What is APENFT?

APENFT was created to meet opportunities and address pain points in the NFT market by building a bridge between artists and blockchains. Its aim is to make art accessible to all by registering world-class artworks as NFTs on the blockchain. APENFT leverages its strengths in technology and the digital industry with a core emphasis on networking between world-class artists and the NFT world; investing in top NFT platforms, artworks, and artists; sponsoring galleries and art exhibitions; and distributing awards to support artistic creation and criticism.

NFT is the official governance token for the APENFT ecosystem. It is a decentralised digital asset that is backed by ERC-20/TRC-20 protocols.

A brief history of APENFT

APENFT officially registered in Singapore on 29 March 2021. It is supported by the underlying technology of blockchains Ethereum and TRON, and backed by the BitTorrent File System (BTFS). The majority of the original APENFT team were conventional art industry specialists with expertise from art institutions like Christie's and Sotheby's, and professional engineers with blockchain and cryptography knowledge from leading Internet companies.

By transforming the way classic art pieces are valued, APENFT enables fairer and more transparent pricing of artworks. It invests significant resources in nurturing NFT artists and providing them with a comprehensive growth path. NFT is APENFT’s decentralised digital currency. With it, NFT holders have the right to vote, share earnings, and take part in community activities. The total supply of NFT is 999,990,000,000,000.

The APENFT Marketplace is a multichain metaverse GameFi and NFT trading platform using the TRON and Ethereum Layer-1 protocol with BTFS decentralised storage. Users can discover collections, buy and sell, upload artworks with title and description, and create their own NFT collections.

How APENFT works

APENFT is supported by BTFS and the underlying technology of top-tier blockchains Ethereum and TRON. It aims to register world-class artworks as NFTs on the blockchain, which are converted into unique ERC-721/TRC-721 tokens.

The tokens are kept in ERC-20/TRC-20 smart NFT contracts as NFT tokens, and NFT holders own the rights and interests in the underlying artworks. Corresponding ERC-721/TRC-721 token information and artwork records are permanently saved on the BTFS network.

APENFT’s goal is to build up multiple nodes on the blockchain — including artworks, artists, community, and a committee of experts — to realise functionalities and address major issues (such as centralised valuation, illiquidity, and counterfeits) in the current artworks market.

What is APENFT used for?

APENFT assists in converting artworks and artists on-chain with a single click, injecting new values into classic art pieces.

APENFT's purpose as an organisation is to help artists and related organisations in addition to registering works as NFTs on-chain. APENFT recruits a large number of professionals to observe and lead the sector via an in-depth study of policies and industry reports.

APENFT, the only token released by APENFT, is its decentralised digital currency established in accordance with the ERC-20/TRC-20 protocol; it also acts as the foundation's Proof of Stake (PoS). It is the official governance token issued by APENFT and serves as proof of rights on APENFT.

NFT holders can vote, share profits, and receive NFT airdrops. The token is traded on many centralised exchanges (CEXs) and decentralised exchanges (DEXs), including Huobi, Kucoin, Uniswap, and Pancakeswap. The overall trading value of NFT tripled, reaching US$250 million at the end of 2020. The total sales of NFT in March 2021 alone surpassed US$220 million. It is proposed that within the next 10 years, half of the world's top 100 artists and artworks will be registered as NFTs.