ETHDenver is here and that means that NFT royalties platform TreeTrunk is officially in beta-launch! Proving NFT authenticity has been a major thorn in the side of the NFT industry, as has been the failure of centralized platforms to pay royalty payments from secondary sales. TreeTrunk aims to help solve this.
While the NFT boom has ushered in new possibilities for creators, most NFT platforms are centralized and current NFT standards do not enforce the instant collection or distribution of royalties on chain to creators, resulting in less compensation to artists for their work. As new artists and creators onboard into the space, it’s important to ensure there are mechanisms in place for them to build long-term financial empowerment.
By supplying a new ERC standard to the community, TreeTrunk smart contracts distribute royalty payments to collectors who make and sell authorized digital prints. This results in a “NFT family tree” of sorts, made of multiple generations of NFT and syndicate prints holders. When print owners choose to create a new print, this creates a royalty stream for NFT owners in the family tree.
Not only does TreeTrunk allow for more financial empowerment of artists, it also offers a unique way to prove NFT authenticity.
The NFT boom may have ushered in a new wave of interest and investment in web3, but this has also been accompanied by cases of fraud and theft that have plagued the industry in the form of digital marauders who specialize in scams. As Nick Hill with the BBB of Eastern of North Carolina says, “Anybody can fake an NFT. It’s easy, you can basically just copy the image if you find it online.” While it’s possible to do your due diligence by doing things like reaching out to the artists or joining a Discord community, not everyone is going to go the extra mile.
What if there was an easier way to prove authenticity? TreeTrunk NFT uses Zero Knowledge Cryptography to prove a parent-child relationship between NFTs. A creator can prove they possess the hidden root file used to generate an edition of prints and TreeTrunk can prove that a digitally unique print is the child of a root file. As such, if you don’t possess an original, you won’t be able to create any valid editions of NFTs in the family tree.
By blending the two core ideas of crypto lithography and multi-party royalties on chain, TreeTrunk is effectively creating the first NFT platform of its kind. Join us on stage today at ETHDenver at 12:40pm MT (streaming online here) with one of the headlining NFT artists to herald the beta launch of the NFT marketplace.
Note: TreeTrunk is launching this beta on testnet, meaning anyone can buy, sell, or create prints with testnet currency and no monetary risk involved.
For more information, see:
- Cointelegraph: New ConsenSys Mesh NFT marketplace pays royalties to creator and collectors
- Decrypt: Ethererum NFT protocol TreeTrunk promises new royalty options for artists
- ABC11: Beware of NFT scammers