DareNFT

DareNFT is a Singapore-based company, founded in 2021, that has developed a universal protocol for what it terms "NFT 2.0". The company was established by CEO Duke Nguyen and COO Teddy Nguyen. Duke Nguyen's background is in data science and quantum computing, with research experience at Keio University and prior experience co-founding two startups in video conferencing technology. His interest in blockchain dates back to 2017, and the concept for DareNFT stemmed from his vision that the mainstream adoption of NFTs depends on their ability to reflect the relationships and benefits between digital assets.

The firm positions itself as a solution to the perceived limitations of the initial NFT standard (NFT 1.0), specifically addressing unrecognized royalty benefits between related NFTs, unclear relationships between co-owners, and the inherent risks of ownership. DareNFT's protocol introduces features such as derivative royalties, where creators can earn from revenues generated by derivative works, co-ownership models to enhance liquidity, and a multi-chain rental model. The protocol is designed to be compatible with the existing NFT 1.0 standard.

DareNFT's business model operates as an "NFT 2.0 as a Service," providing an infrastructure layer for traditional companies, such as gaming studios or content platforms, to integrate NFT capabilities without building their own blockchain infrastructure. The company's first major product is DarePlay, a GameFi platform that includes a launchpad for onboarding non-NFT games, an Initial Game Offering (IGO) service, and a marketplace for renting and leasing in-game NFT items. Revenue is generated through system fees on transactions like sales, rentals, and leases, which are conducted using the native utility token, $DNFT. This token is also used for minting NFTs, receiving platform discounts, and for governance votes within the DAO, which determines the allocation of network resources.

In October 2021, DareNFT announced it had raised $2.4 million in a private and strategic funding round from a wide array of over 50 venture capital firms and investors, including Kyber Network, AU21 Capital, and Momentum 6. This funding was aimed at developing its product suite and launching its IDO. The total supply of its native token, DNFT, is 100 billion.

Keywords: NFT 2.0, DareNFT, Duke Nguyen, GameFi, digital assets protocol, rent-to-earn, lease-to-earn, blockchain gaming, NFT marketplace, derivative NFTs, NFT royalties, multi-chain NFT, DarePlay, IGO service, NFT infrastructure, digital asset ownership, $DNFT, NFT cloud service, blockchain-as-a-service, crypto protocol