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The Other Fruit in collaboration with HUMAN/NATION (Humation LTD), and the NEST (NESTECH LLC), personal-blockchain mobile application, today announce finalization of closed-door Biosphere development with scheduled Q2, 2021 public release.The TOF Biosphere and NEST digital asset generation, hosting and exchange protocols introduce individual encryption, provenance and legal P2P exchange into the global NFT and DLT-set asset markets. Accommodating the Tron, Waves, Stellar and TOB networks, dedicated private side-chain integrations have been agreed to with major public networks.
Already being welcomed as a cutting edge, necessary enhancement by major marketplaces and auction services, the TOF / NEST protocol is set to soon become the new digital-asset standard.
1. The NFT art market.
Crypto-artworks and specifically Non-Fungible Token (NFT), sales now account for over 10% of the global art market. With transactions topping $2B, both legitimate as well as fraudulent content is pouring into marketplaces. The creator Beeple grabbing headlines after selling his ‘First 5000 Days’ digital image for $69M USD worth of cryptocurrency through Christie’s auction house in February, this year.
Such transactions continue despite NFT generation, payment and exchange can today all be done using potentially anonymous wallets providing no genuine ownership protections or provenance.
2. Why tokenization is booming.
Creators have limited income capacities when working by hand, typically paid by hour or piece. The NFT art scene is today exploding as content holders often believe that digital tokenization of work permits new revenue streams. This real-world limitation has been the motivation of many tokenization attempts, including those for creating NFTs of tattoo designs and other forms of body art.
3. How are NFTs created?
An NFT is basically one cryptographically secure and unique entry, in a blockchain. Blockchain is fundamentally an immutable ledger, with each entry permanently set. The cost of creating this blockchain entry is determined by its size, the more data that is involved the more expensive that transaction. Because of this, an NFT blockchain entry is typically only text records of pseudo-anonymous digital ascriptions, or what is known as ‘meta-data’ with actual linked-content, such as a photo, which is supposedly ‘owned’ by the NFT holder being hosted externally, outside of the blockchain.
4. Where and how are these created?
The Ethereum network has so far proven to be the most popular for NFT blockchain ledger entries with the distributed, open-source
IPFS network being a leading choice for external content hosting. Dependent on highly volatile transaction prices, independently creating an NFT may often cost between $100 to $300 USD per piece.
5. The problems with the NFT art market.
Right now, with most NFTs, often there is no ownership control and no ‘excludable’ characteristic. Meaning for true control, an owner needs to be able to both decide how that element is used as well as what, when or how it is sold. The art NFT space lacks secured ownership rights, true contractual exchange, environmentally sustainable as well as economically viable generation solutions.
6. Going beyond NFTs.
The TOF Biosphere is an independent-exchange pioneer, the world’s first fully private, distributed engagement platform for direct contractual exchange wherein users privately authenticate and hold personal data and controlled assets (such as NFTs).
By segmenting device-side encryption, TOF Biosphere permits digital-asset and blockchain exchanges to be executed across varied networks, thereby side-stepping DEX complexities. Implementing ultra-energy efficient, proof-of-stake minting as well as a protected, proprietary methodologies for legal contractual exchange of NFT and digital asset ownership, TOF Biosphere exchange also generates user-held, privately authenticated provenance.
For more information about The Other Fruit please visit https://theotherfruit.org/be or write to iam@theotherfruit.org
Contact Info:
Name: Jason Staubman
Email: Send Email
Organization: TOF
Address: G-Brook, West Sussex, BN69LH, United Kingdom
Website: https://theotherfruit.org
Release ID: 89021802