Vitruveo has launched a rebasing mechanism that is implemented directly into its core protocol, distinguishing it from other protocols that use smart contracts for rebasing implementation. The innovative approach aims to minimize the risk of inflation and enable long-term growth.
Vitruveo’s auto-rebasing feature offers a user-friendly experience and demonstrates high performance. When a rebase event occurs, customers’ Crypto Wallets, such as MetaMask, will automatically reflect the change in their balance.
The rebasing mechanism in Vitruveo is similar to compound interest. However, it is uniquely tied to transaction volume based on epochs. In Vitruveo, each epoch consists of 17,280 blocks, with each block equal to five seconds.
Vitruveo sets a transaction goal for every epoch. If this goal is met within a +/-25 percent variability, all holders of the native coins will automatically receive an increase of 1.00087671. For each epoch, Vitruveo will also increase the transaction goal by 500, ensuring the platform’s effectiveness remains.
This rebasing mechanism will persist until 250 million $VTRU are in the circulating supply. Once this threshold is met, users will receive a passive income, named Early Adopter Rewards. These rewards are meant for $VTRU holders who joined in the first 5-7 years.
$VTRU is the center of Vitruveo’s ecosystem. This native coin serves as the currency for every transaction and gas. Additionally, $VTRU is utilized in every sales transaction, aiming to streamline the payment process for artists. This approach reflects Vitruveo’s claim as a platform dedicated to creators.
The rebasing mechanism is not the only new feature Vitruveo launched last week. It also announced License Tokenization, allowing artists on the platform to generate recurring income without having to sell their NFTs or creating replicas of their original works.
The concept of License Tokenization comes from the software industry. Essentially, License Tokenization enables creators to produce one work and sell it in unlimited numbers with minimal costs, maximizing the profits they receive. Aside from creating a new way to generate income, Vitruveo hopes that the new License Tokenizations can also expand the art economy of NFTs.
Vitruveo’s NFT sales fuels ecosystem growth
On January 19, Vitruveo announced that the sales of NFTs on its platform had surpassed $1 million, proving the increasing demand for Vitruveo’s services. Vitruveo could achieve this because of the sales of its Booster and Super Booster NFTs, which were displayed at Times Square, New York, in December last year.
Each of these NFTs is designed to showcase the work of global artists, featuring an added layer of AR for a unique collecting experience.
“We are thrilled to have crossed the $1 million mark in NFT sales, and we are deeply grateful to our vibrant community who trust in Vitruveo’s vision to become the most trusted blockchain for creators in existence,” said Vitruveo founder and CEO Nik Kalyani. “This success reinforces our commitment to providing creators with a blockchain platform that empowers them to thrive in the digital economy.”
Currently, Vitruveo focuses on assisting artists in tokenizing their works and selling them securely. This initiative gives artists a new revenue stream and a novel way to engage with their audience.
The funds Vitruveo obtained from the NFT sales will be used to develop the ecosystem. There are four areas that have become Vitruveo’s main concerns. The company will focus on improving the features of the platform, securing more partnerships, enhancing exchange liquidity, and establishing decentralized applications.