Sale Update
At Codex, we believe wholeheartedly that for our technology to reach its full potential, we must see it distributed as widely as possible. Decentralization is the heart of the crypto movement and we have always endeavored to foster a sense of democracy in our project and build a strong community. That’s why, even though we have raised USD$12 million to date, an amount we believe is sufficient to build the protocol successfully, we opened up the sale to community participation (to the extent allowable by law) — because community engagement and user adoption, especially in the form of token distribution, is our first priority. Thank you to the more than 3,000 community supporters who believe in our vision and completed the exhaustive KYC process to be able to participate.
Over the first three days of our community sale, the contributions we received were highly concentrated and we have not seen a broad enough pool of purchasers participate in the sale to meet our goals for distribution. Given this, and on the advice of our advisers, we have decided to cancel our token sale and instead proceed with the most democratic option possible — a token airdrop to the community.
Airdrop
The first airdrop will be to the 3,500+ community members who successfully
passed our KYC process and provided us with a token wallet address. Those members will each receive an airdrop of 500 CodexCoin tokens (CODX). Purchasers who bought as part of the public sale will each receive a refund of the ETH they contributed along with an additional airdrop of 2,000 CodexCoin. We expect to do further airdrops in the future, so this is just the beginning. Please note that details are not yet finalized so this information is subject to change. We will announce further details as soon as possible.
Moving Forward
Following our successful private sale, we have the resources to continue to build an extraordinary platform. This change to a community-focused airdrop ensures we will also achieve the broad distribution needed for truly wide adoption and use of Codex. Together, we’ll continue to push forward in building the decentralized registry that is so strongly needed within the art and collectibles market as well as other asset classes. We look forward to implementing the strong partnerships we have already announced now that Codex Protocol is live and we are incredibly excited to announce new partnerships in the coming weeks.
About Codex
Codex is the leading decentralized asset registry for the $2 trillion arts & collectibles (“A&C”) ecosystem, which includes art, fine wine, collectible cars, antiques, decorative arts, coins, watches, jewelry, and more. Powered by the CodexCoin native token, the Codex Protocol is open source, allowing third-party players in the A&C ecosystem to build applications and utilize the title system. Codex has launched two initial decentralized apps, Biddable (beta), provides access to unique assets for crypto-holders, and Codex Viewer, to create and manage blockchain identities for unique assets. The Codex Protocol and CodexCoin will be adopted as the only cryptocurrency by The Codex Consortium, a group of major stakeholders in the A&C space who facilitate over $6 Billion in sales to millions of bidders across tens of thousands of auctions from 5,000 auction houses in over 50 countries.