All You Need To Know About APENFT — Tron’s Leading NFT Marketplace
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All You Need To Know About APENFT — Tron’s Leading NFT Marketplace

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A deep dive into APENFT, the leading NFT marketplace on Tron, which seeks to further the NFT space by bringing renowned artworks as NFTs on the blockchain and onboarding top artists.

All You Need To Know About APENFT — Tron’s Leading NFT Marketplace

Table of Contents

NFTs have experienced explosive growth in recent years — the sector currently has a market capitalization of $5.1 billion.  NFTs have grown in popularity thanks to several factors:
  • A surge in interest in digital art: NFTs have empowered artists to directly engage with collectors. They allow artists to bypass traditional art institutions and democratize access to the art market.
  • Rising popularity of the metaverse: NFTs are becoming increasingly integrated into the metaverse. Thanks to NFTs, users can own and monetize virtual assets within these online worlds.
  • Growing recognition of NFT utility: NFTs are expanding beyond mere collectibles, with utility-driven NFTs offering real-world benefits like access to exclusive events, discounts or membership perks.
NFT trading volume has rebounded remarkably in the last quarter of 2023. Trading volume is now at highs not seen since the 2021 bull run:

Source: TheBlock

The emergence of NFT trading on Bitcoin, through Bitcoin Ordinals, also signals a shift in trend in the NFT sector, which are no longer limited to Ethereum, Solana and other smart contract-enabled blockchains. NFT marketplaces have also seen a remarkable turnaround, with Blur overtaking OpenSea as traders’ marketplace of choice:

Source: Dune

With the NFT market experiencing a rebound, non-fungible-tokens look primed to expand to previously overlooked chains.

NFTs on Tron

TRC-721 is Tron’s native NFT standard. It is fully compatible with ERC-721 – the standard used for creating NFTs on Ethereum. TRC-721 enables the creation and transfer of NFTs on Tron, equivalent to the functions ERC-721 fulfills on Ethereum. NFTs on Tron contain the same information like owner ID, metadata, links to stored files and other details as their counterparts on Ethereum.

TRC-721 also supports optional extensions that can enhance NFT functionality and discoverability on Tron. For example, the metadata extension allows creators to store information in their NFTs, such as name, symbol and URL link pointing to a JSON file adhering to the TRC-721 metadata structure. Some existing and upcoming NFT projects leveraging TRC-721 include:

  • APENFT, which aims to register renowned artworks as NFTs on the blockchain and connect top artists to the technology.
  • CryptoFlowers, a game where users collect and breed unique digital flowers that cannot be destroyed, taken or replicated.
  • PixelMart, a platform for creating and trading pixel art NFTs, allowing users to set and change prices at any time.
  • Tpunks, a collection of 10,000 NFTs similar to CryptoPunks but native to Tron.

What Is APENFT?

APENFT (NFT) is an NFT ecosystem that aims to straddle the NFT and fine art sectors by registering renowned art pieces as NFTs on the blockchain and supporting leading NFT artists. Its decentralized marketplace allows artists and collectors to trade non-fungible tokens in a secure and transparent manner. By registering renowned works as NFTs, APENFT functions as a bridge for the traditional art scene to the upcoming digital art sector. In doing so, the project strives to incept new models for digital art ownership, collection and trading.

APENFT was officially registered in Singapore on March 29, 2021 and is backed by prominent entities like Tron, BitTorrent, HTX (previously Huobi) and Poloniex. The “NFT” governance token is used for voting, rewards and platform fees. NFT exists as a native token on Ethereum, Tron and the BNB Chain and can be bought and sold on centralized exchanges like HTX, Gate.io, OKX and KuCoin.

APENFT is built on the Tron network, a decentralized high-speed blockchain. Tron aims to host global entertainment by sharing digital content affordably via low fees and near-instant settlements. APENFT also leverages the BitTorrent File System for distributed file storage, ensuring NFT metadata security, availability and permanence. It follows the TRC-721 standard for issuing NFTs on Tron, compatible with ERC-721.

What Is the APENFT Foundation?

The APENFT Foundation is a non-profit organization established by APENFT to achieve its mission of registering world-class artworks as NFTs and supporting artists.

The Foundation aims to promote healthy development of the digital art industry through various initiatives:

  • Art Collection & Exhibition: It acquires renowned artworks to be registered as NFTs and organizes exhibitions of APENFT's collections.
  • Artist Incubation: Programs nurture emerging NFT artists and provide resources to help them thrive creatively.
  • Education & Research: Research examines policies, technologies, and market trends to advance the industry. Educational events increase art appreciation.
  • Industry Cooperation: Partnerships form with leading art institutions, auction houses, museums and other stakeholders to strengthen collaboration.
  • Community Building: Initiatives cultivate vibrant online and offline communities centered around digital art discussion.

The Foundation operates independently as a non-profit to prioritize non-commercial goals around supporting art and artists. It helps drive APENFT's mission forward through diverse cultural and educational initiatives focused on making art more accessible.

