DeFine, a social NFT platform announced receiving a strategic investment from the Tron Foundation. The fund secured by the platform will be used primarily to develop products, NFT multi-chain ecosystem expansion, and the exploration of NFT-Fi and Metaverse. According to the official announcement, DeFine is one of the first non-fungible token platforms to raise investment from the Justin Sun-led foundation.
The platform tweeted,
“We are excited to announce that DeFine became one of the first NFT platforms that has received a strategic investment from Tron Foundation. We will work together to develop the First NFT marketplace in the TRON ecosystem”
As per the latest deal, the Tron Foundation is essentially participating in this investment as a strategic partner, wherein the two entities join forces to develop the first-ever non-fungible token marketplace in the Tron ecosystem and release auctions in the near future.
The latest news comes just a few weeks after, DeFine and Tron formed a strategic partnership. The main objective behind the integration of DeFine on the Tron network was to provide access to users and creators across the world to utilize the platform that is cost and time-efficient. Besides, DeFine also plans to explore bringing its unique non-fungible token-based social profile system to the Tron ecosystem.
Tron’s tryst with NFT ecosystem
The craze behind the non-fungible tokens appears to be in full swing and the Tron founder Justin Sun is no less than an avid fan of the thriving industry. The Chinese wunderkind had recently launched the JUST NFT fund in a bid to mint the world’s top artists on the blockchain.
While commenting on the launch of his very own non-fungible token platform, Sun had earlier said that he believes that the value of the art market is set by the leading artists and works, and only the artists at the very top of the pyramid can hold and grow their value over time.
Additionally, in March this year, the Tron Foundation had launched TRC-721, the first NFT-based standard. Shortly after this, the organization revealed that it was working on revamping BTFS, the biggest system of distributed storage in the world, to generate a robust infrastructure for delivering artworks as NFT collections on the blockchain network.