Press Release

DNFT protocol is a decentralized cross-chain nonfungible token network based on Polkadot. As a parachain of Polkadot, DNFT will provide the solution to cross-chain NFT management. DNFT is devoted to the protection of digital assets and the innovation of underlying protocols to enrich the Polkadot ecosystem.

The technology behind DNFT

Currently, many platforms are leveraging the smart contract powers of Ethereum. However, as a cross-chain infrastructure of the NFT ecosystem, DNFT is developed based on Polkadot, which is highly scalable and allows developers to create a cross-chain protocol with great performance. As such, DNFT users can enjoy the NFT cross-chain management in a safe, high-speed and reliable way. 

Grants and awards received by DNFT

DNFT protocol is a recipient of the Wave 9 Web3 Foundation grant. The DNFT team was given a grant by Binance and also finished in the top three in hackathons DoraHacks and Wanxiang Hackathon. 

Services provided by DNFT

DNFT is a newly introduced decentralized NFT platform designed to provide NFT assets management and cross-chain services. It merges several functionalities, including NFT creation and cross-chain management, NFT marketplace and auction,  data-model-as-an-NFT module, NFT gaming and decentralized autonomous organization governance. 

NFT creation and cross-chain management

DNFT institutes a continuous taxing system when the asset is created and stored in the DNFT network. 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 who has to pay taxes. 

As for cross-chain services, the DNFT network will provide a cross-chain bridge that allows assets to go across multiple blockchains. Several chains such as Ethereum, BSC, Heco and Polkadot are supported in the platform.  

NFT marketplace and auction

The NFT marketplace is integrated into an NFT platform. The completed trading and auction services for NFTs will attract artists and NFT creators to the platform. In addition, the security of transactions also plays an important role in the system. As such, the DNFT protocol ensures the security of its NFT assets for each user.

DAAN module

The data-model-as-an-NFT, or DAAN module, is DNFT’s innovative practice for its future NFT vision. It was also the core module that helped the project team achieve the grant from the Web3 Foundation. Through the DAAN module, the data model can circulate more widely. This futuristic innovation will lead to a new wave for the existing NFT ecosystem.

NFT gaming

The integration of NFTs into games is currently a hot topic. NFTs as an asset in the game will be attached a new value by players and game developers. The game module in DNFT will be an important part of the NFT ecosystem. DNFT will also provide grants to outstanding game developers to promote a creative developer community and enriched ecosystem.

DAO governance

DAO governance will ensure the sustainability of the platform. For instance, it will process the auction of NFTs with unpaid taxes. If an NFT fails a DAO governance auction, the NFT will be burned. In addition, the future development of DNFT will also involve the community through DAO.

The DNF token and its benefits

The DNFT platform institutes its native token, DNF, which comes with dual compatibility: as a DNF ERC-20 token and a DNF mainnet token based on the Polkadot network. The mainnet token helps run the DNFT ecosystem and will be available once DNFT launches the mainnet. 

These tokens can be exchanged once the DNFT bridge goes live, and users can exchange them on a one-to-one ratio. This cross-chain mechanism helps bolster the reliability of the DNFT network.

Providing grants to enrich DNFT’s NFT ecosystem

Primarily, all NFT and gaming networks will be encouraged to join the DNFT network. The DNFT grants will open live as soon as the project’s mainnet starts operating.

To help NFT projects successfully enter the mainstream, DNFT will offer grants worth 10 million DNF to outstanding artists and game developers. Moreover, DNFT will provide technical training and help with information regarding the Polkadot ecosystem. 

The grant program will fund Polkadot-based NFT decentralized application development and integration. Generally, the DNFT team will provide grants while remaining simple, efficient, effective and transparent.

DNFT protocol’s latest processes

On June 2, DNFT protocol successfully closed its first round of its initial DEX offering on Mantra DAO. The beta version of the DNFT DApp will be launched in June as well. The centralized exchange listing of DNF will be executed at the beginning of July, and the DNFT mainnet will be launched in August.

About DNFT protocol

Website: https://dnft.world

Twitter: https://twitter.com/DNFTProtocol

GitHub: https://github.com/DNFT-Team

Telegram group: https://t.me/dnftprotocol

Telegram channel: https://t.me/dnftannouncement

Medium: https://medium.com/dnft-protocol

LinkedIn: https://www.linkedin.com/company/dnft-protocol

This is a paid press release Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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