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AdEx Network Announces NFT Auction To Raise Funds For Charity

AdEx Network Announces NFT Auction To Raise Funds For Charity

The AdEx Network has announced that it will be hosting an exclusive NFT auction to raise funds for charity. A token burn will also follow the auction. AdEx Network will auction a total of 50 NFTs, with a third of the money raised from the auction to be donated to different charities. 

The First Batch Of NFTs 

AdEx will drop the first batch of 40 NFTs on 15th September 2021 at https://nft.adex.network/. The drop is unique because it will be selling not just digital art collectibles but also physical objects. Each digital picture for sale will also correspond to a handmade and knitted toy of AdEx’s blue unicorn mascot, Eddie the Moonicorn. 

AdEx teamed up with NGOs such as Ole Male to create the toys that mothers of children with special needs have handcrafted. A portion of the funds raised through the auction will be donated to the organization, with the rest of the funds will be distributed among a host of other charities, the names of which AdEx will announce soon. AdEx has also partnered with digital artist Todor Lichev for digital images. Lichev is an up-and-coming designer who is beginning to make a name for himself in the NFT space. 

Details Of The Auction 

AdEx has revealed that the auction will take place between 15th-25th September 2021, with the scheduled start at 3 pm CET on the 15th. AdEx will follow a specific price ladder when selling the NFTs, with the first NFT’s price set at 0.3 ETH. Each subsequent NFT after the first will see an increase of 20% on the previous NFT. If there is no sale for the next two hours, the price will go down by the same amount (20%). 

To understand this better, AdEx has provided an example. Let’s assume the first NFT has sold at 0.3 ETH. The second NFT is sold after 5 minutes for 0.36 ETH. Subsequently, the third NFT would sell after 2 minutes for 0.432 ETH. Subsequently, if there is no sale for the next 1.5 hours, the price would drop back to 0.36 ETH, and if no sale takes place within the remaining 30 minutes, the price would be back to 0.3 ETH. 

Charity Donations And Token Burns 

Out of the total funds raised during the NFT auction, 30% will be given to various charities worldwide. A further 30% will be utilized to buy back ADX, which is AdEx’s native token. These would then be burnt to help support the stability of the token. The remaining 40% will be utilized by the AdEx Network towards developing and marketing their products. The team at AdEx is also developing a DeFi wallet that is currently in private beta testing. 

A Hidden Surprise 

The AdEx team has also attached a special prize with one of the NFTs in the auction, containing a special prize of ADX tokens worth $6000. The prize will be randomly hidden in one of the NFTs, with the information about the prize placed in the NFT metadata. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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