The Future of NFT Is EVT, the New Game Changer Token – Press release Bitcoin News

PRESS RELEASE. EVT (Encrypted Variable Token) is said to be the upgraded version of NFT (Non-Fungible Token) and will soon replace NFT for creatives. Is that possible? Here is a glimpse into how the backbone technology of these tokens works.

What is NFT? (Non-fungible token)

A non-fungible token is a financial security composed of digital data stored on a blockchain, a form of distributed ledger. Ownership of an NFT is recorded on the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded.

An NFT is a table with a record and code that makes it easy to update that record. What is in the NFT is metadata, which can be an artwork, mp3, mp4 or a digital file. Some argue that NFT can fundamentally change the terrain of creators and the way art is traded; However, this is wrong and wrong. Most artists who dive into NFT creation have the misconception that people can trade their work with remaining royalties. However, due to structural limitations in the code, this is not the case.

The art trade has long been tolerated by artists and creatives because there was no better way to get their work out. Artists needed curators because curators often provided the clientele and physical space for artists to exhibit/sell their work. Management fees are often grossly imbalanced, with curators taking on more than 60-70% of the business, leaving artists with enough money to pursue their frugal lifestyles and continually create works.

The big myth is that NFTs can change all of that. Unfortunately not and here’s why:

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An artist creates a painting in the form of an NFT and publishes it on OpenSea, and a user named Bob buys the NFT for $1000. The smart contract provides that the artist receives 30% of the sale. So if Bob buys it, the artist gets $300, but not if Bob later becomes a curator and resells it.

The artist hoped that the NFT would eventually trade for tens of thousands or millions of dollars, increasing revenue and fame. Currently, this resale fee is only enabled by the OpenSea platform itself, but not in the actual NFT smart contract; That means only centralized third-party marketplaces can facilitate those remaining royalties, which is no different than walking through a gallery somewhere and dealing with a traditional curator somewhere.

Technically, it’s too complicated to run code that would allow ongoing resale royalties. Instead, NFT is implemented through a smart contract in which the specifications only claim static properties. Consider this: If Bob bought the NFT artwork and kept it in a Metamask wallet, but then decides to transfer it to one of the other digital wallets, the wallet will still give the artist an additional 30% of what Bob put in Embarrassment because hadn’t sold it to anyone else and this is the current limitation of the NFT. It simply states that Bob is the sole owner of that digital item, and that’s it.

It would be really innovative that artists could continuously receive royalties every time their NFT is traded/sold.

To continue the example, let’s say a year later the artist was big in the art world and suddenly everyone wants the NFT to have Bob and someone is bidding $1,000,000 to buy it. Bob would like to sell this painting and once the deal closes, ideally the artist would receive the additional 30% of the $1,000,000 NFT sale. If this were possible, it would truly revolutionize the creator’s world and there would never be a need to deal with an art house or curator ever again. In this case, the structure of the artist’s royalty demand would change; maybe it would even be the case that the artist gets 70% for their creations, while the dealers get a 30% commission on every sale.

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Can this happen? In theory, it can work with the EVT (Encrypted Variable Token) structure. EVTs allow encrypted variables within the smart contract. For example, EVT data is categorized into immutable and variable parts. Variable data has multiple dimensions that can be programmed with time, space, and multifunctions.

NFTs are static while EVTs are dynamic. EVTs allow certain aspects of the metadata to be reprogrammed. Ultimately, the EVT functionalities solve the remaining royalty problem for creators. With EVTs, a creator can continuously enjoy a percentage of the royalties while the content/metadata continues to be traded. NFTs were not developed in this way due to security issues related to the coded language.

NFTs are written in Solidity, developed by Ethereum, and are dynamically written Newton Blockchain Optimized Rust-based code. Within normal limits of the Solidity programming language, encrypted metadata can mean potentially hidden malware and poorly written code that could damage your devices if it escapes the sandbox. However, encrypted code can be run with more secure security boundaries using the Rust-based programming code, allowing creators to experience remaining royalties and changes to their digital assets and enjoy true encrypted privacy when viewing content.

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EVTs are a game changer, which ultimately offers property with privacy and versatility. The currently proven use case is a DApp called Wave, which plugs into the Newton blockchain and enables dynamic ticketing for viewable media. For example, one can buy an EVT with secret movie content and create X number of tickets to resell to others. With the EVT encryption capabilities, only those with the right key can securely see what’s inside, unlike the NFT where the content of the metadata is publicly viewable.

For more information, see:

Newton Project | Wave app

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