Blockchain technology is on the rise. Over the past few years, it has disrupted our banking, payments, cybersecurity, and cloud storage industries. Now, this technology is slowly making its way into the world of arts and entertainment, with NFTs (non-fungible tokens) leading the charge.
Though they were always a part of blockchain technology, NFTs have only come into the limelight recently. In the past few months, we witnessed the tremendous value these tokens could hold. Twitter CEO Jack Dorsey sold his tweet as an NFT for $2.9M, Canadian musician Grimes sold a 50-second video of her song for $390,000. If that’s not enough, a digital artist named Beeple sold his work as an NFT for a whopping $69M, and top it all up, NBA earned up to $230M in revenue by selling game highlights as NFTs.
But, what makes NFTs so valuable?
An NFT is an on-chain token representing an off-chain asset like music, art, video game collectibles, or videos. Each token has a unique value of its own and cannot be replicated. When an NFT is minted, it becomes a part of the blockchain ledger, enabling users to see its entire history including current ownership, price, and original creator details. This way, they provide a means for digital creators to secure the authenticity of an asset, create scarcity and also earn revenue off of it.
The Integration of The Aces
To cater to this emerging market, numerous NFT trading platforms have come up recently. The problem is that there isn’t a platform that fully caters to the video NFT market. Videos are the most popular type of NFTs. Not having a platform makes the creation and storage of video-based NFTs an extremely complicated process. But, that’s about to change.
Decentralized video and file storage platforms VideoCoin and Filecoin are integrating to build the world’s first platform for video-based NFTs. This platform will enable users to create, store and trade NFTs in a hassle-free manner.
How Will VideoCoin and Filecoin Make This Happen?
VideoCoin and Filecoin are decentralized storage and processing platforms for videos and files. These two platforms have managed to challenge the good old cloud-based services with their new technology.
VideoCoin is specifically dedicated to video encoding, storage, and distribution. It has successfully managed to create a distributed network of miners who process files, provide storage space and also distribute videos in exchange for rewards. Because of its distributed nature, this platform has enough processing power and storage space even for videos of very high resolutions. VideoCoin can also be used by developers to create next-generation video streaming apps.
Filecoin on the other hand is the world’s largest decentralized storage network. Just like VideoCoin, it incentivizes miners for providing storage space. So far, it has amassed 2.5 billion GB of storage space on its network.
By combining these two cutting-edge core technologies, VideoCoin and Filecoin are architecting a next-generation video NFT trading platform that overcomes all the shortcomings of the present-day platforms. Users of the platform can create, store and trade NFTs easily.
This platform also addresses the issue of authenticity by creating a proof-of-ownership along with the video NFT.
How Will This Platform Impact NFT Space?
Given that this platform is launching alongside the DeFi and NFT boom, it could be a game-changer for the industry. As more and more people continue to realize the potential of NFTs, this platform will provide a means for them to trade video-based NFTs securely.
Individual digital creators, movie makers, and sports organizers could use this platform to store and sell snippets of their creations as NFTs and earn a profit in the process. This platform could also provide a means for fans to show support to their favorite creators by buying their NFTs.
All in all, this could be the go-to platform to power the trading of digital collectibles in future.
What Does The Future Hold For NFTs?
Although there are a few people who believe otherwise, the future for NFTs looks quite bright. The variety of use-cases they possess makes it impossible to ignore NFTs. We can look at a future where artists automatically get paid when a sale of their work occurs, the land registry gets notified every time a real estate NFT is sold, or match tickets for sports are sold over blockchain networks in a tokenized manner.
While transitioning to a future like this, a dedicated trading platform like the one being built by VideoCoin will be a major boon for creators and sellers of NFTs.
This article was first published on coinquora.com
