Ethereum co-founder, Joseph Lubin’s blockchain incubator, ConsenSys Mesh announced the NFT platform TreeTrunk.io at the famous ETH Denver developer conference. Launched in a beta on the Polygon Mumbai testnet, TreeTrunk has introduced a new smart contract that, for the first time in the Ethereum ecosystem, immediately and securely collects and distributes royalty payments from secondary sales of non-fungible tokens ( NFT). on the blockchain. This eliminates the risk of centralized platforms not paying correctly or on time.
NFT smart contract that pays royalties to creators
A group of prominent NFT artists including Ishita Banerjee, Brandon Breaux, Vimal Chandran, CryptoJeweler, Parin Heidari, LA+CH, Logik, Sam Madhu, Arabella Proffer, Dilek Sezen, and Carmilla Sumantry will be featured at the launch. Each of them submitted a special artwork to support the launch of the innovative market. Early collectors can immediately test buying, selling and making digital impressions of these NFTs. These parts will be the only works on the platform while the system is tested for stability and scalability. In a later release, collectors will be able to buy and sell them, and soon after, TreeTrunk will open up for all artists to create their own NFT families.
A game changer for artists
For creatives, promoting and selling their art can be a lonely, tournament-like game. Even with NFTs, artists tend to make little to no profit until they reach a certain level of popularity. The TreeTrunk approach treats fundraising and fandom as a team sport. The TreeTrunk smart contract distributes royalties not only to a single creator, but also to collectors who make and sell licensed digital “prints”. The buyers of the prints can, in turn, make new prints from their NFTs until the number of generations set by the creator is reached. This allows the artist to build a family tree-like network around their work, generating perpetual passive income for themselves and their fans as the community grows.
A better business for artists, influencers and grassroots art lovers
“The TreeTrunk approach promises to build long-term financial strength for artists and other creators. It offers a powerful business opportunity for influencers, who can hold first- or second-generation NFTs and syndicate prints to collectors in their community. And it can provide financial inclusion by allowing people to buy into the ‘NFT family tree’ of their favorite works of art at a price they can afford,” said TreeTrunk CEO John Wolpert.
In order to make authorized digital prints that can prove their relationship to an original, the TreeTrunk team took inspiration from traditional lithographic printing techniques and used zero-knowledge cryptography to develop what they call “crypto -lithography”. This technique allows a creator to protect their originals (treating them like the plates in a lithographic printing process) while allowing people to view, appreciate and sell prints. Each print is digitally unique, verifiably derived from the original plates, but also verifiably not the original used to create them.
“The TreeTrunk method is the closest thing in the digital world to owning a physical work of art and displaying it in a museum without fear of anyone making and selling millions of unauthorized perfect replicas just by looking at it. means that so-called ‘right-clicks’ are just copying a known facsimile, not the real thing,” said TreeTrunk CTO Dr. Andreas Freund.
The TreeTrunk approach promises to help reduce fraud and misappropriation issues plaguing the NFT community, especially when combined with a growing culture that assumes unsigned content is fake and filters it out.
Cooking within legal rights
Ira P. Rothken, well-known technology lawyer and co-founder of TreeTrunk, notes, “We’ve made enhancements to the NFT standard for artists’ rights and collectors’ protection, from content verification to license management. . It was important to improve the way NFTs manage rights so that it is no longer a guessing game of license agreement terms, especially on secondary market transactions. Unlike the previous NFT standard, with TreeTrunk the license agreement is embedded in the NFT metadata itself. By using TreeTrunk, NFT collectors will be better informed of the rights they are obtaining, and artists can more easily control their intellectual property.”
Earn money without having to sell your NFT
“TreeTrunk is a fundamentally different way for artists to consider NFT drops,” said renowned art collector Kent Charugundla. Traditionally, an artist mints one or more NFTs and sells them to generate revenue. Now the artist creates their original NFT and keeps it. Owning the best NFT is how they control their original, manufacture and distribute impressions, and earn passive income from their network for as long as they own the token. When they want to cash in and pass on their rights, they can offer a buyer the value of control over a truly unique and exclusive asset (one that they can be sure has never been copied, even by the previous owner) and a continuous stream of income.
Your Impression is Your Pass: NFT Family Chat
The TreeTrunk NFT platform will include features such as a chat channel accessible only to current holders of the NFTs in an artwork’s “family tree”. This gives owners exclusive access to each other, making each owner of a TreeTrunk NFT a true part of the value others get by buying into the family.
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