press release
press release. EVT (Encrypted Volatile Token) is said to be an improved version of NFT (Fungible Token). Finally, NFT will soon be replaced by innovations. Is this possible? Here is an understanding of how the backbone technology of these tokens works.
What is an NFT? (static token)
An unbreakable token is a financial security containing digital information stored in a blockchain. NFT ownership is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded.
NFT is a spreadsheet with a record and code that facilitates how this record is updated. It’s the metadata in an NFT, which can be an artwork, mp3, mp4 or digital file. Some argue how NFT will fundamentally change the creative landscape and the business of art; However, this is wrong and untrue. Most artists who rush into NFT creations have the misconception that they can trade their work for residual royalties. But this is not true due to structural limitations in the code.
The art business has long been tolerated by artists and creators simply because there were no better options to get their work. Artists need curators because they provide the clients and physical space for artists to display/sell their work. Management fees are often very unbalanced, with managers taking upwards of 60-70% of the deal, leaving enough money for the artist to play their frugal lifestyle and create work.
The biggest myth is that NFTs can change all of this. Unfortunately, it doesn’t and here’s why:
An artist creates a drawing in the form of an NFT and posts it on OpenSea, and a user named Bob buys an NFT for $1000. The smart contract stipulates that the artist receives 30% of the sale, so Bob gets $300 if the artist buys it, but not if Bob later becomes a manager and resells it.
The artist hopes that NFT will eventually trade in the tens of thousands or even millions of dollars, increasing his income and fame. Currently, this resale royalty is only facilitated by the platform OpenSea and not in the actual smart contract of NFT itself; This means that only third-party centralized marketplaces can facilitate this residual royalty, which is no different than walking through a gallery somewhere, meeting a traditional curator somewhere.
Technically, it’s too complicated to implement code that allows you to continuously resell royalty payments. Instead, NFT is implemented through a smart contract where the listing requires only real assets. Think about it this way, if Bob buys his NFT artwork and puts it in a Metamask wallet but decides to transfer it to another digital wallet, the wallet still gives the artist another 30%, which bankrupts Bob because he didn’t sell it to anyone else, and that’s NFT’s current limit. It simply states that Bob is the sole owner of this digital item, and that’s it.
It is truly innovative that artists can receive a series of royalties every time they sell/sell NFT.
Continuing the example, let’s say a year later, the artist becomes a big figure in the art world, and suddenly everyone wants an NFT Bob, and someone offers $1,000,000 to buy it. Bob will be happy to sell this painting, and after the deal is done, the artist will receive an additional 30% of the $1,000,000 NFT sale. If this were possible, it would truly revolutionize the creative world, and there would be no need to deal with an art house or curator again. In this case, the artist’s royalty interest structure changes; Maybe it’s where the artist gets 70% of their creations, while the merchants get a 30% commission on every sale.
Could this be? In theory it could work with the EVT (encrypted volatile token) structure. EVTs allow encrypted variables in smart contracts. For example, EVT data is divided into static and dynamic components. Dynamic data has multi-dimensionality, which can be organized in time, space and many functions.
NFTs are fixed, while EVTs are variable. EVTs allow certain aspects of metadata to be reprogrammed. Ultimately, EVT functions solve the residual royalty problem for creators. With EVTs, the creator can enjoy an ongoing royalty percentage as long as the content/metadata continues to be traded. NFTs were not designed this way due to security issues surrounding the code language.
NFTs are written by Solidity, developed by Ethereum and written dynamically. Newton Blockchain Fixed rust-based code. In standard Solidity programming language, encrypted metadata means hidden malware and poorly written code that can harm your device if it escapes the sandbox. But encrypted code can be implemented securely with Rust-based programming code, allowing creators to experience residual royalties, transform their digital assets, and enjoy true privacy in content viewing.
EVTs are a game changer., ultimately providing ownership with privacy and versatility. A currently proven use case is Wave, a DApp that plugs into the Newton blockchain and enables dynamic ticketing for viewing media. For example, one could purchase EVT mystery movie content and create X number of tickets to resell to others. With EVT’s encryption functions, unlike NFT where the metadata content is publicly visible, only those with the right key can securely see what’s inside.
For more details, visit:
Newton Project | Wave app
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