Advantage of giveaway for giveaway creators
Giveaway is a system that allows users to create a post that holds a specified amount of money that should be gifted to algorithmically selected specified number of beneficiaries.
To create a giveaway you have to first make sure there are enough funds for the giveaway in your wallet. Once you have enough funds in your wallet, click on the Giveaway button available at the top of your newsfeed or timeline newsfeed. On a small screen device, you may have to scroll the buttons container a little further right to reveal the Giveaway button. Clicking the button will reveal a form to create the giveaway.
There are basically, five inputs out of which four are required to create a giveaway.
- Giveaway story (optional): This is a good place to pass along additional information or tell people why you're doing the giveaway. For example, "My regular Sunday Gifts", "I'm feeling happy and generous" are both a good example of what can be said here.
- Giveaway amount (required): Here you specify the amount you are giving away to the public. The amount must be between $10 and $10,000 inclusive. It also cannot be more than the available funds in your wallet.
- Giveaway time in hours to finish (required): When creating a giveaway, you can specify the number in hours that the giveaway will remain open for new participants. The selection process only kicks in when the giveaway has finished running. This can only be between 1 to 12 hours inclusive.
- Maximum beneficiaries (required): You have to specify the maximum number of users that can take from the giveaway money. This has to be between 1 to 100. When more than one person has been specified for the amount the money will be distributed equally between them. Note: This is just the maximum beneficiary, meaning you can't get more than specified but in some cases, you may not even get up to the number of specified beneficiaries.
- Account password (required): Since giveaway can't be paused, stopped, or deleted once it's created, we have to make sure it's really you creating the giveaway and not just someone who has access to a device where you have your account logged in.
What happens when you create a giveaway
Upon creating a giveaway, the fund is immediately moved from your wallet balance into a temporary platform account where it is kept until the giveaway finishes and then the money is distributed between the selected beneficiaries.
What if no user qualifies for my giveaway
Typically, after a giveaway has ended the platform distributes the funds to selected beneficiaries and informs them via on-site notification. However, in rare cases when no beneficiary could be rightfully selected. The funds are returned to the giveaway creator's wallet.
Benefits to giveaway creator
Since users who engage more often and most recently with a giveaway creator have higher chances of been selected as a beneficiary for the giveaway, constant giveaway creators get more engagement on their post and also gain a huge following on the platform. Also, a giveaway is a good way to show your philanthropic nature by giving back to your friends and fans on the platform.
Limits to giveaway
There are no limits to giveaway, you can create as many giveaways as you like even on a daily basis as long as you have enough funds in your wallet to cover the giveaway.