When the ETHDenver developer conference begins, the ConsenSys Mesh incubator told Cointelegraph that it plans to announce a new addition to its portfolio on Friday.
For the first time, the team will provide details about TreeTrunk, an immutable token or NFT platform that aims to address the risk that centralized platforms will fail to pay royalties from secondary sales properly or on time. TreeTrunk launches Polygon Mumbai testnet beta.
According to the company, TreeTrunk has unveiled a groundbreaking smart contract that immediately and securely collects and distributes royalties from NFT’s secondary sales on the blockchain. Current NFT standards may not require immediate collection or distribution of royalties per string to the creator and, to a lesser extent, both creators and distributors.
Cointelegraph spoke with John Woolpert, co-founder of TreeTrunk and Head of R&D at ConsenSys Mesh, to learn more about this new contribution to the Ethereum ecosystem.
“Providing an important new ERC to the community as an open source standard reference application serves the long-term vision of strengthening NFTs on the blockchain.”
Part of this vision of bringing new players into the blockchain area also includes creating long-term financial opportunities for artists and creators as “distribution and ownership networks transform their business and expand their paying audience,” Walbert added.
He notes that NFT artists, like traditional artists, may need to reach a certain level of popularity in order to make a consistent profit. For this reason, TreeTrunk smart contracts distributes royalties to collectors who produce and sell licensed digital publications. This approach, says Wolpert, gives influencers the opportunity to build an “NFT family tree” of first- or second-generation NFTs and syndicate fingerprint holders who can invest in a “combining community” that generates passive income.
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The technology that TreeTrunk uses to create and exchange certified copies that can prove their relationship to the original NFT is called cryptographic lithography. Like the lithography process, zero-coding technology “protects the original NFT by letting people see, enjoy, and sell unique prints that can be verified and sold,” Walbert said.
On the ETHDenver platform, conference attendees can expect one of the platform’s NFT artists to announce the launch of the TreeTrunk Marketplace. A select group of artists have been selected to submit a special piece to TreeTrunk so that early collectors can begin testing before opening up to more artists.
Rothkin, a lawyer and co-founder of TreeTrunk, also stressed that it is important for the company to improve how NFT handles legal rights and how artists control their intellectual property.
“It is no longer a game to guess the terms of the license agreement, especially when trading in the secondary market. Unlike the previous NFT standard, with TreeTrunk, the license agreement was embedded in the NFT metadata itself. ”
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ConsenSys Mesh acts as an accelerator and incubator within the ConsenSys ecosystem that invests in Web3 projects. His portfolio of companies includes MetaMask, Infura, Gitcoin and Decrypt.