VideoCoin and Filecoin to Power the Video NFT Market
We are excited to announce that VideoCoin is integrating its decentralized video processing network with Filecoin to build the first platform specifically designed for creating and trading Video NFTs, a highly compelling segment of the emerging global marketplace for digital collectibles.
NFTs are revolutionizing the way digital collectibles are created and traded, while video-based NFTs specifically hold the potential to unleash original digital works from the world’s creative communities and create new revenue streams for owners of video catalogs (movies, TV shows, sporting events, etc.).
Through its integration with Filecoin, VideoCoin is architecting a solution to reliably create, store and trade video-based NFTs that circumvents the inherent complexity and expense of storing actual data on Ethereum. The Video NFT platform will create and store a Proof of Ownership alongside the Video NFT that solves a major pain point in today’s NFT landscape of not being able to prove ownership of, for example, a work of art. Proof of Ownership on Filecoin will enable a whole new class of applications for NFTs alongside digital collectibles, including video origin verification.
As the world’s largest distributed blockchain storage network, Filecoin is ideally suited for the Video NFT platform; the network recently exceeded 4.6 billion gigabytes of storage capacity which is more than enough to, for example, store roughly 1300 million 1080p high resolution movie files!
More details on the availability and features of the Video NFT platform are coming soon! Learn more about how VideoCoin Network’s technology is being deployed to create the next generation of video applications which leverage the new blockchain-powered Internet on the project website and follow the latest projects updates on Twitter.