Attendees at the ETHDenver conference will be treated to a unique presentation about the TreeTrunk marketplace, which will introduce a new token standard.
The incubator ConsenSys Mesh notified that it plans to unveil a new addition to its portfolio on Friday, as the ETHDenver developer conference gets underway.
TreeTrunk, a nonfungible token (NFT) platform, will be unveiled by Joseph Lubin, co-founder of Ethereum. It attempts to minimise the danger of centralised platforms failing to pay royalty payments from secondary sales correctly or on time. On the Polygon Mumbai testnet, TreeTrunk is launching a beta release.
TreeTrunk, according to the business, has created a groundbreaking smart contract that collects and distributes royalty payments from secondary NFT sales on the blockchain instantly and securely. Current NFT standards may not mandate immediate royalties collection or distribution to the author, and even less so to both creators and distributors.
To discover more about this new addition to the Ethereum ecosystem, chatted with John Wolpert, co-founder of TreeTrunk and head of R&D at ConsenSys Mesh.
“Providing the community with a significant new ERC as a standard and open-source reference implementation serves the long-term ambition of expanding what NFTs can do on the blockchain.”
Building long-term financial empowerment for artists and producers where “perpetual distribution and royalty networks circulate their work and extend their paying audience” is also part of the strategy for onboarding newcomers to the blockchain ecosystem, according to Wolpert.
He points out that, like conventional artists, NFT artists may need to achieve a certain degree of fame in order to make a sustainable profit. As a result, TreeTrunk smart contracts pay royalties to collectors who create and sell authorised digital copies. According to Wolpert, this technique allows influencers to build a “NFT family tree” of first- or second-generation NFT and syndicate print holders who can invest in a “community of inclusion” that provides passive revenue.
Here's what we're building: TreeTrunk #NFT https://t.co/lTtJxHPiJ8.
Create and own private, exclusive original art.
Make unique signed and numbered prints.
Build a royalties empire.
Join our Discord and help us make great decisions about the product: https://t.co/npgoLbdUld pic.twitter.com/f8E8x8wrAz
— John Wolpert (@jwolpert) November 6, 2021
Crypto-lithography is the method used by TreeTrunk to make and share authorised copies that can be used to prove their relationship to an original NFT. Zero-knowledge cryptography technology, like lithographic printing, “protects the original NFT while allowing people to see, appreciate, and sell unique, verifiable prints,” according to Wolpert.
The debut of the TreeTrunk marketplace will be announced on the ETHDenver stage by a collection of NFT performers. Before allowing more artists to join the site, they each contributed one unique piece for early collectors to test.
TreeTrunk co-founder and attorney Ira P. Rothken also stressed the importance of improving the way NFTs handle legal rights and artists control their intellectual property.
“It’s no longer a guessing game as to what the conditions of the licence agreement are, especially in secondary market deals. Unlike the previous NFT standard, TreeTrunk incorporates the licence agreement inside the NFT information.”
Under the ConsenSys ecosystem, ConsenSys Mesh serves as an accelerator and incubator for Web3 initiatives. MetaMask, Infura, Gitcoin, and Decrypt are among the companies in its portfolio.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.