What Is DeFine (DFA)?
DeFine (DFA) is the native token of the platform Define, a social NFT platform for all kinds of creators. The Define platform aims to cater to community engagement and social interaction. Define is a Web 3.0-based social profile system using NFTs, the social profile of users is to be constructed based on NFTs depending solely upon the contribution and achievement of users in the digital world. Define is a Decentralized Autonomous Organisation (DAO), where the DFA holders influence the platform’s future.
The platform aims to empower all creators by helping them mint their own NFTs, create a community and allow them to get rewarded for it. According to its whitepaper, the DeFine platform offers multiple categories to incorporate different kinds of creators, namely, DeFine Art for artists of various mediums and genres, DeFine Music for musicians and DeFine Gaming for gamers. Social interaction and community development are some of the core principles of the DeFine platform, where users can share their experiences and moments with other users in the form of a photograph or a video that can be minted into NFTs shared to other social media platforms.
The DeFine platform aims to offer three launchpads to showcase and exhibit NFTs. First is NFT marketplace that provides different modules to make the platform much more interactive and facilitates social interaction. Second is the NFT pad that allows creators and users to trade NFT artworks which helps the creators to gain exposure and promote their works. Lastly, the NFT exhibition hall works as decentralized storage where creators and collectors can showcase their artworks much like a physical gallery.
DFA is the native token of the platform and platform’s cryptocurrency. The token is primarily used as a governance token and is utilized by the community for staking to get voting rights. The holders of DFA can vote on the important decisions on the platform’s future, which include the usage of transaction fees, rolling out new features, auction mechanics, etc.
History of Define (DFA)
The decentralized NFT marketplace was launched in Q1 of 2021. The asset was launched in Q2 of 2021. The project has partnered with big players of crypto-industry like Tron, Abyss, Huobi ventures, and Polygon.
