AdEx Network announces charity NFT Auction, ADX token burn, and a $6,000 prize

Today saw over 50 unique AdEx NFTs go under the hammer at a crypto auction as part of a broader drive to popularize NFTs and donate a part of the proceeds towards charitable causes, AdEx said in a release shared with CryptoSlate.

“We are auctioning 50 unique AdEx-themed digital artworks. Each digital image corresponds to a physical object: a hand-knitted toy of our mascot, Eddie the Moonicorn. Auction winners will have a choice of either only keeping the digital art, or providing a postal address or a PO box so that we can mail them the actual toy in addition to the digital image,” the release read.

NFTs for charity

NFTs, short for non-fungible tokens, are blockchain-based representations of real-world or virtual unique objects that prove their holders are the true owner of whichever underlying asset they represent, with the latter ranging from crypto collectibles to in-game assets to real estate.

The toys corresponding to each AdEx NFT were been hand-made with the help of Ole-Male, an NGO that supports parents of special-needs children. Moreover, there’s an Easter egg hidden in the metadata of one of the NFTs. “The person who buys that particular item will receive $6,000 worth of ADX tokens,” the firm notes.

The $6000 prize in $ADX will be hidden before the auction in one of the 40 NFTs. It will be programmed in the smart contract of the auction to put a special watermark on the winning NFT. All NFTs will appear on Opensea after the auction ends and the winner will be visible to all.

As such, the Plush toys will be available to claim after the auction ends. Each NFT owner will be required to sign a transaction on MyEtherWallet—it will be free of charge and it will prove that the address is holding the NFT.

Shipping costs are included in the auction price. Toys are redeemable to PO box addresses as well.

AdEx auctions

The auction started on September 15th at 16.00 (GMT + 3) on the NFT section of AdEx Network. The price for the first NFT was 0.3 ETH, with every subsequent sale going up by 20% from the previous. 

Further mechanics have been put in place to ensure a quick auction. “If there is no sale for 2 hours, the price will go down by the same amount it was increased by in the last step. That price will continue to decrease every two hours until it reaches 0.3 ETH or until there is a sale,” the team said, adding that the sale would end when all 40 NFTs are sold.

37 of the 40 NFTs are still waiting to be bid on at press time, with a current NFT price of 0.43 ETH.

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