Just these past few years NFTs took the world by storm. Nearly $41b worth of crypto was spent on NFT marketplaces in 2021. While the highest NFT (Pak’s The Merge) sale amounted to 91.8m, the rest of 50% of all NFTs sales were below $200. An estimated 250,000 people trade NFTs each month on OpenSea. In the world of Crypto tech, the development is fast and furious. Everyone almost had enough of NFTs and now comes a new token called the EVT. The Encrypted Variable Token.
Aside from all the flashy numbers and impressive statistics, NFTs are just a technological way to record true ownership of a digital content. The beautiful thing is, once an NFT is bought by you, the ownership is recorded, and this is truly yours forever until you decide to trade it. The usable smart contracts for NFTs are relatively simple, but not dynamic.
The dynamic NFT concept has been talked about, but not implemented. The only group implementing it currently is the Newton Blockchain Project. Newton Is a decentralized public blockchain founded by J.Z. Xu and his global team. Since its official chain launch in 2018, Newton has focused on laying down the foundation for Dapps servicing the Entertainment Industry via continual R&D into innovative smart contracts. Their newly innovated smart contract is called the EVT (Encrypted Variable Token) which will be traded on a premiere Entertainment Asset Dapp called Wave. One of Newton’s communities called BitPenguin Studio is set release rare niche-film related EVTs coming season.
Newton’s EVT addresses the limitations of the NFT and provides the industry with a more dynamic tool to navigate Web3. With EVTs, as a platform user; one can truly own and distribute digital content within platform and create bulk sale events to view encrypted media content. For creators, one can enjoy residual royalties for a lifetime which couldn’t be realized before with NFTs. For developers, one can reprogram some variable parts within the contract and change the interaction of the EVT in a safe secure manner. Opening the dynamic aspect of the token allows more versatile interactions which supports the use-cases within the industry as it unfolds.
Soon, we will see a lot more EVTs in the space solving the previous issues NFTs could not. We will be seeing EVTs permeate into the metaverse to give more value to those who participate in this early stage of the infrastructure.
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