Tron-Based NFT Marketplace APENFT Burns $2.52 Million Worth of NFT: Details

APENFT is a pioneering ecosystem for non-fungible tokens on the Tron (TRX) blockchain. It has shared the details of a recent massive token burn event.

$2.52 million NFT tokens destroyed

According to the official announcement shared by the APENFT team on its social media channels, 1.03 trillion of its core native NFT assets were destroyed on July 16, 2021.

(1/4) Recently, APENFT bought back and burned $2.52 million worth of NFT tokens. This buyback operation involves 1,030,067,282,396.0035 NFT tokens in circulation in the market, marking the first big buyback since our founding this March. @justinsuntron

— APENFT (@apenftorg) July 20, 2021

At the time of the token burn, this massive amount was equivalent to $2,520,000. As a result, this is the most impressive scarcity boost since the launch of the APENFT marketplace.

The tokens were transferred to an all-zero Tron (TRX) account, T9yD14Nj9j7xAB4dbGeiX9h8unkKLxmGkn, to be destroyed for good. This massive batch of tokens is excluded from the circulating supply of NFT.

The massive sum is equal to the price of Three Self-Portraits by Andy Warhol, recently purchased by APENFT on a newly launched Binance NFT marketplace.

APENFT partners with iconic art markets

As NFT serves as both a governance and utility token of the APENFT ecosystem, its token burn events are scheduled solely by the NFT holders community.

The community referendum took part on July 7, while the proposal passed on July 10.

The first-ever NFT marketplace on Tron, APENFT, has already partnered with Christie's and Sotheby's, two legendary auction houses. It also established a collaboration with digital collectibles legends Beeple and Nifty Gateway.