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APENFT Buys and Burns $2.52 Million Worth of NFT Tokens

coincodex.com 20 July 2021 15:31, UTC
Reading time: ~2 m

Key highlights:

  • APENFT has bought back and burned $2.52 million worth of its NFT tokens
  • In total, around 1.03 trillion NFT tokens were permanently removed from circulation
  • The proceeds from the sale of Andy Warhol's "Three Self-Portraits" were used to buy the NFT tokens

APENFT burns $2.52 million worth of its NFT tokens

APENFT has burned $2.52 million worth of its NFT tokens, according to a press release shared by the project earlier today. The NFT token is built with the TRC20 standard on the TRON blockchain, and the burn transaction can be viewed here. In total, around 1.03 trillion NFT tokens were permanently removed from circulation.

The APENFT project purchases valuable artworks and registers them as NFTs using the Ethereum and TRON blockchains. For tokenizing artworks as NFTs, APENFT leverages the ERC721 standard on Ethereum and the TRC20 standard on TRON. The project also uses the decentralized file storage protocol BitTorrent File System (BTFS) to store records of the artworks it collects. 

APENFT currently owns Pablo Picasso’s “Femme nue couchée au collier”, Beeple’s “Ocean Front” and Pak a collection of NFTs from digital artist Pak. Their collection is currently valued at almost $31 million. The project has managed to secure partnerships with leading auction houses such as Christie’s, Sotheby’s and the NFT-focused Nifty Gateway. 

The decision to burn the tokens came after a vote from NFT token holders, who approved the proposal to buy and burn NFT tokens using the proceeds from the sale of "Three Self-Portraits" by Andy Warhol, a piece owned by APENFT. The piece was sold through an auction on Binance’s NFT Marketplace for 2.8 million BUSD. Following the applicable transaction fees, APENFT received 2.52 million BUSD, which was used to buy and burn NFT tokens.

NFT is used as a governance token for the APENFT ecosystem, and the token is available on major cryptocurrency exchanges such as Huobi and Poloniex. NFT tokens are also distributed to the community through airdrops, for example to holders of the TRON (TRX), BitTorrent (BTT) and JUST (JST) tokens. The tokens can also be earned through participating in mining rewards programs on DeFi protocols like JustSwap. 

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