What is APENFT?

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The Poloniex blog

4 min readMay 27, 2022

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TL;DR

APENFT is a metaverse, GameFi, and NFT trading platform that has multichain functionality. It’s mission is to be a bridge for the NFT world and fine art world, pioneering the move toward the NFT-ization of high-quality works, and the democratization of fine art investment.

What is APENFT?

APENFT Marketplace is a metaverse, GameFi, and NFT trading platform that boasts multichain functionality. And while it is all of these things, the NFT trading platform is one of its most mission-adjacent products, as it hosts NFT artists as well as fine art. It’s supported by the TRC-721, and ERC-721 token standards and utilizes the BitTorrent File System (BTFS).

Boasting works from the likes of Beeple, FEWOCiOUS, Pablo Picasso, and Andy Warhol, the NFT marketplace aims to become a place for both users to find high quality investment opportunities and for those in the fine art world to monetize their assets.

Predicting that 50% of the world’s top artists will have works registered as NFTs on the blockchain in the next 10 years, APENFT looks to be a pioneer leading the trend.

How does APENFT work?

APENFT is a multichain platform, built on the TRON, Ethereum, and BSC blockchains. Its NFTs use the TRC-721/ERC-721 token standards and it uses the BitTorrent File System for decentralized storage of information for its NFTs. BTFS utilizes the TRON network, the high-throughput of which makes BTFS very efficient. APENFT also boasts low gas fees for NFT creation on its platform. A TRONLink wallet is needed to begin buying, selling, and minting NFTs.

And of course, because APENFT holds physical art, it has storage facilities specially equipped to house said art. Security for these facilities is top-of-the-line, with multiple protections and an environment tailored to preservation and viewing.

The NFT marketplace allows one to browse by price, collection, crypto, and category. Listings, of course, have bidding and buying functionality, along with the information on and trading history of each work. To further provide proof of authenticity, APENFT also has a verification icon next to verified listings.

Upgrading how fine art is authenticated

Registering physical works as NFTs not only opens artists to a more direct vehicle for investment, it also improves on old systems of authentication and price history. While physical certificates of authenticity are more liable to be forged or destroyed, registering an NFT on the blockchain, with its transparent and immutable nature, provides a more secure way to prove that what one is buying is indeed the authentic work they intend to buy.

Genesis NFTs

Genesis NFTs are a limited-edition NFT collection minted specifically for APENFT Marketplace. There are 10,000 NFTs in this collection, with different rarities- regular, rare, epic, and legendary- that dictate different benefits.

These Genesis NFTs are basically a holder’s ticket to the APENFT VIP Club which, according to the VIP Club page on the APENFT website, “grants users whitelist access to many projects in the TRON ecosystem, as well as various other exclusive benefits”.

Integration with Poloniex

On May 25th, 2022, Poloniex partnered with APENFT to integrate with its NFT marketplace as a part of an initiative shared by both companies to foster the development of NFT adoption and technology. With the collaboration comes the ability of Poloniex users to trade NFTs directly on the exchange. This integration also offers users a chance to obtain Genesis NFTs, extending their value to contain Poloniex VIP benefits as well as APENFT VIP Club benefits.

What is APENFT’s native token?

NFT is the name of APENFT’s native governance token. Its total supply is 999,990,000,000,000 and according to their website, holders can vote, share profits, and receive NFT airdrops.