APENFT price prediction: Will new NFT platform take off?

APENFT platform combines digital and real-world assets. Can it find a niche in the market?

Marilyn Monroe portraits in pop-art style                                 
Could pop art be a good match for NFTs? – Photo: Shutterstock
                                

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The works of Pablo Picasso and Andy Warhol might not immediately spring to mind when you hear the name APENFT, but artworks from both sit alongside Beeple, Pak, Tron Meebits, and others in this digital gallery, which curates both digital artworks and real-world pieces as non-fungible token (NFT). APENFT, registered in Singapore in May 2021 by Steve Lui, a former electrical engineer with an MBA in finance, has partnerships with world-class auction houses Christie’s and Sotheby’s.

APENFT’s native token, NFT, is primarily deployed over the Tron blockchain, with a smaller supply on Ethereum. What are APENFT and NFT and should you invest? Let’s find out.

The APENFT platform: Key moments

APENFT enjoys support from Tron’s founder and Lui's  fellow Singaporean Justin Sun, who donated $2m worth of art from digital artist Mitchell F Chan to the platform in November 2021.

In a few short months after its platform launch, APENFT’s NFT of Andy Warhol’s Three Self-Portraits piece sold for $2.8m, swiftly followed by a buy-back burning of $2.52m in NFT tokens. In September, APENFT announced a $100m NFT Fund to invest in digital art, gaming and metaverse projects, the first of which was the Bored Ape-inspired BAYCTron NFT project.

NFT coin: The tokenomics

There is currently 28% of NFT’s planned 999,990 trillion supply in circulation, with an individual price of $0.000002009. A recent 24-hour trading volume of $148.67m equaled 27% of the $557m market capitalisation.

In terms of allocation, 19% was set aside for public issuance through an airdrop, 30% for artistic partners, 20% for purchasing artworks, 19% for the team, 2% for the exchange listings and 10% for other partnerships.

NFT is used as the governance token on APENFT’s DAO (decentralised autonomous organisation) portal. Users holding five trillion or more NFT tokens may initial proposals. So far, three proposals have been passed, relating to listings and tokenomics.

The 10 largest Tron wallets hold only 13.89% of supply, suggesting a good degree of decentralisation. Four of the addresses are exchange wallets, three are smart contracts pegged to liquidity pools and one other is a burn address. Only 2% is in private hands.

One private address holds 99% of the smaller supply on Etherscan, valued at just below $20m.

Huobi Global is the most popular centralised exchange, followed by KuCoin, Poloniex and Gate.io.

Recent price movements

NFT has consistently downtrended since the middle of November 2021, when a high of $0.0000060 was witnessed on the 15th. Prior to that, an all-time-high of $0.0000076 was witnessed on 5 September.

The token stayed flat throughout December and the most of January 2022 until a sharp two-day dip sent NFT down a further 40%. Although the trading price at the time of writing is slightly above the 2022 low, NFT has once again been downtrending since 7 February.

What the forecasters say

Moving onto an APENFT price prediction, Digitalcoin expects moderate returns in the short term. The digital forecaster’s APENFT price prediction for 2022 closes at 37.53% up from today’s price, while 63.9% gains are expected in 2023. Investments could be doubled in 2025. Market sentiment is largely bearish.

PricePrediction’s APENFT price prediction is also around the 40% mark for 2022, but is more bullish in the long term, with suggested returns of 330% in 2025 and an APENFT price prediction for 2030 of $0.000087, representing 43-times return against current value.

Tech News Leader’s 2030 APENFT price prediction is more conservative, estimating 29-times returns. NFT could rise just short of 350%, according to the forecaster’s APENFT price prediction for 2025.

At Gov.capital, we can see an APENFT price prediction over five years of $0.000006, making for returns of approximately three times.

Keep in mind that these forecasters’ APENFT price predictions estimates should not be used solely to support an investment decision. While useful as a guide, they do not take into account many external factors and market volatility. Be sure to conduct further research into the project before putting your money on the line.

FAQS

How many APENFT coins are there?

There is currently 28% of the total supply of 999,990 trillion APENFT tokens in circulation, primarily deployed on the Tron blockchain. A smaller supply is held on Ethereum.

Is APENFT a good investment?

Despite being a trending topic, NFTs only account for a tiny percentage of the cryptocurrency market. Additionally, many believe that NFTs are a bubble with little long-term potential. However, APENFT’s combination of high art and digital assets separates it from the crowd to an extent. Be sure to read up on the fundamentals of the project if you are thinking to invest.

Will APENFT go up?

The digital forecasters expect modest returns in the short term. That said, the price could just as easily go down. Always conduct thorough due diligence before investing.

Should I invest in APENFT?

This article should be used for informational purposes as opposed to financial advice. You should always read up on the fundamentals and assess the project’s long-term sustainability before making an investment.

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
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