APENFT

APENFT (NFT) was officially registered in Singapore on March 29, 2021. The project was launched with the mission to register world-class artworks as non-fungible tokens (NFTs) on the blockchain. The goal is to bridge the gap between renowned artists and the blockchain, nurturing the growth of native crypto artists in the NFT space. The team behind APENFT includes experienced thought leaders from the blockchain, finance, and art communities, with Steve Liu, who has a background in financial management, leading the project.

APENFT's native token, NFT, was launched on May 20, 2021, as the first project on the new and improved Huobi Prime. The token is based on the TRC721 standard and has a total supply of 999,990,000,000,000 NFT. The initial issuing price was $0.00000012. Users can obtain NFT by participating in various activities such as commenting, creating, recommending, and displaying works within APENFT, as well as providing industry information.

The project aims to transform art pieces from elite-exclusive items to something accessible to everyone. APENFT supports the use of blockchain technology in the NFT world, promoting traditional and digital art by leveraging its strengths in technology, market, industry, and policy research.

APENFT (NFT) is an NFT ecosystem that aims to bridge the gap between the traditional art world and the blockchain by registering renowned art pieces as NFTs. Here's how it works:

• Decentralized Storage: APENFT leverages the BitTorrent File System (BTFS), a decentralized storage system that allows users to store and share files securely and permanently without relying on centralized servers. This ensures that NFTs and their original artworks are stored securely and permanently.

• Native Token: The APENFT token (NFT) is the native token of the APENFT platform. It is based on the TRC-20 standard, compatible with the Ethereum ERC-20 standard. The token has a fixed total supply of 999,990,000,000,000 and follows a deflationary model, where a portion of the tokens is burned every time a transaction occurs on the platform.
• Use Cases: The NFT token has various use cases and benefits on the APENFT platform, such as buying, selling, or exchanging NFTs, participating in different types of offerings, and voting on the handling of NFT artworks in the APENFT DAO ecosystem.

• Mission: The APENFT Foundation is a non-profit organization established by APENFT to promote the healthy development of the digital art industry. It aims to register world-class artworks as NFTs, support emerging artists, and organize exhibitions and educational events.

• Art Collection and Trading: APENFT acquires and tokenizes iconic artworks from renowned artists, making them accessible to a broader audience. It also supports the growth of native crypto artists in the NFT space.
• Community Building: APENFT fosters a vibrant online and offline community centered around digital art discussion, education, and innovation.

• Blockchain: APENFT is built on the Tron network, a decentralized high-speed blockchain that aims to host global entertainment via low fees and near-instant settlements.
• Token Standards: APENFT follows the TRC-721 standard for issuing NFTs on Tron, which is compatible with the ERC-721 standard.

Overall, APENFT works by providing a platform for artists and collectors to interact, creating a decentralized and secure environment for NFT trading and storage, and promoting the growth of the digital art industry through its foundation and various initiatives.

APENFT (NFT) has several strengths that contribute to its robust ecosystem and capabilities:

1. Financial Strength: APENFT has a robust financial foundation, ensuring the stability and growth of its platform.

2. Comprehensive Ecosystem: The platform offers a comprehensive ecosystem, providing a wide range of services and tools for artists, collectors, and users.

3. High-Quality Artworks: APENFT has onboarded high-quality artworks from renowned artists such as Picasso, Warhol, and Beeple, making it a leading platform for art investment and democratization.

4. Trading Volume: The daily trading volume of APENFT (NFT) is over $20 million, ranking it among the top 200 traded tokens, indicating significant market interest and liquidity.

5. Decentralized Storage: APENFT leverages the BitTorrent File System (BTFS), a decentralized storage system that ensures the secure and permanent storage of NFTs and original artworks without relying on centralized servers.

6. Governance Token: The APENFT (NFT) token is the native governance token, allowing holders to participate in voting, profit distribution, and other governance activities, promoting community engagement and decision-making.

7. Multichain Support: The platform supports multiple blockchain protocols, including Ethereum, Tron, and BNB Chain, enhancing its versatility and accessibility.

8. Partnerships and Collaborations: APENFT has established partnerships with prominent institutions like Christie’s, Sotheby’s, and Nifty Gateway, as well as collaborations with notable artists, solidifying its position in the NFT market.

These strengths collectively contribute to APENFT's position as a leading NFT marketplace, fostering innovation, security, and community engagement in the digital art space.

APENFT (NFT) carries several risks that investors should be aware of. According to InvestorsObserver, APENFT has a medium Risk/Reward Score, indicating it is a relatively moderate risk investment. The proprietary system used by InvestorsObserver gauges the risk by analyzing the amount of money required to shift the price over the last 24 hours, along with recent changes in volume and market cap.

Moreover, the U.S. Department of the Treasury has published a Non-fungible Token (NFT) Illicit Finance Risk Assessment, which highlights that NFTs are highly susceptible to use in fraud and scams and are subject to theft. The assessment notes that illicit actors can use NFTs to launder proceeds from predicate crimes, often in combination with other methods to obfuscate the illicit source of proceeds of crime. Additionally, inadequate cybersecurity protections, challenges related to copyright and trademark protections, and the hype and fluctuating pricing of NFTs can enable criminals to perpetrate fraud and theft related to NFTs and NFT platforms.

Other risks associated with NFTs include:

• Volatility and Illiquidity: NFT prices can fluctuate rapidly, making them highly volatile and illiquid assets. This means that buyers may struggle to sell their NFTs unless there is a ready buyer.
• Legitimacy and Authenticity: Determining the legitimacy of an NFT can be challenging due to practices like wash trading, where a buyer purchases an NFT from their own account at an inflated price, creating a false sense of value.
• Environmental Impact: The energy consumption required to maintain the blockchain network that supports NFTs contributes significantly to CO2 emissions and worsens the environmental crisis.
• Ownership Disputes: When an NFT is purchased, a smart contract assigns ownership to the buyer. However, if the digital asset is stored on a third-party platform and that platform shuts down, the buyer's ownership may be in question.
• Scams and Fraud: The anonymity of transactions on the blockchain makes it challenging to verify the authenticity of sellers and the NFTs they offer for sale.
• Regulatory Uncertainty: NFTs are not yet recognized by federal laws, leaving uncertainty regarding their legal status and potential regulations.
• Money Laundering and Terrorist Financing: NFT marketplaces are vulnerable to money laundering and terrorist financing activities, particularly if there is a lack of know-your-customer (KYC) procedures.

These risks underscore the importance of thorough due diligence and risk assessment for investors considering APENFT (NFT) or any other NFT investment.

• Steve Liu: Head of APENFT, with an extensive financial management background, having worked in Fidelity, Nomura, and other top investment banks and institutions.