- TreeTrunk modified ERC-721, an NFT-specific protocol, to achieve this feat.
- This modification will let artists mint master NFTs and sell derivatives of the master to fans.
- Per TreeTrunk’s CEO, the modified protocol will be compatible with Ethereum platforms.
TreeTrunk, an Ethereum-based NFT platform, is planning to start offering artists new royalty options. A report unveiled this news earlier today, noting that the startup customized the NFT-specific ERC-721 protocol to achieve this feat. Through this modification, TreeTrunk would allow content creators to mint master NFTs and sell derivatives of the digital collectible to fans.
According to the report, fans can also sell the pieces spawned from the master NFTs. In so doing, the TreeTrunk-customized ERC-721 smart contract would distribute royalty payments to creators and collectors who make and sell authorized digital prints.
TreeTrunk added that,
The buyers of the prints can, in turn, make new prints from their NFTs until the number of generations set by the creator is reached.
The company disclosed that it has already signed up around a dozen artists for this launch. Each artist is, allegedly, donating a piece of original artwork, which will be available to early collectors, starting today.
TreeTrunk expects to launch the finished version of the protocol before March
TreeTrunk further noted that its developers are refining the protocol and expect to roll out the finished version by March. At this point, everyone will be able to use the modified ERC-721 protocol.
According to TreeTrunk CEO John Wolpert, the protocol will be fully compatible with any Ethereum based platform, including OpenSea. He added that this compatibility would let such platforms offer their users tools to convert their existing NFTs into TreeTrunk ones.
While the concept of using NFTs to monitor and collect royalties for artists is relatively new, it is quickly catching on. A perfect example is Royal, a platform launched by Justin Blau (3LAU). The platform offers users a chance to buy parts of an artist’s NFT and share in future copyright royalties. This model saw Royal raise $55 million from investors like Nas and The Chainsmokers.
Despite the success of Royal, Wolpert said TreeTrunk plans to focus on visual artists for now. However, he expects TreeTrunk to start working with musicians, filmmakers, and other content creators in the near future.
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