AdEx NFT Charity Auction Mechanics

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Posted by AdEx Network on September 13th, 2021

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On 15 September 50 unique AdEx NFTs will be sold at auction and a third of the proceeds will go towards charity - as a socially responsible company, we love giving back and we’ve picked worthy causes to receive our donation. 

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. 

We have a special treat for all participants: there will be 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! 

How the auction works

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The auction will start on September 15th at 16.00 (GMT + 3) on https://nft.adex.network/.

1. The price for the first NFT will be 0.3 ETH.

2. Every subsequent sale will go up by 20% from the previous. 

3. 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. 

4. The sale will end when all 40 NFTs are sold.

Example:

1. The first NFT sells for 0.3 ETH. 
2. The second NFT sells 5 minutes later for 0.36 ETH (0.3 + 20%). 
3. The third NFT sells 2 minutes after the second one for 0.432 ETH (0.3 ETH + 20%) 
4. Then there is no sale for 1.5 hours. The price of the next NFT to sell would be 0.36 ETH if it sells within the remaining 30 minutes of the 2-hour period.

Where is the Easter egg

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.

How to claim the plush toy

Plush toys will be available to claim after the auction ends. To claim the plush toy, 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.

Excited? So are we! Keep an eye on this blog and our social media channels as we’ll be releasing more details about the NFT auction in the next two days. 

Add the auction event to your Facebook calendar.


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