Friday, May 20, 2022

FABLE NFT To Raise Funds For Coivd Relief In India

The Indian crypto community is supporting its nation in a fight against Covid-19. The community is putting all of its effort to raise funds for Covid relief in India. A few days ago, Crypto Relief Fund was announced to help the Covid patients in India, and now, a new group has come forward to help the people. A group of crypto traders has decided to introduce an NFT project called Fable.

As per the announcement, each Fable card would be auctioned on the NFT marketplace and the funds raised through that selling would be used as a relief fund.

Fable has 22 artworks which would be auctioned on OpenSea, the NFT marketplace. After the auction, the total raised fund will be used to provide free oxygen cylinders to Covid patients.

On April 28, at 7:30 pm IST, Fable launched its first batch of NFTs which include 8 NFTs. The auction will end on May 2. Although the company has not announced any base price for the artwork, it has mentioned that the minimum bidding amount would the price of the transaction on the blockchain.

The concept of introducing relief funds through NFT came after an Indian-origin crypto trader, Vignesh Sundaresan, win an NFT in the auction. In March 2021, Sundaresan spent $69.3 million to buy a digital collage by Beeple, an NFT artist. The title of that NFT was The FIrst 5000 Days. It is to be noted that Sundaresan paid the artist the amount in Ether.

People volunteering in this NFT project are basically from design and startup backgrounds. The founder of VC firm Good Capital, Arjun Malhotra, brought the concept of raising charity through NFTs. Kavan Antani, the founder of IndieFolio Network, is leading the design of the NFT and managing volunteers.

Akriti Khosla, the founder of the online recruitment platform Career Cupid, has also joined the project and is looking after the content and community. Raunaq Vaisoha and Anil Dukkiptty, the co-founders at blockchain startup Elemental Labs, are heading the engineering department. 

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