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NFT Auction for Charity To Be Run Using Hedera Token Service

A new, Non-Fungible Token (NFT) charity auction will be conducted this week on the Hedera network to demonstrate how the recently launched Hedera Token Service (HTS) and auction platform can be used for social good initiatives. The auction is now live and will close September 23rd at 11:59pm PDT. All code for the auction is open sourced under an Apache 2.0 license and available on GitHub. The decentralized auction will be hosted by seven validators, composed of Hedera and members of the community: DOVU, Fluent Finance, Gomint.me, IvyX, ProvenDB, and SEUNwater.

A total of eight items are to be auctioned, these include a combination of physical items with a corresponding NFT from Hedera’s co-founders Mance Harmon and Leemon Baird as well as digital creations from the Hedera community. All proceeds from these auctions will go towards Hopeful Solutions, a women’s homeless shelter in Dallas.

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Christian Hasker, CMO of Hedera Hashgraph, said, “The NFT auction, in support of this worthy cause, demonstrates the immense power of tokenization to combine philanthropy, sustainability, and innovation for social good initiatives. The ability to be at the forefront of trends in tokenization, while also supporting worthwhile work both in the local community and globally, is unique and something the Hedera community can take immense pride in.”

The auction will demonstrate how projects can build high performance, secure, and sustainable applications on the Hedera network, which recently launched at scale into an ecosystem of over 60 initial supporting partners. HTS removes the need for smart contract deployment, enabling the instant and secure transfer of value without the need for an intermediary, thereby enabling more efficient tokenization. Hedera Consensus Service (HCS) will also be leveraged to synchronize the state of the auction between its validators with an unmatched degree of sustainability.

The Hedera network can also support up and coming e-commerce trends, such as social commerce through celebrity endorsements and personalized customer experiences. The Hedera platform offers the responsible management of data, which can facilitate these trends.

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