DeFi World Is About to Get Its First Video NFT Platform

Videos with NTFs (non-fungible tokens), maybe something new on the block chain. VideoCoin has partnered with Filecoin IPFS (InterPlanetary File System) to build a next-generation platform of video trading.

If you’re a follower of the crypto/blockchain world, there’s a good chance that you might have heard of NTFs (non-fungible tokens) by now. The NBA is selling video highlights as dozens of NFTs, while artists and designers are selling their digital art and, in a somewhat surprising move, Twitter CEO Jack Dorsey is selling his tweets as NFTs. Musicians are selling snippets of their songs as NFTs, NBA is selling video highlights as NFTs, artists are selling their digital art as NFTs, and in a rather surprising way, Twitter CEO is selling his tweets as NFTs. NFT stands for nonfungible token, and VideoCoin has teamed up with Filecoin to launch the world’s first platform for video NFTs.But, what is exactly an NFT, and how does this new platform benefit creators and buyers of video NFTs?

In economics, a fungible asset is something that can be exchanged for another item of equivalent value. A fungible asset is currency.

Foreign currency notes are easily exchanged.

The other hand, a non-fungible asset is an isolated, unique item which cannot be exchanged. Now, a non-fungible token is essentially a virtual coin that represents a piece of digital content like music or art.

The digital items they hold are unique and may have their own value, so they are unable to be swapped with each other. Because of this, NFTs can be made for artwork, audio clips, and even articles in a video game. The video NFT is especially popular, however, because it acts as a scarcity token and increases the value of the video, thus creating a revenue stream for the original owner of the video.

The NBA's Top Shot raised $230M by selling game highlights as NFTs. VideosCoin has integrated cutting-edge underlying technology with its video streaming and content processing to build a new kind of video trading platform.There's a problem with the present-day trading of NFTs. Almost all of them are stored on the Ethereum blockchain. The process is complex, costly, and time-consuming. However, a platform that is all about video NFTs making it much easier to store and trade them.

VideoCoin does exactly that. VideoCoin's Core TechnologyVideoCoin is decentralized platform that stores, processes, and distributes video content via blockchain technology. This platform incentivizes miners by paying them in exchange for storage space and computing power to provide high-quality video services.Traditional video platforms lack the processing power or storage space to encode and store high-quality video files.

VideoCoin solves this problem by creating a distributed encoding, storage, and content delivery network. There are multiple subtasks that are processed in parallel, allowing much higher frame rates than in traditional networks. A network like this can also easily process 4K and 1080p videos. VideoCoin can also be used by a developer to build a next-generation video streaming app.

VideosCoin has integrated cutting-edge underlying technology with its video streaming and content processing to build a new kind of video trading platform.

The platform developed by VideoCoin aims to solve a major problem in the NFT market – authenticity that is currently being experienced in the marketplace. Now, Filecoin is the world's largest decentralized storage network, which currently has more than 2.5 billion GB of storage space. Videos are also associated with a proof-of-ownership to identify their original creator. VideoCoin integrates IPFS.The ecosystem lead says “ Getting fascinated by emerging technologies, Julia became impassioned about exploring them with the belief that they can revolutionize all areas of our lives. integration with IPFS makes video assets a valuable asset”. No details have yet been released concerning the new platform's launch date and features. However, we are confident that this platform, when successfully launched and implemented, could provide a whole new class of applications for both buyers and sellers of NFTs. Next Altcoin News, Blockchain News, Cryptocurrency News, Editor-in-Chief Julia SakovichA graduate of master’s in multicultural communication, Julia continues her studies in economics and management.

Getting fascinated by emerging technologies, Julia became impassioned about exploring them with the belief that they can revolutionize all areas of our lives. Core Technology

VideoCoin is a decentralized video storing, processing, and distributing platform powered by blockchain technology. Using Filecoin IPFS as a foundation, VideoCoin aims to create a next-generation video trading platform. If you’ve followed the crypto world for a while, you understand the concept of non-fungible tokens.

Once viewed by the digital art and gaming worlds as being a cult-like phenomenon, NFTs are now dominating the blockchain technology world. Musicians sell their songs in NFTs, the NBA sells clips from game highlights, artists sell digital art snippets in NFTs, and in an unexpected move Twitter CEO sells his tweets as NFTs. In spite of the fact that many of these companies are making millions, it is safe to say that NFTs are a booming market and have lot of potential. What are Non-fungible Tokens (NFTs) and how do they benefit buyers and sellers of video non-fungible tokens? VideoCoin has joined forces with Filecoin to build the world's first decentralized platform for video processing.

Basically, it is a digital collectible. Economically speaking, fungible assets are anything that can be converted into another asset that has equivalent value. An asset that can be fungible is currency.

Currency notes are easily exchanged.

Videos with NTFs (non-fungible tokens), maybe something new on the block chain. VideoCoin has partnered with Filecoin IPFS (InterPlanetary File System) to build a next-generation platform of video trading. Now, Filecoin is the world’s largest decentralized storage network that has more than 2.5 billion GB of storage space on its distributed network.

This platform created by VideoCoin will let users create, store and trade video-based NFTs without the shortcomings of the Ethereum blockchain.

We should create a new NFT trading platform.There is a problem with the way NFTs are currently traded. Most of them are stored on the Ethereum blockchain.

In the words of Filecoin’s Ecosystem lead, “Getting fascinated by emerging technologies, Julia became impassioned about exploring them with the belief that they can revolutionize all areas of our lives. integration of IPFS & Filecoin is a new technology stack that could power the creation of permanent digital memories and collectibles.”

The process of storing and handling video NFTs is a lot easier with platforms dedicated to storing and handling them. This is exactly what VideoCoin seeks to achieve. VideoCoin’s Core TechnologyVideoCoin is a decentralized video storing, processing, and distributing platform driven by blockchain technology.

Altcoin News, Blockchain News, Cryptocurrency news, News
Julia Sakovich
Editor-in-Chief Julia Sakovich

Having obtained a diploma in Intercultural Communication, Julia continued her studies taking a Master’s degree in Economics and Management. Becoming captured by innovative technologies, Julia turned passionate about exploring emerging techs believing in their ability to transform all spheres of our life.

 4/9/2021

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