Platform With Advanced Technology of Ethereum and Tron

The platform acts as a bridge between the artist and the NFT world by organizing art exhibitions, sponsoring art galleries, and also setting up awards to support or criticize the artwork.

APENFT purchases well-known NFTs from the traditional and NFT artworks as underlying assets and works on improving the NFT trading standard.

What is APENFT and its Aim?

APENFT was officially registered in Singapore on March 29, 2021, to meet the opportunities and address pain points in the industry. The president of APENFT, Steve Z. Liu, holds a bachelor’s in Electrical Engineering from Zhejiang University and an MBA in Finance from Columbia Business School. 

It supports government agencies, lawyers, and industry entities in issuing the policies for effective development of the industry. APENFT will invest in artwork and promote traditional and digital art by leveraging its strength in the technology market, industry, and policy research.

APENFT aims to build a bridge between top-notch artists and blockchain and support the growth of crypto NFT artists. It has an excellent team from world-renowned auction houses such as Christie’s and Sotheby’s. It’s mission is to register world-class artworks as NFTs on the chain.

Drawbacks of Traditional Art

A better trading system and innovation of technology is what is needed in the market, apparently. NFT technology is expected to fulfill this need. It is already making the art market accessible to more people. 

Intrinsic drawbacks with the traditional market remain unsolved and thus cause greater difficulty in trading artwork. The marketing strategies and ad placements are expensive as compared to digital art as they do target a huge number of audience worldwide. Digital art has authenticity and ownership which is represented in the form of immutable data stored. On the other hand, to judge the authenticity of the premium work in traditional art is a difficult process.

The other reason is that experts find it difficult to judge the real art piece. Initially by the touch of paper and common practices of the creators are some techniques by which experts distinguish the real art pieces. But, with the rapid advancement of fabrication now it is difficult for professionals to judge the authenticity of art. Thus, it comprises authenticity and trust among the people.

Finally, it comes to transactions that are not transparent. It always needs third-party involvement for making payments. The third-party makes huge profits facilitating it. 

The artwork is overpriced and thus there are irregularities arising in the market.

The advancement of blockchain technology addresses all these issues in the traditional market. This technology adds value to the art in the digital world. By mapping the digital content of any art piece to the blockchains to form unique digital contents which extends the benefits to a wider population.

Digital art is more trustworthy as all the information related to it like the key details, delivery process, and transaction details are all stored and digitized. Thus NFT is the digital asset making it unique and trustful among the users. It also makes a wider appeal to the audiences with its authenticity and transparency. The blockchain data is available to users worldwide and is accessible.

Features of the APENFT

Some of the distinguishable features of the APENFT are discussed below

Advanced technology: This NFT has advanced technology of Ethereum and Tron blockchain with support from the distributed storage system Bittorrent File System (BTS) to deliver the mission of registering world-class artworks as NFTs on the blockchain. 

Financial backing: The first collection of this NFT includes Femme nue couchee au collier by Pablo Picasso, three self-portraits by Andy Warhol, Ocean Front, and some Beeple and Pak collections with a total value of ￥ 200 Million.

Extensive Partnership: Since the time of its launch APENFT entered into partnerships with the largest NFT auction houses Christie’s Sothby’s and Nifty Gateway as well as with the NFT artist Beeple. The NFT is expanding its market influence through its user base from the two top public chains.

APENFT’s Governance Token

NFT is the sole token released by APENFT. It is the governance system of the ecosystem. The NFT holders can participate in making the decisions of the platform. The holders will benefit by voting for the governance. They will be responsible for holding the NFT artwork in the APENFT DAO ecosystem. They can take part in the APENFT activities and also in deciding the future of NFT. This all depends on the amount of tokens they hold.

The user receives the governance rewards, activities rewards DEFI airdrops, and mining rewards. The token has a maximum supply of 999,990,000,000,000 NFT. The fully diluted market cap is $324,330,642. The protocol standard is ERC20/TRC20. The issuance date is May 20, 2021. The issuance platform is crypto exchanges like Huobi. The initial issuing price is $ 0.00000012.

The token allocation includes 30% for artist partners, 19% for DeFi airdrops and mining, 19% for the NFT team, and 2% for the initial exchange listing. It also includes 20% for work purchases and 10% for partnerships.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.