They want to enable a marketplace for videos with nonfungible tokens (NFTs). The aim is to solve major issues in video authentication.
Filecoin offers a low-cost option
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Filecoin offers a low-cost and wider storage network, which provides a platform optimized for video NFTs. This will be beneficial for video game streamers and moviemakers, according to the announcement.
VideoCoin will be bypassing the high costs and complexities of storing data on Ethereum (ETH) through a proof of ownership algorithm with the Filecoin network.
NFTs have exploded in the past few months. A collection of music, sports, arts, and other collectibles have been sold as NFTs recently, as the NFT industry sees increased participation.
A digital collection of basketball cards, called NBA Top Shot, has surpassed $100 million in sales, only 5 months after it went public. They were built by Daper Labs and published by Animoca Brands.
Popular artist Beeple launched an NFT digital collage and sold it for $69.3 million. More investors are trouping to NFTs as it also keeps attracting game fans. However, all the collectibles are virtual-based and not video-based.
The NFT industry is still growing, and no video-based collectible has been successfully sold yet. Observers believe that this will revolutionize the digital collectibles world as it could potentially lead to the NFT offerings of original digital works.
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Filecoin expands capacity
According to the announcement, more details about the video NFT will be made available in few days with information regarding the functionality of the VideoCoin network. It will show how the network is used to establish the next-level of video applications on the blockchain.
The task fits Filecoin’s platform as the network has exceeded 4.6 billion GB of storage capacity. This massive storage volume can store over a billion 1080p resolution movies.