NFT marketplace competition is exceeding the limits of nationality and other factors. While many wonder how much it costs to mint NFT, there are industry pioneers making millions in the NFT artwork selling realm. Justin Sun, one of the most famous yet controversial Chinese blockchain entrepreneurs, recently declared his final auctioning off the entire set of 12 animal-headed NFT functions of a Poly Auction (Xiamen)-based brand MetapolyXM. The sale price is approximately estimated to be a whopping 10 million yuan ($1.50 million). The treasures looted in 1860 by British and French forces include the heads of zodiac animals and bronze fountain heads originally exhibited in the Old Summer Palace. China got back 7 out of the 12 heads; however, the other ones still remain unknown. This loss of the remaining heads is a matter of humiliation for Chinese national prestige, and the reunion of all the 12 heads is still a longing for the masses.
The link between APENFT Foundation and Sun’s blockchain space-
12 Digital Zodiac Heads Special Auction employs blockchain technology to transform exact zodiac animal heads into NFTs. After some time of the auction, Sun declared that he would donate the collection for the interests of the general public. He has been quite enthusiastic about digital art for a long time now. Sun has been auctioning various types of artworks created by professional and new artists. Fame New Cauchy Au Collier from Picasso, Ocean Front from beeple, and 3 self-portraits From Andy Warhol, are among the famous art collections he donated to support the progression of digital art.
The APENFT Foundation happens to be among the top organizations receiving heavy donations from Sun. TRON is a decentralized and open-source blockchain-based operating system that supports APENFT along with the NFT-exchange APENFT Marketplace. Not so surprisingly, TRON was founded and instigated by Sun.
Opensea Vs. APENFT Foundation
When it comes to the field of the NFT marketplace, OpenSea is an indispensable dominator. Although it is called upon and criticized for its centralized operating model and discouraging Web 3, the giant platform predominantly holds the largest share in the market due to its early initiation advantage. Its competitors, such as OpenDAO and LookRare, recently tried to venture an ambitious “Vampire Attack” on OpenSea via Airdrops and other incentive approaches and strived a lot for a smooth launch. However, due to OpenSea’s strict policies for striking the flexible supply-demand balance, they failed to launch influential products and establish a strong presence in the market.
APENFT’s strategy to market digital art
APENFT strives to alter the situation. Instead of giving a head-to-head competition to Opensea in developing digital art from crypto natives and facilitating NFT content from scratch, APENFT concentrated on bridging state-of-the-art artworks and blockchains. From its very beginning, that is, its foundation in 2021, the APENFT Foundation undertook a mission to “NFTize” 50% of the most influential artists and artworks till the next decade. As most of the APENFT team members are proficient with the traditional art industry and possess fair experience in prominent art institutions such as Christie’s and Sotheby’s, the team’s background also stays justified with this approach. In addition, APENFT collaborates with Helu-Trans Group, one of Asia’s greatest art storage and processing service providers, to host the traditional interpretation of the creations.
In the world of traditional arts, famous names—whether they be artists or artifacts—attract tourists and participants to museums, sales, or exhibitions. People are inherently more drawn to those whose worth has been acknowledged. APENFT plans to apply the same approach to the world of digital arts. The best advertisement and marketing for the site, which increases visitors, is the donation of hemp and other works of art of the highest caliber. People might be drawn to Picasso’s talent even if they have no idea why a monkey painting costs hundreds of thousands of dollars.
Attempts so far-
On March 31, the introduction of the APENFT Marketplace testnet took place. During this period, the company launched the Genesis NFT badges, a special identity for TRON users on the platform, and set up a $2 million prize fund for a “sprint race” for developers. There are 10,000 free badges available to active TRON community members and significant contributors, and each qualified user is only allowed to claim one badge. In addition, to keep the NFT space alive and fresh, APENFT aims to conduct more hackathons and campaigns.
On April 15th, APENFT and TRON DAO presented and hosted an official virtual launch release. To introduce all of the key features and bonuses provided by the APENFT Marketplace on two famous platforms: YouTube and DLive Protocol platforms, Sun held his first live stream in the metaverse. Additionally, it is the first live stream in the TRON ecosystem with a metaverse theme. All of those actions reveal Sun’s goals and assurance in the NFT marketplace sector. Sun has achieved tremendous advancements and innovative changes in the crypto business, and his foray into the digital art market may likewise transform the sector and make the NFT collection, particularly of rare paintings, more accessible to a wider and more traditional audience.
Implications of APENFT’s strategy
TRON has had satisfying growth in recent years and has risen to prominence among open-source blockchains. TRON now has over 90 million accounts, 3 billion transactions overall, with an average gas fee of less than $1. Creators, developers, and dealers will undoubtedly gain from this reasonable gas cost, motivating them to contribute to a sustainable ecology continually. However, TRON needs to develop a wide range of applications to reach a wider audience and be utilized in more situations to create a unique presence in the competition of public blockchains. The entire TRON ecosystem will gain from APENFT’s endeavor if it is successful.
Not very astonishingly, soon after the APENFT Marketplace Mainnet launch, Monkey Head NFT was featured as the first NFT item available for purchase. It might serve as APENFT’s formal challenge to OpenSea. Will OpenSea continue to have market dominance? What is the NFT Marketplace Value’s upper limit? Will digital art be well received and have its own standards for pricing? Well, we will have to wait and watch to get these answers.