In summary:
- VideoCoin (VID) will be integrating Filecoin (FIL) to power the Video NFT market
- Filecoin will provide the necessary storage capacity for Video NFTs
- Video-based NFTs are gaining popularity and proof of ownership on Filecoin will be a gateway towards video origin verification
The decentralized file storage project of Filecoin (FIL) will soon be the home of video NFTs thanks to an integration with VideoCoin (VID). The latter project is working on creating a solution for the reliable creation, storage and trading of video NFTs on the Ethereum network.
VideoCoin aims at achieving this by bypassing the complexities and evident costs of storing actual data on Ethereum, through the integration of Filecoin and a Proof of Ownership algorithm as explained below.
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.
Filecoin’s Capacity Exceeds 4.6B GigaBytes
Details of the Video NFT platform will be released in the days to follow with intricate details on how the VideoCoin network is being deployed to create the next generation of video applications on the blockchain.
Filecoin (FIL) is particularly suited for the task at hand for the network has grown to exceed 4.6 billion gigabytes of storage capacity. For comparison purposes, such a storage volume is enough to store over 1.3 Billion 1080p resolution movies.
Filecoin team’s Ecosystem Lead, Colin Evran, further highlighted that VideoCoin’s integration with the IPFS storage system will open the doors to the creation of immutable digital videos.
Video NFTs are a natural evolution to the widespread adoption of static NFTs we are seeing within Web3 in 2021. VideoCoin’s integration of IPFS & Filecoin forms a new technology stack that could power the creation of immutable and permanent digital memories and collectibles.