The future of NFT is EVT, the new game-changer token – Bitcoin News Press Release

Press release. EVT (Variable Coded Token) is the updated version of NFT (Non-Fungible Token) and will eventually replace NFT for designs soon. Is this possible? Here is an insight into how the underlying technology of these tokens works.

What is NFT? (non-fungible code)

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

NFT is a spreadsheet that contains a record and code that facilitates how to update that record. What’s inside the NFT is metadata, which can be a work of art, mp3, mp4, or a digital file. Some argue that the NFT could fundamentally change the field of creators and how art is traded; However, this is incomprehensible and incorrect. Most artists rushing to create an NFT have the misconception that people can trade off their work for the remaining proceeds. However, this is not true due to structural limitations in the code.

Artists and creators have long tolerated the art trade simply because there are no better options for getting their work done. Artists needed curators because curators often provide clients and physical space for artists to exhibit/sell their work. Oftentimes, management fees are wildly unbalanced, with curators taking more than 60-70% of the deal, leaving the artist with enough money to pursue their frugal lifestyle and constantly create work.

The big myth is that NFTs can change all of that. Unfortunately, it doesn’t happen, and here’s why:

An artist creates an NFT-shaped canvas and publishes it to OpenSea, and a user named Bob buys an NFT for $1000. The smart contract states that the artist will receive 30% of the sale, so if Bob buys it, the artist will get $300, but not if Bob later becomes a curator and resells it.

The artist hoped that NFT would eventually trade for tens of thousands or millions of dollars, boosting revenue and fame. Currently, this resale ownership is only facilitated by the OpenSea platform itself but not in the actual NFT smart contract; Meaning that only third-party central markets can facilitate this residual ownership, which is no different than going to a fair somewhere, and dealing with a traditional regulatory custodian somewhere.

Technically, it’s very complex to implement code that allows for consistent resale returns. Instead, the NFT is implemented through a smart contract in which the specification claims only static properties. Consider this, if Bob buys the NFT artwork and keeps it in the Metamask wallet but then decides to move it to one of the other digital wallets, would the wallet still give the artist another 30%, leaving Bob at a loss because it wasn’t sold to anyone else , and this is the current limitation of NFT. It simply states that Bob is the sole owner of this digital item, and that’s it.

It would be really innovative for artists to be able to receive ongoing royalties every time an NFT is traded/sold.

Continuing with the example, let’s say a year on the line, the artist is going to be huge in the art world, and suddenly everyone wants an NFT Bob, and someone offers $1,000,000 to buy it. Bob would be happy to sell this painting, and once the deal is completed, the artist will ideally receive an additional 30% off the $1,000,000 NFT sale. If this were possible, it would truly revolutionize the world of creators, and there would never be a need to deal with an art house or curator again. In this case, the structure of the artist’s property application will change; This is probably where the artist gets 70% of their creations while the merchants get 30% commission every time they are sold.

Could this happen? In theory, it can work with EVT (Variable code encoded). EVTs Allow variables encoded in the smart contract. For example, EVT data is categorized as fixed and variable parts. Variable data has multiple dimensions that can be programmed with time, space, and multiple functions.

NFTs are static, while EVTs are dynamic. EVTs allow certain aspects of the metadata to be reprogrammed. Ultimately, EVT functionality solves the problem of creators’ residual property rights. With EVTs, the creator can consistently enjoy a percentage of the royalties while still circulating the content/metadata. NFTs were not designed this way due to security issues surrounding the encrypted language.

NFTs are written in Solidity, developed by Ethereum, and are written in a dynamic manner Newton Blockchain Rust-based code modification. In the normal confines of the Solidity programming language, encrypted metadata can mean hidden malware and poorly written code that might harm your hardware if you get out of sandbox. However, encrypted code can be executed more securely with Rust-based programming code, allowing creators to experiment with remaining royalties, changes with their digital assets, and enjoy true privacy encrypted in viewing content.

EVTs are game changingUltimately offering property with privacy and versatility. The currently confirmed use case is with a DApp called Wave, which is connected to a file Newton Blockchain Enable dynamic ticketing for viewable media. For example, one can purchase an EVT of secret movie content and generate X number of tickets for resale to others. With EVT’s encryption functions, only those with the appropriate key can see what’s inside in a secure way, unlike NFT, where the content of metadata is publicly visible.

For more details, visit:

Project Newton | Wave app

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photo credits: Shutterstock, Pixabay, Wikicommons

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