Blockchain tech incubator ConsenSys Mesh announced the launch of TreeTrunk, a new NFT marketplace that solves a major issue NFT artists face, at ETHDenver.
Centralized NFT marketplaces and platforms have been reported to not pay royalties to artists from secondary sales. Some have even postponed payments indefinitely, providing little to no explanation to the artists on when they can expect to get the money.
Smart contracts to the rescue
To address this problem, innovative new marketplace TreeTrunk has created smart contracts that collect and distribute royalty payments from secondary NFT sales. The payments are collected safely and immediately on the Polygon (MATIC/USD) blockchain and then sent to the artist’s wallet.
Polygon Studios expressed excitement about partnering with the NFT platform as they make their service publicly available.
Proper payout, always on time
TreeTrunk coded this process in their smart contracts, so artists can now be sure they’ll be paid in a timely manner. Artists can trust TreeTrunk’s payment model and more and more of them are turning to NFTs as an income source.
Collectors can also benefit
Collectors of NFT art works can also take advantage of TreeTrunk’s payout model. Those who sell authorized digital pieces of art will also receive royalty payments. This payout model is not unlike a “family tree”, where you make NFT copies and first and second generation holders earn a passive income.
Crypto lithography authorizes copies
TreeTrunk uses a technological approach known as crypto lithography, which establishes the copies connected to the original NFT. The original work remains protected through this technique. You can only buy verified prints.
Polygon is the leading platform for Ethereum (ETH/USD) scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions.
These include L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more.
About Polygon Studios
Polygon Studios is the Gaming and NFT arm of Polygon focused on growing the global Blockchain Gaming and NFT industry and bridging the gap between Web 2 and Web 3 through investment, marketing, and developer support.