What Is APENFT (NFT)?

APENFT is a platform created with an aim to bridge the gap between top-notch artists and blockchain technology. As per the whitepaper, the platform endeavors to help artists overcome the problems faced with the traditional method of making artworks accessible to people and supporting NFT artists' growth. Due to the development of the market economy, the demand for paintings is also increasing in society. However, the drawbacks of the traditional trading market for artworks pose great difficulty in fair trading. Some of the disadvantages are as follows: 

• Firstly, the artworks are not affordable for ordinary people. The scarcity of premium artwork drives the prices to record highs at auctions, keeping the majority of people deprived of the opportunities of enjoying the value appreciation of the paintings. 

• Secondly, it is difficult to differentiate real artworks from counterfeits. Earlier, experts used to determine whether an artwork was real by touching the paper or fabric of the painting. But the advancements in fabrication technology have made it even harder for experts to tell the difference.

• Lastly, there is no transparency in the system of transactions. There are multiple intermediaries involved in the process, and money and artworks go through the intermediaries several times before reaching the end receivers. Hence, third parties tend to make huge profits in the process.  

APENFT seeks to address these main problems using blockchain technology by enabling the process of registering artworks as unique NFTs. Non-fungible tokens are unique, non-interchangeable, indivisible, and secure. Moreover, the team at APENFT believes that the many advantages of blockchain technology, such as decentralized data storage, immutable, open, and transparent records of transactions, data security, and low-cost structure, can bring a digital revolution in art. 

In other words, APENFT wants to encourage creativity, increase the value of artworks, and initiate a trend in the future art industry, all by underlying blockchain technology and NFTs.  

Blockchain technology enables the mapping of digital content or art pieces on the blockchain network to create digital collectibles of asset nature. These assets are registered in the form of non-fungible tokens. In addition, the information and key details related to the artwork, such as the source, delivery process, and transaction history, are digitized and stored on the blockchain network. Once it is done, the aim is for the information to become tamper-proof and secure, leaving no room for fraud.  

The company's core business includes:

• Investing in NFT platforms and artworks.

• Sponsoring galleries.

• Organizing various art exhibitions.

• Creating art collections.

• Setting up awards to support the creation and criticism of artworks.

Further, APENFT is backed by Ethereum and TRON blockchains with distributed storage system BitTorrent File System (BTFS) to deliver the mission of registering artworks as NFTs. Artworks are made into unique ERC-721/TRC-721 tokens on-chain. ERC-721 is the token standard on the Ethereum blockchain and refers to non-fungible tokens. TRC-721, in the same way, is the standard found on the TRON blockchain.  

APENFT's collection initially holds artworks from renowned artists like Pablo Picasso, Andy Warhol, Beeple, Pak, and Boris Artzybasheff. Moreover, the company plans to invite influential art creators and researchers to join the advisory team.  

NFT is the native token of the platform. NFT is an ERC20/TRC20 token. NFT is also a governance token enabling token holders to vote on the major decisions of the platform, share profits, and participate in community events. Token holders are also eligible for rewards on the platform.  

History of APENFT (NFT) 

The company was officially registered on March 29, 2021, in Singapore. The team's core members are experts from the traditional art industry. They are experienced in renowned art institutions like Christie's and Sotheby's. Other team members are professional engineers and blockchain technology experts. 

The president of APENFT, Steve Z. Liu, is an electrical engineer and an MBA with extensive experience in international capital markets. He has more than 20 years of experience with major financial institutions and has successfully established institutional equity businesses for several securities firms.