Key Metrics of APENFT

To measure the performance and growth of APENFT, we can look at some of the key metrics that reflect its activity and popularity in the NFT space:

  • Number of collections: there are currently over 1,012 collections on APENFT, covering various categories such as art, gaming, sports, music and more. Some of the most popular collections are ‘Picasso,’ a collection of 16 NFTs that represent the digital versions of the paintings by the legendary artist Pablo Picasso. Another collection is ‘Warhol,’ a collection of 19 NFTs that represent the digital versions of the paintings by the iconic pop artist Andy Warhol. ‘Beeple’ is another popular collection of 9 NFTs that represent the digital artworks by the famous digital artist Mike Winkelmann, also known as Beeple.
  • Trading volume: the daily trading volume of APENFT (NFT) is over $20 million, ranking the token in the top 200 traded tokens.

These key metrics show that APENFT is a leading platform for onboarding high-quality artworks and the democratization of art investment on Tron. The platform has a large and diverse collection of NFT artworks and growing trading volume of its native token.

Bringing Art to NFTs on APENFT

APENFT has demonstrated its innovation and leadership in transforming traditional artwork into NFTs, by acquiring and tokenizing several iconic artworks from renowned artists such as Picasso, Warhol and Beeple. It has also sponsored and participated in various events and initiatives to promote the development and innovation of the NFT art industry.

For example, APENFT sponsored the Art + Tech Summit at Christie’s New York, which was a two-day conference that brought together creators, collectors and industry leaders to discuss the role and impact of emerging technologies in the art world. APENFT also launched a $100 million ‘Art Dream Fund’ in November 2021, which aims to explore, cultivate, and support talented NFT and digital artists, and to invite them to explore the theme of ‘second life’ in the metaverse.

APENFT is committed to advancing the NFT art industry, and to bringing more value and opportunities to the artists and collectors in the NFT space. APENFT believes that NFTs are not only a new form of digital expression, but also a new way of preserving and appreciating the beauty and diversity of art.

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How Does APENFT Work?

APENFT is built on the Tron network thanks to its high scalability, low fees and fast transactions, which are essential for the development and adoption of NFTs. Tron is one of the leading blockchain platforms in the world, with over 1.6 million daily active users and 4.8 million daily transactions. This allows APENFT to handle the increasing demand for NFTs and provide a smooth and fast user experience.

APENFT also leverages the BitTorrent File System (BTFS), a decentralized storage system that allows users to store and share files without relying on centralized servers. BTFS ensures that the NFTs and the original artworks are stored securely and permanently, without relying on any centralized servers or intermediaries. BTFS also reduces the storage costs and improves the accessibility of the NFTs. BTFS leverages the BitTorrent network and its millions of users.

APENFT provides a guide to using its platform in its APENFT documentation.

APENFT GameFi

APENFT GameFi is a new initiative combining the fields of GameFi and NFTFi. GameFi blends gaming and decentralized finance, while NFTFi combines non-fungible tokens and DeFi.

Under APENFT GameFi, it launched WIN NFT HERO, a 3D cartoon-style strategy game based on Tron. The game involves heroes, equipment, and other NFT assets. Players can choose heroes, including Vitalik Buterin, Satoshi Nakamoto, Einstein and more, to participate in tactical battles and earn rewards. WIN NFT HERO launched the ALLSTAR season in September 2023 with a reward of 48,000,000 WIN.

APENFT Launchpad

APENFT Launchpad offers investors the opportunity to invest in promising NFT projects early and enjoy the benefits of their growth and development. Investors can participate in different types of offerings, such as initial game offerings (IGOs), initial metaverse offerings (IMOs), and initial social network offerings (ISNOs), depending on the nature and category of the projects. Investors can also access exclusive NFT airdrops, rewards and discounts by holding APENFT tokens, which are the native tokens of the platform.

APENFT Launchpad also serves as an incubator for NFT projects, providing them with various resources and services, such as funding, marketing, technical support, legal advice and more.

What Is the APENFT (NFT) Token?

The APENFT (NFT) token is the native token of the APENFT platform. The NFT token 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, meaning that a portion of the tokens will be burned every time a transaction occurs on the platform.

The NFT token has various use cases and benefits on the APENFT platform, such as:

  • Buying, selling, or exchanging NFTs on the platform.
  • Participating in different types of offerings, such as initial game offerings (IGOs), initial metaverse offerings (IMOs) and initial social network offerings (ISNOs) to invest in promising NFT projects early.
  • Accessing exclusive NFT airdrops, rewards, and discounts by holding NFT tokens.
  • Voting and governing the platform’s development and direction.

The tokenomics of APENFT (NFT) token are as follows:

  • The NFT token has a fixed total supply of 999,990,000,000,000.
  • The NFT token follows a deflationary model.
  • The NFT token has a fair and transparent distribution mechanism, allocating 30% of the tokens to partner artists, 38% to DeFi airdrops, mining pool and the NFT team, 20% to the foundation and 12% to the community.

Outlook and Future Roadmap for APENFT

APENFT roadmap is outlined in its whitepaper and envisions building out the infrastructure of its NFT ecosystem. This involves making artworks and artists compatible with ERC721/TRC721 standards on blockchains like Ethereum and Tron, and building supporting facilities.

It also aims to strengthen token circulation and governance, expand partnerships and businesses, and ultimately help lead the digital world by NFTs. If successful, APENFT could have a significant and lasting impact on the broader art and blockchain communities.

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