The ConsenSys Mesh has added a new portfolio in their NFT marketplace. The team behind the platform has opened a new category of NFT marketplace that will target the elimination of centralized platforms that are inadequate when it comes to distributing royalty payments from the secondary sales accurately or right on time. A beta release of TreeTrunk is confirmed on the Polygon Mumbai testnet.
As stated by the company, TreeTrunk has a new type of smart contract that can collect and distribute royalty payments from the secondary NFT sales, and the process can be conducted securely as well as instantaneously. The contemporary NFT standards cannot enable the distribution of royalty payments to the distributors and creators of the NFT.
John Wolpert, the head of R&D and co-founder of TreeTrunk, has given some insights on this new addition and contribution to the Ethereum ecosystem. The supply chain in NFT is an important part of this technology, and the aim of TreeTrunk is to help in the expansion of this platform as well as bring more innovation that can bring out more advanced features in blockchain technology.
The long term vision for this platform is to onboard newcomers in the space of blockchain as well as to build enough financial empowerment for both the artists and the creators and that too on a long term basis. The royalty network will expand the paying audience and take the distribution process one step ahead.
Wolpert also suggests that the modern-day NFT artists are just like any other artists that need enough popularity to make a sustainable amount of profit from their work. That is the reason why the smart contracts of TreeTrunk distribute the royalty payments to the NFT artists after collecting them from the people who sell authorised digital prints. This helps the NFT creators to generate an “NFT family tree” out of the first or second generation syndicate and print holders.
TreeTrunk uses something called crypto-lithography. It is a technique that can create and exchange the authorised copies of the creators, which will help them prove the relationship with the original NFT. Just like the lithographic printing process, the zero-knowledge cryptography technique creates a shield around the original NFT art and lets the people sell and enjoy the unique and verifiable prints simultaneously.
To begin the testing on the platform, some selective artists have been given the instruction to create and submit NFT artworks, and early collectors will begin the testing before the platform is open to the public. You can expect one of the NFT artists to launch the TreeTrunk marketplace on the ETHDenver stage.
The co-founder and attorney, Ira P. Rothken, has also stated that protecting the legal, intellectual rights, and properties of NFT artists was very important, and the company was aiming to improve this particular aspect of the NFT marketplace. In the TreeTrunk, the licence agreement of the NFT artwork is embedded in the metadata of the NFT itself, which is totally different from the previous NFT standard.