Introducing NFT+: Empowering a New Kind of Music Experience
2021 was a banner year for NFTs. From Beeple to Punks to Apes to Axie to Nike, we saw NFTs remake the digital collectible. But what if NFTs could do more?
At the end of the year, VideoCoin Network rebranded as Vivid Labs to mark the launch of a powerful new NFT publishing platform poised to further evolve the understanding of what NFTs can do. Our VIVID platform delivers a set of advanced features that pioneer the next generation for NFTs — multimedia NFT experiences. These features, which we collectively call “NFT+”, break down barriers to the imagination. We are excited to see what you will create.
NFT+ in Brief
In an ongoing series of blog posts, we’ll explore novel use cases uniquely enabled by VIVID. Let’s start with an overview of some of the key NFT+ features: multi-format, multi-asset, updateable, and on-chain DRM.
Multi-format refers to our ability to create NFTs from literally any media file, in any format. Our platform can handle JPG, PNG, GIF, SVG, MP4, WEBM, MP3, WAV, OGG, GLB, GLTF, and many more. VIVID is built on a best-in-class media processing backbone that handles encoding, transcoding, and storage through a decentralized network of compute power capable of cost-effectively processing media file sizes and video of any length, from TikTok-style clips to 4K feature-length video.
Multi-asset is our unique methodology of creating single NFTs with any number of media elements. We view NFTs as containers, capable of holding multiple assets all at once. No longer does one NFT equal just one JPEG or one video. VIVID NFTs include multiple videos, images, audio, etc in limitless combinations, completely customizable, and with programmable access rules.
Updatability is a unique feature that makes our NFTs dynamic. After an NFT has been minted, or even after the NFT has been sold on a secondary market, the creator and the owner can continue to add new media into the NFT, creating a persistent and evolving experience that continues to give additional value to the holder of that NFT over time.
On-Chain DRM allows the creator broad options for setting flexible content permissions. Individual media elements in VIVID NFTs may be locked or unlocked, and made viewable or not viewable, based on rules defined in the NFT’s smart contract.
These VIVID NFT+ features empower an entirely new type of multimedia NFT that delivers entirely new use cases and business models to propel the NFT industry forward, creating more tools for creators and brands to deliver vital media experiences to their fans.
Now that you have a taste of what NFT+ can do, let’s look at an example of how these unique advanced capabilities could deliver an entirely new NFT-based media experience for musicians.
Case Study: Music Album NFT
We don’t often think of music albums as multimedia experiences. They are so well-integrated that we generally consider them as a complete unit rather than a package of individual media elements. Breaking down an album into its discrete components, we have audio tracks, cover art, photographs, lyrics, liner notes, and sometimes other goodies.
Today, NFTs allow musicians to experiment with novel ways to create, fund, and release music — but they don’t provide the full album experience. The most widely used solutions generally limit musicians to releasing individual tracks as separate NFTs. Fans must purchase multiple NFTs to collect an entire album’s output. And this does not include any additional media.
Enter VIVID. We remove those limits and allow artists to recreate the full traditional album experience in a single NFT+. And they can then add to the NFT+ in meaningful ways, providing the canvas for them to fully express their creativity through a complete multimedia NFT experience.
Here’s how it might work:
A musician decides to release her next album as an NFT. Using the VIVID platform, she creates a branded marketplace where she can sell NFTs, alongside other merchandise. She designs the NFT using media assets we traditionally expect from an album — a JPEG for the cover art, MP3 for the audio tracks, and a PDF for liner notes. She adds each draft of the sheet music showing the evolution of her compositions. She includes videos of early recording sessions and rehearsals. She adds instrumental-only versions that fans can remix. Finally, she adds an exclusive video message to fans.
All of this media is contained within one NFT.
To market the album, the musician also adds 10-second previews of each song. These previews, along with the cover art and the video message from the artist, are all made available to anyone who views the NFT on her online store. The rest of the media in the NFT is locked under DRM and remains unviewable until the NFT is bought, at which time it is unlocked for the new owner. She adds two full-length bonus tracks that will unlock when 1000 copies of the album are sold, and she advertises this promotion on her Discord channel.
After the initial sale, the musician continues to add media. As she promotes the album, she adds a music video, including the making-of. When she kicks off the tour for the album, she includes two PDF backstage passes to the concert for all NFT holders. She updates the NFT with concert footage from each leg of the tour as well as an alternate, live versions of songs from each of the performances. Later, she adds backstage and on-the-road audio and video. She includes signed posters from each of the performances. This media can be added for free or for micro-upcharges.
As the album hits certain platinum or gold milestones, she updates the NFT with 3D files designed by her favorite graphic artists. These 3D files can be exported from the NFT and sold as separate NFTs by the owner.
She continues to update the NFT through its successful Grammys season and asks her favorite musicians to create cover versions of the album’s hits to include in the NFT.
Even years later, at the 10-year anniversary of the album, she adds a feature-length documentary that covers the legacy of the album and its impact on the culture.
Empowering New Experiences
This takes NFTs to a completely new level. VIVID’s NFT+ unleashes the ability to create a rich entertainment experience, a dynamic digital collectible, and a living, permanent store of legacy — all crafted as the creator imagines it.
Join the Evolution. Make it VIVID.
Visit https://www.vividlabs.com/ and sign up for our mailing list to stay up to date on the latest NFT+ announcements.