter the crypto market, but it has already got off to a good start. A presale for LBLOCK took place that was intended to end on 1 February 2022, but had sold out by 21 January. The team raised a total of nearly $6m with almost 9,000 holders.

LBLOCK planned on launching the token on PancakeSwap after the intended presale end date. However, because the token sold out, the team decided to bring this forward to 26 January. A buzz was starting to revolve around Lucky Block, as more than 18,000 members joined its Telegram group.

The following day, 27 January, Lucky Block made its first donation to charity, a staple part of its mission and tokenomics. The crypto lottery donated $5,000 in cryptocurrency to the British Red Cross, as it plans on making the charity a major beneficiary.

Lucky Block wanted to keep the momentum going and teased that two major listings were in the works in late January. Ryder told Inside Bitcoins: “We expect our FTX and Crypto.com listings to be signed off fairly soon, and that is in no small part attributable to the strength of our offering in terms of the product, as much as the smoothness of the launch rolled out by my team.”

LBLOCK saw a substantial price increase after it launched, climbing from $0.0008 on 28 January 2022 to around $0.002 on 31 January. This price continued into the following month.

On 11 February, Lucky Block announced one of its first exchange listings. The Hong Kong exchange LBank was giving investors a chance to purchase the lottery token through its platform. On the day of the listing, LBLOCK hit a peak of $0.007.

LBLOCK started increasing again on 14 February 2022 as Binance listed its price on its website, but was yet to make it available on the exchange. Lucky Block tweeted that it had made it onto Binance’s radar.

The cryptocurrency hit the peak of its rally on 17 February 2022 at $0.009. This came as Lucky Block announced LBLOCK worth more than $6m was currently in its lottery pool. 

The token closed the month of February at $0.0059. As investors waited for the first daily jackpot lottery, Lucky Block has announced that one NFT holder will win a Lamborghini. The draw for this will conclude once all 10,000 NFTs have been sold. The first collection of 10,000 NFTs were minted and listed for sale on 19 March. In addition, NFT holders are granted exclusive access to additional prize draws, which also act as an entry ticket. 

On 30 May, the Lucky Block crypto games platform announced their jackpot prize draw ticket sales, prompting a price rally:

Multiple crashes in the sustained bear market, however, have meant that LBLOCK has also seen some aggressive downturns. By mid-June, the token was trading consistently below the $0.001 mark.

But, following multiple listings and the launch of the new V2 token, by 1 August and at the time of writing, the token was trading at $0.001537, with a market cap of almost $64m.

LBLOCK price prediction

Most experts expect the lottery token to see a gradual price rise.

DigitalCoinPrice’s Lucky Block price prediction for 2022 estimates it will be worth the $0.00242 level in September, but drop back to $0.00222 towards the end of the year. It suggests LBLOCK will reach an average of $0.00241 in 2023 and $0.00273 in 2024. The Lucky Block price prediction for 2025 is $0.00328, but $0.00297 in 2026. Its Lucky Block price prediction for 2030 sees it worth an average of $0.00752.

WalletInvestor suggests LBLOCK is a bad long-term investment and says the coin will be worth $0.00015 by the end of this year (a 90% decrease from current trading values).

A Lucky Block coin price prediction from CryptoPredictions estimates the cryptocurrency will be worth a maximum of  $0.00188 in September 2022 and finish the year at $0.00214. The site suggests that in August 2025 the coin could be worth just under $0.00406.

Buying Lucky Block is literally a gamble. The cryptocurrency was designed for lottery fans to take part in the decentralised future of this gambling form. It is probably not a token for serious, traditional investors.

It is difficult to judge LBLOCK because it is so new to the crypto market and has not even completed its first lottery event. This could make it a risky investment for anyone.

FAQs

There is a maximum supply of 100 billion LBLOCK. CoinMarketCap has yet to report its circulating supply, but the site has a self-reported figure of 40.8 billion coins in circulation.

It could be. Lucky Block is attracting media attention and investors through its unique proposition of decentralising the lottery system. However, the LBLOCK token and its platform is still young, so it is difficult to judge. Remember, you should never invest more than you can afford to lose.

The general consensus from Lucky Block price predictions is for the cryptocurrency to gradually increase. Remember, price predictions are often wrong, so you should always do your own research before investing.

It depends. Lucky Block is a blockchain-based lottery project. It is therefore designed for people who play the lottery rather than traditional investors. There is always a risk when investing in cryptocurrencies because they are highly volatile, so you should never buy more than you can afford to lose.

Further reading

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