Filecoin Virtual Meetup: Building Resilient NFT Marketplaces with VideoCoin
Introducing our Out-of-the-Box NFT Marketplace
VideoCoin empowers developers to build the next-generation video application experiences that reimagine the future of video. On Tuesday, May 18, we joined Filecoin’s monthly virtual meetup to provide an update on our Out-of-the-Box NFT Marketplace solution.
The live-streamed event included presentations by Dealbot, VideoCoin, Keyko, Alan Shaw, and others working in and around the Filecoin ecosystem. In this meetup, Live Planet CTO, Devadutta Ghat, discussed VideoCoin’s integration with Filecoin and the latest updates on the development, including a demo of the Alpha platform.
Scroll down to watch the video of the Filecoin virtual meetup and read the recap of the VideoCoin presentation.
VIDEO: Filecoin Virtual Meetup on YouTube
VideoCoin NFT Marketplace Presentation (Click the topic below to jump to that section)
The Need for Resilient NFT Marketplaces
The problems with NFTs today:
- Building an NFT Marketplace is complex. The development of a marketplace is difficult, requiring a lot of resources and time.
- All NFTs are extremely fragile. The expensive NFT you hold today can be a worthless ERC token tomorrow.
- Creating and handling NFTs is expensive. Development costs, storage, and GAS fees are prohibitive to usability.
Learn more about the state of NFTs: What Is a Video NFT and How Does VideoCoin Technology Make It Better?
A WordPress for NFTs
VideoCoin is creating an NFT platform that is as simple to use as WordPress is for blogging. We’ve taken all the complexity out of creating production-quality marketplaces. It’s as simple as running an installer. Users are given the contracts, scripts, backend/frontend APIs, and more, all with the flexibility to control their own marketplace parameters. This gives you everything you need to set up an NFT marketplace right out of the box.
We ensure resilient NFTs. On top of storing the media asset in Filecoin, we attach it with a novel proof of ownership that is cryptographically derived using video DRM technology. This irrefutably establishes your ownership of associated media files stored with Filecoin.
Finally, it is affordable. Everything that happens on the VideoCoin blockchain with its low gas fees and ability to scale and storing files on Filecoin is a fraction of the cost essentially guaranteeing longevity.
Features, integrations, and capabilities at launch:
- A fully functioning NFT marketplace build in React
- ERC-1155 in ERC-721 token compatibility
- Wallet integration with Metamask
- OpenSea marketplace integration
- Marketplace APIs
- FileCoin Integration with Textile
- VideoCoin Integration
- Proof of ownership
The role of VideoCoin and Filecoin for NFT Marketplaces
The VideoCoin Network — Runs NFT marketplaces, video processing, NFT contracts, proof of ownership, and payment processing.
VideoCoin 3rd-Party Worker —Encryption and encoding of Video NFTs. Processing of Proof of Ownership, thumbnails, metadata, and gifs.
Filecoin/IPFS — Storage of video files, thumbnails, and metadata.
VIDEO: Technical Demo and Alpha Preview
Note: The demo is a pre-alpha platform that is still in development. This is only a preview of what’s to come for our Alpha release in July.
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