On Oct 14th, CoinEx invited Justin Sun, Founder of TRON & CEO of BitTorrent, to an AMA event with APENFT in the community. The interview and the Q&A session for community users presented the participants with the ideas, current projects and future plan of APENFT as well as some market insights of NFT and Metaverse. The following is the recap of the AMA event.
1. 2021 has witnessed the rise of NFT, together with another runaway success of blockchain. However, there are still many people who don’t understand what NFT is exactly. Could you tell us more about its background and relevant concepts?
Justin: NFT stands for Non-Fungible Tokens. To put it simply, NFT is an entry in blockchain, which is a decentralized digital ledger of cryptocurrencies like Bitcoin.
NFTs can be used to represent unique things since they are non-fungible. When you buy an NFT, you also obtain its irrevocable ownership record and the right to use the asset it represents. For instance, the artwork you purchase can be displayed and replicated, yet you are the only one who owns it.
As unique assets in the digital world, NFTs can be traded and represent certain commodities in the real world while being intangible.
2. What is APENFT (NFT)? How does it operate and create value? What are its use cases?
Justin: Registered and founded on March 29, 2021 in Singapore, APENFT is backed by the underlying technology of top-notch blockchains Ethereum and TRON with support from the world’s largest distributed storage system BitTorrent to deliver the mission of registering world-class artworks as NFTs on the blockchain.
APENFT’s official governance token is named NFT. It is a decentralized digital asset backed by ERC-20/TRC-20 protocols that serves as a proof of stake to APENFT. NFT holders can vote, share profits, and participate in community-run events.
As the native token of APENFT, NFT is embedded with intrinsic value appreciation, which means that its value will be escalated as the underlying artwork appreciates. World-class masterpieces by Picasso and Andy Warhol are real-life examples of how blockchain technology has powered the real economy as they are technologically supported by Ethereum and TRON while backing the value of NFT.
3. People have their own interpretations of the recent hit concept Metaverse. What is your definition of it and what are its core features?
Justin: Metaverse, consisting of “Metadata” and “Universe”, literally means “go beyond the universe”, and it is used to describe the concept of future iterations of the Internet. In detail, it is to break the limits in real life, be them in time or in space. Metaverse is used to develop a virtual shared space so that a new civilization and consensus can be created.
Metaverse is actually a grand concept that people in the industry think will be the direction of the Internet in the next 10 to 20 years, encompassing all virtual worlds, augmented reality (AR), and the Internet. In an ideal Metaverse, people can not only do anything that can only be done in real life through a digital doppelganger, but also what they do in the virtual world will affect the real world and generate interactions. Metaverse will result in the co-existence of virtual life and real life, and people’s behaviors and preferences in the metaverse may be completely different from those in real life. Also, they may buy totally different things in the two worlds.
Metaverse has five key features: a stable economic system, a strong sense of virtual identity and social nature, open creativity and immersive experience. When it comes to the stable economic system, the market has often underestimated the role of blockchain as a key component of the metaverse. If games are the embodiment of the value of the metaverse, then blockchain is the bridge for “value transfer” in the digital world of the metaverse. An efficient and reliable financial system can speed up the construction of the metaverse.
4. NFT’s concept inspired the world with the combination of art. But do you think the sky-high traditional artworks can be perfectly combined with the new-era’s blockchain technology? What resources/consensus are we missing in the innovative technology?
Justin: Blockchain is an encrypted distributed ledger that is decentralized, tamper-proof, and traceable. The blockchain technology quickly applied to art investment as China continuously releases favorable policies towards it. The technology can distinguish the true from the false in art circulation to the maximum extent. Besides the ornamental and collectible values, traditional artworks are also considered as an investment. Meanwhile, blockchain provides more investors with access to artwork investment.
Blockchain is a highly innovative technology that requires a great amount of fee for its research and development. It is worth mentioning that TRON is one of the very few companies that is willing to bear the cost. Besides, as an innovative technology, blockchain can challenge traditional art aesthetics when entering the art market.
APENFT sees solving this problem via enabling the NFTization and blockchainization of world-class artworks and eventually becoming a star fund in the NFT field as its mission.
5. Not long ago, APENFT announced its plan to make inroads into Gamefi and NFTfi with its partner. Could you share more details with us?
Justin: GameFi and NFTFi have been two emerging trends that combine DeFiwith NFT. GameFi refers to “gamified finance”, which is a brand new branch of business in the gaming industry, while NFTFi refers to blockchain projects with NFT elements. This project of APENFT Foundation in GameFi and NFTFi will be powered by the TRON public chain and adopt the BTFS protocol and JUST financial ecosystem. The NFT token issued by APENFT will be used in the NFT game jointly launched by the foundation and its partner.
The collaborative project of APENFT Foundation in GameFi and NFTFi sits right on the cusp of the emerging trends of the industry. And under the strong support from Justin Sun, both sides will tap into TRON’s comprehensive ecosystem to incubate GameFi projects at a fast pace. Preparations for the prototype are scheduled to be completed in Q3, and the product will officially be presented to users in Q4.
