DNFT Protocol: An Innovative Ecosystem of NFT Services
The idea of NFT has been growing vastly recently, but profound advancements and growth have been seen in 2021. Some users and artists have made millions by selling just one piece of art at super high prices. Therefore, it’s clear that using NFT can create vast profits for the investor.
However, many platforms provide NFT related services, but each focuses on a single type of service, i.e., creation and trading. A new platform, DNFT, is coming up with solutions to the entire NFT space.
What is DNFT?
DNFT is a newly introduced decentralized NFT platform designed to provide NFT assets and related services. The accurate description of this platform is the ‘NFT Ecosystem’ since it merges several benefits, including Swap/Auction, NFT recovery, maintenance tax, DAO governance, and several other excellent services.
Moreover, DNFT also invests in gaming, creating vast crypto gaming options that can help users earn good rewards. Here is a shortlist of the services provided by the DNFT platform;
- Build NFTs – As an NFT network, this platform allows its users to build their own customized, personalized NFT. Generally, you can turn your artistry into an NFT and earn from the assets.
- Trade and Swap – DNFT allows users to quickly sell their NFT and any other tokens in decentralized exchange. There is a marketplace where all the art created in the DNFT ecosystem can be sold to interested parties.
- Borrow – Borrowing is one of the essential services supported in the DNFT ecosystem. A user will be able to borrow DUSD tokens by collateralizing other tokens.
- Gaming – DNFT is also an excellent gaming center providing multiple games, including dice games, poker, landmine, keno, etc. Therefore, by using this network, you will be able to enjoy your game time.
The DNFT Protocol Architecture
The architecture of this network uses some of the best tools in crypto for data collection, storage, dissemination, exchange, and sharing. Among the core tools of this entire network include;
One of the essential tools making up the DNFT network is the Data NFT tool. DNFT is a non-fungible token platform leveraging ERC-721 and ERC-1155 options; it ensures a perfect data description.
The data swap is a decentralized exchange option for non-fungible tokens and other data. This tool uses algorithms, and as such, it’s an automated market maker, implanting various features for utter simplicity.
Data Storage with Tax
DNFT institutes a continuous taxing system when the asset holders continuously pay taxes for holding the assets. However, if there are delays in tax collections for the NFTs, the assets will go through auctions, and the winner of the bid will be the custodian of the purchase and will pay taxes.
The DNFT DAO will decide the auction of the NFTs with unpaid taxes. If an NFT fails a DAO Governance auction, then this NFT will be burned.
The DNFT network has a data framework that helps in the interaction of personal data and AI systems. This network provides AI that will help speed up the management of NFT assets.
The DNF Token
The DNFT network has its native currency dubbed DNF, which helps run the services of the entire platform. This token will come in two forms, the ERC-20 DNF and the central network DNF. The valuation of the two tokens will remain the same and, as such, will be convertible on a 1:1 ratio in the DNFT bridge.
The DNF token will be a deflationary token owing to the buy and burn policies instituted.
DNFT has 100 million DNF tokens as their total number of tokens. The token allocation and distribution of the DNF tokens will be as follows;
- 20% apportioned to the DNFT protocol team, on which 10% of the value will be released quarterly
- 5% for creating a community behind the DNFT project
- 10% is allocated to the DNFT grant plan
- 35% for the creation and development of the platform
- 20% will be allocated to Project Development Reserved (e.g., Exchange Listing)
- 9% will be allocated to Private Fundraising
- 1% will be allocated to IDO
Benefits of the DNFT Platform
An Easy to User Interface
The DNFT platform is instituting a user-friendly and intuitive interface, which even a beginner crypto user can use. According to the platform’s architectural diagram, the awaited finished interface will display all the platform’s necessary services.
A Cross-Chain Bridge
The DNFT network installs a cross-chain bridge which allows assets to go across multiple blockchains. For instance, according to their plan, several chains like Ethereum, BSC, and Polkadot are supported in the platform.
Moreover, other networks like Kusama, HECO, and OKEx are also great tools in the crypto ecosystem and integrated into this network.
The DNFT network is providing some of the best solutions to the NFT and crypto gaming space. This platform allows users to build, sell, exchange, borrow, and game using NFTs and other crypto assets. The DNFT network has a robust architecture involving DataNFT, Data Swap, Data storage with tax, DAO governance, and AI Kit.
DNFT has its token DNF divided into two; one for the main platform and another as an ERC-20 token. This token has deflationary attributes; therefore, it will be an excellent long-term investment option. NFT investors and artists can try owning the DNF token and investing in the DNFT network to get the platform’s benefits.
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