The Future of NFT Is EVT, the New Game Changer Token
is said to be the upgraded version of NFT and will eventually replace NFT soon for creatives. Is this possible? Here is an insight into how the backbone tech of these tokens works.A non-fungible token is a financial security consisting of digital data stored in a blockchain, a form of a distributed ledger. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded.
The art trade has long been tolerated by artists and creatives simply because there were no better options to get their work out. Artists needed curators because curators often provided the clientele and the physical space for artists to display/sell their work. Often, the management fees are grossly imbalanced, with curators taking more than 60-70% of the deal, leaving the artist enough money to sport their frugal lifestyles and continuously create work.
Technically, it’s too complicated to execute code that would allow resale royalties continuously. Instead, NFT is implemented by a smart contract in which the specs only claim static properties.
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