6. Is the NFT boom at present just a bubble?
Justin: No new technology will emerge without a bubble. However, such bubbles will not have much negative impact on premium projects. With various kinds of cryptocurrencies rushing into the market, it’s hard to find a field without bubbles. Some bubbles burst and disappear, but some bubbles burst to grow better. Bitcoin and NFT both fall into the latter category.
The NFT market is quite large. Digital collectibles and games are only part of the market. This is why we cannot make judgments without case-dependent analysis. Some projects are skyrocketing and can increase by a hundred times in just a few months, but it is also possible that the value of 99% of them cannot be preserved. These projects can bring short-term interests but cannot be held for a long time. There are bubbles in this kind of market. But the rest 1% holds long-term value.
7. Where does APENFT stand now in terms of its roadmap? What are the team’s future plans?
Justin: Besides realizing in-depth cooperation with the well-known NFT artist Beeple and the three major NFT auction platforms (Christie’s, Sotheby’s and Nifty Gateway), APENFT also formed strategic partnerships with just.network, WINkLink, Tpunks, Talken, Epik, and Define. On top of that, APENFT is successively launched on world famous platforms including Huobi Global, Poloniex, TronLink, Imtoken, Mathwallet, Kucoin, Gate.io, and MXC.
In terms of scalability, APENFT already deployed contracts on TRON and Ethereum public chain, and will cooperate with more public chain platforms in the future. This strategy of fast collaboration aims to explore a new way of collaboration and to develop a standard pattern for future collaboration.
APENFT will further improve NFT’s industrial standards and cooperate with government agencies, universities, lawyers and industry elites in issuing policies that govern the healthy development of the industry.
8. Where can users learn about the updates on APENFT?
Justin: You are all welcome to get the latest updates about us via the channels below and join the APENFT ecosystem.
Q&A Session for the community users
1. What are the best advantages of your project? Can you point out the main strengths of your project that other projects don’t have? How your team trying to attract new users from other projects?
Justin: Ethereum and TRON are the top public chains, and BTFS is the world’s largest distributed data storage system. It is a great honor for us to be able to cooperate with these outstanding companies, which has brought strong technical support and strategic value to APENFT.
Among them, TRON’s ecological advantages are the most obvious. First, TRON currently has more than 50 MILLION users, and its ecology is gradually enriched and improved. APENFT can stand on the shoulders of giants and attract more effective users with the help of TRON ecological drainage. Relying on TRON’s basic users, it has formed A complete market foundation; second, TRON’s high-throughput performance can handle the high concurrency of transactions well, and the transaction speed is completed in seconds, providing APENFT users with A better user experience and enhancing user stickiness; third, high security provides a reliable guarantee for users’ rights and interests. Since its operation, TRON has never experienced a security incident. accident. In addition, compared to Ethereum’s high transaction fees, TRON’s fees are almost negligible. Efficient, safe and cheap, it is bringing strong industry competitiveness to APENFT.
2. What is the biggest challenge you face currently in terms of becoming a successful project ?
Justin: NFT will inevitably encounter some challenges in the development process. At present, the survival of most NFT projects depends on centralized institutions. The data content of the links contained in the NFT is often stored on the organization’s servers. The links in the on-chain token contract cannot be changed, but the content of the links can be replaced. At the same time, the data of the NFT is interpreted and executed by the centralized organization. This will cause the content corresponding to the NFT to depend to a large extent on the centralized organization. Once there is a problem with a centralized organization, NFT will also be implicated. Secondly, the market value of NFT has grown explosively. The characteristics of data determine that digital art can spread more quickly and widely. Its iteration speed may have higher requirements for blockchain infrastructure, and the development of blockchain infrastructure may not meet expectations. In addition, security has always been a challenge for the NFT industry.
APENFT+TRON can provide a good solution.
3. What was your motive behind making your project? What was your motive behind making your project?
Justin: Through the practice of blockchain technology in the field of NFT, the APENFT Foundation will explore and promote the actual implementation of blockchain in different application scenarios, with traditional well-known works of art and well-known NFT works of art as the underlying assets, improve the industry standards for NFT transactions, and help promote the healthy development of the industry.
As a blockchain field, APENFT focuses on art investment and supports the development of traditional and digital art. It will give full play to its advantages in technology, market, industry, and policy research to promote the application of blockchain technology in various application scenarios. Landing.
4. What are your marketing strategies and how will you have a global expansion and adoption fo your project where English is not spoken?What are your next upcoming priorities? What is in your roadmap?
Justin: APENFT currently works with renowned NFT artist Beeple and Christie’s, Sotheby’s, and top three NFT platform Nifty Gateway, with APENFT also with Just.network, WINkLink, Tpunks, Talken, Epik, Define has reached strategic cooperation, and has been listed on globally renowned platforms such as Huobi Global, Poloniex, TronLink, Imtoken, Mathwallet, Kucoin, GATE, MXC, CoinEX.More trading platforms will be launched in the future.
In terms of scalability, APENFT has now deployed Smart contracts on TRON, ETH, BSC, HECO, and will cooperate with more public chains in the future.
APENFT announced its plan to make inroads into Gamefi and NFTfi with its partner.
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