Charity-driven crypto startup Carma Coin, known for its high-stake supercar giveaways, is hosting a once-in-a-lifetime opportunity to win up to four Teslas and a $100,000 cash bounty. While Carma Coin has been busy giving away cars since it was first founded in May 2021, the company is just getting started with a list of Teslas they are ready to give away.
Carma Coin’s objective is to develop a charitable cryptocurrency with a marketing plan that includes giving away supercars to grow its user base. The idea behind the giveaways is to spur adoption among its users and new users. The odds have been historically low, yet they’ve seen token holders grow rapidly as a result of the car giveaways.
Since starting in May, Carma Coin has given away a total of six cars that include:
- Nissan GTR
- Lamborghini Huracan LP610-4
- Ferrari California
- Chevrolet Corvette C8
- Chevrolet Camara SS
- Jeep Wrangler Freedom Edition
The notion came to Carma Coin when the company acquired its first Lamborghini. The team behind Carma Coin sought to revolutionize the world by inventing a token that makes people happy and allows them to realize long-held ambitions while also filling a unique wallet – the “Carma” wallet. In addition to the cars, Carma Coin gave away over $175,000 to charity and nonprofits since its May 29th launch.
One of Carma Coin’s Co-Founders, David Butcher, expressed that this giveaway is part of the company’s mission to give back and spread positive messages about crypto to the rest of the world.
“We are all about putting the community first. What actually matters at the end of the day is how you treat those around you, and what you’ve done for your community. We want to give back in a big way right from the start,” Butcher said.
How is the Fund Generated?
The supercar giveaway fund is generated from transactions on the Carma Coin blockchain. Each transaction that takes place on the network sets aside a small amount of $CARMA so the fund can constantly be replenished in order to further grow the user base out.
Carma Coin’s Be Magical Fund creates an allocation for supercars and charity donations through a small “tax” on all transactions.
In total, there is a 10% tax on all transactions that is allocated in three distinct ways:
- 3% to the Magical Fund’s growth which funds the giveaways
- 5% holding reward to all $CARMA holders
- 2% to the liquidity pool which makes buying and selling easier
What Type of Teslas Will be Given Away?
There will be up to three Teslas that are given away. The final number is dependent on the volume of transactions and user sign-ups on Carma Coin’s platform:
- Tesla Model S: Will be Given Away Regardless of Volume or Holders
- Tesla Model 3: $2M in volume
- Tesla Model X: $5M in volume
- Tesla Model Y: Reach 25,000 holders total
Additionally, if Elon Musk retweets or tweets a message about the giveaway, all four Teslas will be given away regardless of if the above stipulations are met.
Also, $CARMA holders are eligible if Elon Musk Retweets “BOUNTY.” The “BOUNTY” portion of the giveaway is dependent on two factors. The first is whether a user can get Elon to retweet a post about the giveaway before someone else. Secondly, the amount of money given away is dependent on the value of $CARMA that a user is holding when they are retweeted.
Elon Musk Retweet Payout:
- $100 in CARMA= $10,000 Cash Bounty
- $1,000 in CARMA= $50,000 Cash Bounty
- $5,000 in CARMA= $100,000 Cash Bounty
Those interested in registering for the giveaway don’t need to hold $CARMA in order to be entered to win the car. You can simply go here when registration opens.
About Carma Coin
Carma Coin is a philanthropic cryptocurrency that donates supercars while also helping nonprofit organizations. On May 29, 2021, it was made available to the general public for the first time, and within 48 hours, it had a market capitalization of $35 million. Carma Coin is available for purchase on Pancake Swap with a fiat on-ramp currently in development. Visit their website at carmacoin.co for more details.