Earlier this month, the filecoin blog announced that videocoin would combine with filecoin to provide NFT services. This will be an appropriate and solid step in the field of video NFT. Specifically speaking, it has three meanings Videocoin will integrate the filecoin network to promote the video NFT market;
Filecoin provides the necessary storage capacity for video NFT
NFT based on video is becoming more and more popular. The proof mechanism provided by filecoin provides authentication guarantee, which will become the portal of video source verification.
This is the good news that filecoin serves the NFT market. Before filecoin, most NFT market storage used IPFs network (private or shared) or other centralized methods to store data, and hash value was linked. We can see several problems: 1) it is difficult to verify the original source of digital assets (IPFs network itself does not have this function); 2) Large capacity data storage and circulation lack of a unified model. For video NFT, these two aspects are very important.
This is the most appropriate combination. Because of the combination of videocoin and similar projects with filecoin, the filecoin network will soon become a home for video NFT. Through this combination, with the gradual improvement of the interface and service layer, filecoin is likely to become a home for all NFTs containing content.
This combination also opens a cross chain application in the filecoin ecosystem. Videocoin’s smart contract runs with Ethereum, and its content is stored in filecoin. Moreover, the content stored in filecoin can not only be used for videocoin, but also can play its value through its own ecology or other applications to bring benefits to NFT owners. Videocoin + filecoin is just one example. Other cross chain ecological applications of filecoin are also in the process of brewing and starting, including filecoin + chainlink, filecoin + livepeer and so on. When considering NFT, you can open a brain hole. Different pieces (corresponding to different PID) in each transaction stored in filecoin and different contents (corresponding to different CID) in IPFs network are all heterogeneous. Each of them can be regarded as an NFT. These content (NFT) can transfer ownership, can be traded, can sell the right to use, and so on. This greatly expands the scope of the existing NFT. At present, filecoin doesn’t support smart contract, so how to make good use of the large number of NFT on filecoin has a very broad application development space. These applications can be cross chain, the combination of smart contract on Ethereum and filecoin, or other public chains, such as dfinity, platform, etc.
Back in February this year, the core developer of filecoin proposed to support NFT directly on filecoin, and proposed to implement NFT actor, which is actually an actor dealing with collection type. Of course, it is necessary to save and maintain the state information needed by NFT and the transition between implementation states. This idea has been put forward, which has aroused heated discussion. Subsequently, different projects announced support for NFT storage to filecoin, including NFT storage and filecoin box launched by truffle suite.
In just over two months, different ideas and ideas have gradually emerged, although there is still a long way to go before they are widely adopted. But the seeds have been sprinkled. We may see the seeds sprouting in different places. You may not know where a big tree will grow, but it must be somewhere.