AdEx Network announced it will host an NFT auction to raise money for charity. The auction will be followed by a token burn. AdEx Network will auction 50 NFTs. A third of the proceeds from the auction will be donated to charities.
The First Batch of NFTs
AdEx will drop the first batch of 40 NFTs on 15th September 2021 at https://nft.adex.network/. This drop is unique in that it will sell not only digital art collectibles, but also physical items. Every digital image for sale will correspond to a knitted and handmade toy made by AdEx’s blue unicorn mascot Eddie the Moonicorn.
AdEx collaborated with Ole Male and other NGOs to create toys that mothers of special-needs children have made by hand. The auction will donate a portion of the proceeds to the organization. The rest will go to a variety of charities that AdEx will soon announce. AdEx also has partnered with Todor Lichev, a digital artist for digital images. Lichev, a rising designer, is making a name for itself in the NFT space.
Details of the Auction
AdEx has announced that the auction will be held between 15th and 25th September 2021. The auction is scheduled to begin at 3 PM CET on the 15th. AdEx will use a price ladder to sell the NFTs. The first NFT will be sold at 0.3ETH. Every subsequent NFT will be 20% more expensive than the first. The price will drop by 20% if there is no sales for the next 2 hours.
AdEx provides an example to help you understand the concept. Let’s say that the first NFT was sold for 0.3 Ethereum. After 5 minutes, the second NFT sells for 0.36ETH. The third NFT will be sold in 2 minutes for 0.32 ETH. The price of the NFT would then drop to 0.36 ETH if it is not sold within the next 1.5 hours. If no sales occur in the remaining 30 minutes, it would fall to 0.3 ETH.
Donations to charity and token burns
30% of the funds raised from the NFT auction will be donated to charities around the world. Another 30% will be used to purchase back ADX, AdEx’s native token. To ensure stability, these tokens would be burned. The AdEx Network will use the remaining 40% to develop and market their products. AdEx has also been working on a DeFi wallet, which is currently in private beta testing.
A Hidden Surprise
AdEx has attached a prize to one of the NFTs during the auction. It contains a prize of ADX tokens valued at $6000. The prize will be hidden randomly in one of NFTs. Information about the prize will be placed in the NFT metadata.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, financial, investment, or any other advice.