Phemex crypto exchange and futures trading platform is proceeding on creating their first NFT, a piece of QaRT artwork that is to be auctioned on open OpenSea starting with April 12th.
Phemex is driving its community in order to gather thousands of QR codes that will form an impressive NFT art piece. The QR codes represent each participant’s ETH deposit addresses, which will be put together to represent the enormous data held on the blockchain.
How to participate?
As Non-Fungible Tokens start gaining the popularity they deserve, Phemex is taking the initiative in creating an NFT that will ultimately bring profit to the community. In this context, bringing the profit to the community is not an abstract idea as Phemex is dead set to give all those who contribute to creating this artwork a chance at sharing a portion of the winning bid.
The participation process is as simple as it can be. Those who want to participate in the creation of the QaRT NFT only have to:
- Upload the Phemex’s ETH deposit wallet QR code image to the Gleam campaign.
- Provide the Phemex UID.
- Provide the ETH deposit address.
- Follow Phemex on Twitter.
- And Complete any additional steps for more entries.
It’s essential to keep in mind that the ETH Qr code and Eth wallet addresses submitted for creating the NFT must belong to a Phemex account. If they are not, those registrations will be ignored and disqualified from the event.
Also, the Phemex users are allowed to participate with only one account. The participants that register to the event with accounts associated with the same IP addresses or GUIDs will get disqualified.
How will it progress?
In order to participate in the creation of Phemex’ QaRT NFT, users have to go through all the required steps before April 2nd.
After that, Phemex will combine the QR codes in one artwork until April 12th. On the same day, the company will auction the NFT on OpenSea.
The auction will receive bids for one week, until April 19th, and the starting bid will come from Jack Tao, Phemex’ CEO.
Depending on the number of participants, Jack Tao has offered to place an initial bid of up to $100,000. But as OpenSea is an auction-driven platform, the QaRT NFT will sell for more than Jack’s offer by the end of the auction period.
After the auction is over, 10% of the contributors will be randomly chosen to share the earnings. They will receive the funds as ETH to their Phemex account, and the winners can either use them for trading or just withdraw.
Phemex is one of the fastest crypto exchange and futures trading platforms that provides both futures contract trading and spot trading services.
The platform was founded by several experienced Wall Street traders and investors that identified a regrettable lack of professionalism, trustworthiness, and customer support in the crypto industry. Therefore, Jack Tao and the other founding opened up Phemex in 2019, offering crypto traders a simple, efficient, and trusted cryptocurrency trading platform.
Nowadays, the platform is able to provide a less 1Ms order response time, executing over 300K orders per second. That comes in the context of granting a daily average trading volume of $574,000,000 while keeping 30+ integrated liquidity providers.
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