Vivid Labs: Using Filecoin to Preserve Advanced Multimedia NFTs
For Vivid Labs, NFTs are more than just digital collectibles, they are a next-gen media format capable of powering complete and dynamic content experiences. Last week, the project announced the launch of a Shopify app that enables eligible Shopify Plus merchants to create advanced NFTs as it continues to expand on this concept.
Founded by technology entrepreneur Halsey Minor, the project started as the VideoCoin Network, a decentralized video processing platform for the encoding and transcoding of digital video. VideoCoin is a Proof-of-Stake blockchain powered by the VID token, designed to apply decentralization to the most robust media use cases.
Eighteen months ago, the team began reorienting the platform to address the growing popularity of NFTs. Seeing how the technology was thriving on the JPEG format, they knew that, eventually, NFTs would come for more complex media types like video.
Today, NFT holders get primary utility through access to engaged communities who together create culture, build belonging, and share in the upside of a common endeavor. These are powerful forces. It is remarkable, however, that the actual media experience, be it a JPEG or video highlights, is not at all that complex. For the most part, one NFT equals one JPEG or one NFT equals one video. Despite this “simplicity,” they have powered a billion-dollar industry – all on the evocative and creative power of punks, apes, axies, and NBA highlight clips.
As the industry nudges its way towards mainstream, use cases with more complex media requirements are arising. Vivid Labs is applying its technology towards use cases for the distribution of traditional media like film and television, alternatives for releasing music albums and concert experiences, and even new ways to think of consumer products. The project believes that, as seen with other mediums, creatives are frontrunners on how technology can be utilized and bent to meet creative vision.
This is why the VIVID platform was built. It is a full-stack NFT publishing platform for the creation of advanced multimedia NFTs, so that brands, content creators, and developers can create compelling media experiences, expanding what NFTs can do today. This is a set of new features that can be known as NFT+.
Whereas typical NFTs are generally constrained to one media asset, Vivid’s NFTs are multi-asset, allowing for the combination of video, audio images, 3D objects, and more in a single NFT. These NFTs can be updated with new media over time, even after minting, allowing for evolving, dynamic experiences that create a continued connection between creator and audience.
Vivid encrypts all media via an on-chain ClearKey DRM and uses Filecoin’s decentralized storage to ensure the security and preservation of the NFT. Using the innovation of Proof of Ownership, the platform encrypts each NFT with a private key that immutably links NFT metadata with each asset’s location on Filecoin, ensuring the NFT will never vanish or break.
Altogether, these features allow creators to imagine completely new use cases and business models. Three weeks ago, alongside partners at Mint Werx, a NFT production studio, Vivid launched Natural Selection Tour’s inaugural NFT collection.
Natural Selection Tour is an all-mountain freestyle snowboard tour featuring the world’s best riders. It became the first to launch NFTs with Vivid’s advanced NFT+ features. The Natural Selection Tour NFT contained 19 assets in three different media formats, totaling more than 2GB of media – all in one NFT. It contained exclusive art, 3D-rendered objects, and over 20 minutes of video from the course.
Filecoin’s decentralized storage solutions were a central part to the security and preservation of these NFTs. Vivid minted over 10,000 NFTs thanks to its use of the technology.
Get to know more about Vivid Labs by joining the community on Discord or following the project on Twitter!