DeFine Art provides Asian creators with digital asset NFT distribution services based on art, music and games. It also has functions such as auctions and on-chain exhibitions.
Written by: Funky
NFT (Non-Fungible Token) is undoubtedly the hottest spot in the blockchain industry/cryptocurrency market this year. According to the latest data from Messari, a transaction volume of 1.1 billion US dollars was achieved in the first quarter of this year alone. , Which is equivalent to the transaction volume of last year. Encrypted artwork is the first application category to achieve breakthroughs in the implementation of NFT. In 2020, it will account for 5% of the transaction volume and obtain 24% of the transaction amount of nearly 13 million US dollars (Nonfugible.comn data). It will help NFT in 2021 “Out of the circle” detonated a great contribution. A digital painting “Everyday’s-The First 5000 Days” set an auction record of 69.34 million US dollars at Christie’s auction house, making Beeple, an unknown commercial painter, the third most expensive living artist in the world. Aroused the attention of the world.
The NFT trading market focusing on encrypted artworks and collectibles is also booming. According to statistics from DappRadar, among the top ten markets in terms of transaction value, NFT platforms such as Opensea, Rarible, SuperRare, Fondation, and AtomicMarket occupy 5 seats. However, facing Asia, which has the world’s largest number of Internet users, cryptocurrency holders and game players, lacks an NFT platform focused on the Asian market. DeFine Art, which originated in South Korea, is determined to fill this gap.
DeFine Art is committed to establishing the first NFT platform that benchmarks OpenSea and Nifty Gateway but focuses on the Asian market. Just over a month after it went online, DeFine Art has been very impressive. It has successfully held the largest video NFT in Asia for the electronic artwork “Missing and Found” by the Korean artist Mari Kim and the well-known American KOL Bago Bart with 45 million fans in China. In the first NFT auction event, the high prices of 288 ETH and 103.5 ETH were sold, and the NFT issuance and trading platform Treaureland reached a cooperation to jointly expand the NFT ecosystem.
DeFine Art is positioning itself to provide Asian creators and users with an NFT platform that converts digital art, music videos, games, collections, and decentralized financial assets into digital assets, realizing real assets and blockchain technology in all aspects. Fusion. As a decentralized NFT market, DeFine Art will also provide auctions, initial NFT issuance (INO), on-chain exhibitions and other functions, as well as a DeFi module that realizes the transformation of NFT assets into more liquid assets, injecting more liquidity monetary assets.
Regarding the decentralized exchange market, the NFT Initial Issuance (INO) function provided by DeFine Art gives collectors the opportunity to purchase the latest artworks and collectibles from top digital artists. DeFine Art regularly launches NFT events for artists voted by the community. INO provides artists with a good opportunity to expose and promote their works, allowing collectors to become the first owners of limited-edition works. The on-chain NFT auction function will allow users to freely participate in NFT auctions. Auction types will include English auctions, Dutch auctions and fixed swap auctions. The NFT exhibition hall is a decentralized storage interface. Its function is similar to that of galleries and museums. It allows artists and collectors to permanently display their NFT without immediate sales, which greatly improves the overall appreciation experience. In addition, the fast casting function allows digital art creators to easily cast NFTs for their works in a few seconds.
Unleashing more liquidity of NFT and increasing its use by integrating with DeFi applications such as decentralized exchanges and synthetic assets is an innovation hotspot for the NFT platform. The NFT index fund and NFT mortgage loan functions developed by DeFine Art are eye-catching. :
NFT Index Fund: It is the tokenization of the artist’s time and future creation. It allows artists to issue tokens, guaranteeing the creation of batches of works for delivery within a period of time in the future. Collectors will be able to purchase tokens from artists and exchange them for NFT before the end of the period. They can also trade tokens with other collectors based on the expectations of the artist’s future creation. With the help of NFT index funds, collectors can own the artworks of top artists with a small amount of investment, while reducing the risk of owning a single expensive item. Index fund tokens have a seamless exit channel, and holders can trade on decentralized exchanges at any time before the redemption date. On the other hand, by raising funds in advance by selling tokens, artists can focus on creation without worrying about income. As the price of tokens and the number of token holders increase, artists will get more exposure opportunities.
NFT mortgage loan: Allow NFT owners to mortgage their NFT as a stable currency, which will bring more liquidity to the entire NFT ecosystem. The user must invest in the DeFine Art platform token DFA in proportion to the value of the NFT (subject to the final selling price on the DeFine platform). If the price of NFT falls below a certain price, users must pledge more DFA to meet the minimum mortgage rate, otherwise they will face the liquidation of their pledged DFA and NFT assets. NFT mortgage loans will greatly release the financial asset properties of NFT, and its functions are similar to existing platforms in the DeFi field.
As the token of the DeFine Art platform, DFA is launching a community governance mechanism to ensure that DeFine Art will build a decentralized NFT platform and play a central role in the ecology. It has the following functions:
Platform governance: DFA holders can submit proposals and make voting decisions on important decisions such as new platform functions, transaction fees, token reward distribution, and auction mechanisms;
DeFine Art NFT DAO: A portion of DFA will be allocated to DeFine Art NFT Dao to fund its NFT ecosystem and development. DFA will represent the ownership of DAO, allowing DFA token holders and active users to directly influence the future of the DeFine Art ecosystem by participating in NFT DAO;
Active mining: During each reward period, DFA will be distributed to users who actively create, trade and interact on the platform;
Airdrop: In order to incentivize users to join the ecosystem, no matter which platform they use, DeFine Art will conduct DFA airdrops to top creators and collectors with a large number of NFTs;
Collateral for DeFi function: Creators and developers who use DeFi function need to pledge a certain amount of DFA to protect the interests of users. If the compensation condition is triggered, the mortgaged DFA will be locked in the smart contract until it is cleared or distributed to users. For example, if a creator issues an NFT index fund, but fails to complete the artwork before the deadline, the mortgaged DFA will be distributed to the token purchasers as compensation.
It is worth noting that although most of the current NFT projects and assets are running on the Ethereum platform, including the beginning of the DeFine Art platform, DeFine Art plans to gradually support BSC and Flow in the second, third and fourth quarters of this year. A variety of public chain NFT standards such as Polkadot and Polkadot can greatly increase the speed of interaction and reduce the cost of NFT transactions. The ultimate goal of DeFine Art is to develop the DeFine Art chain, which will reach a consensus on the network by staking DFA, and everyone has the opportunity to become a blockchain node. While providing higher speed and lower cost, the multi-chain architecture model will ensure the seamless flow of assets between major public chains. With this native blockchain, DeFine Art will create an ecosystem where everyone can use their time and activities on the platform to profit.
On April 26, DeFine Art V2 was released. In the fourth quarter of this year, DeFine Music and DeFine Game will be released. In the first quarter of next year, DeFine NFT collectible games will be released in cooperation with mainstream IP in Asia. NFT ecology.
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