APENFT

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Discover APENFT's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is APENFT?

APENFT (NFT) is a decentralized digital asset and governance token for the APENFT ecosystem. It aims to bridge the gap between artists and the blockchain by registering world-class artworks as NFTs. APENFT leverages the Ethereum and TRON blockchains and is supported by the BitTorrent File System (BTFS) for secure and permanent storage of NFT metadata. The token has a fixed total supply of 999,990,000,000,000 and follows a deflationary model, where a portion of tokens is burned with each transaction. NFT holders can participate in voting, sharing earnings, and community activities.

How is APENFT used?

APENFT (NFT) is used in various ways, primarily focused on art collection and trading. Here are some key uses:

  • Investing in Artworks: APENFT purchases well-known traditional and NFT artworks as underlying assets, enhancing the NFT trading standard.
  • Staking and Governance: The NFT token can be used for staking and governance purposes, providing holders with a say in the platform's direction.
  • Trading: APENFT can be traded using platforms like Coinbase Wallet and PTPWallet, allowing users to buy and sell the NFT tokens.
  • Digital Art Platform: APENFT serves as a platform for artists and collectors, focusing on valuable digital artworks and providing a space for creative projects.

These uses highlight APENFT's role in the NFT market, bridging traditional art with blockchain technology.

How do I store APENFT?

To store APENFT (NFT) tokens, you can use a variety of methods, each with its own security and convenience features. Here are some options:

Hardware Wallets

Hardware wallets are considered one of the safest ways to store NFTs. They are physical devices that are offline, making them less vulnerable to online hacks. Companies like SecuX specialize in hardware wallets with robust security features, such as the Infineon Solid Flash CC EAL5+ Secure Element (SE) chip for military-grade security.

Software Wallets

Software wallets, also known as hot wallets, are digital wallets or online platforms. They are less secure than hardware wallets but offer convenience. Examples include browser extensions like MetaMask, which allows you to view and manage your NFTs. You can add NFTs manually by pasting the contract address and ID into MetaMask Mobile.

Interplanetary File System (IPFS)

IPFS is a decentralized protocol that stores data across a network, ensuring that even if the platform where you bought or stored your NFTs shuts down, your NFT’s information can still be accessed. This method is particularly useful for safeguarding the value and existence of your digital collectibles.

Multi-Currency Wallets

Multi-currency wallets like Guarda offer a secure and user-friendly platform for managing cryptocurrencies and tokens. You can create an APENFT wallet, buy, send, receive, and store your APENFT quickly and securely. Guarda is a non-custodial wallet, meaning you hold your own keys and have full control over your funds.

MetaMask Portfolio

MetaMask Portfolio is a standalone app that helps you manage your tokens, including NFTs. You can view your NFTs by launching the app, signing in with MetaMask, and clicking on the "NFTs" tab. Some NFTs may not display correctly, but you can manually add them using the contract address and ID.

Kriptomat

Kriptomat is a platform that allows you to buy and store APENFT and other cryptocurrencies. You can create an account, add funds, and purchase APENFT in three simple steps.

When choosing a storage method, consider factors such as security, convenience, and the type of NFT you own.

How to buy APENFT?

To buy APENFT (NFT) tokens, follow these steps:

  1. Choose a Reliable Exchange:

    • Find a reliable centralized exchange that supports APENFT, such as Kriptomat or MEXC.
    • Alternatively, you can use a decentralized exchange (DEX) like 1inch.
  2. Create and Verify Your Account:

    • Sign up on the chosen exchange with your email, phone number, and identity verification.
    • Complete the Know-Your-Customer (KYC) process for account verification.
  3. Fund Your Account:

  • Deposit funds using methods such as credit/debit cards, bank transfers, or third-party payment services like Simplex, Banxa, or Mercuryo.
  1. Navigate to the APENFT Market:

    • Go to the APENFT market on the exchange and select the amount you want to purchase.
  2. Confirm Purchase:

    • Preview the transaction and confirm your purchase to complete the transaction.
  3. Optional: Use a Decentralized Exchange (DEX):

  • If using a DEX, connect your crypto wallet (e.g., Trust Wallet) to the DEX, and trade your base currency (e.g., ETH) for APENFT.

Remember to always follow the specific instructions provided by the exchange you choose, and be cautious of market risks and price volatility.

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History of 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.

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How APENFT works

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:

APENFT Platform
  • 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.
APENFT Token (NFT)
  • 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.
APENFT Foundation
  • 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.
APENFT's Role in the NFT Space
  • 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.
Technical Details
  • 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.

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APENFT's strengths

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.

  1. 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.

  2. 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.

  3. 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.

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

  2. 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's risks

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.

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Did APENFT raise funds?

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APENFT’s team

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

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The fundamental analysis assistant for crypto value investors.

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