Source: Observatorioblockchain / Jennifer Maldonado
VIVID is a platform for those who want to experiment with creating multimedia NFTs on the Web3. Developed by technology provider Vivid Labs, VIVID already allows NFTs to be created from short videos or full-length movies. The platform was launched in April of last year under the name VideoCoin Network, an NFT video marketplace created in collaboration with Filecoin. However, it has evolved into a platform where creators and users can experiment with multimedia NFTs and explore new use cases and transformative business models with these digital assets.
VIVID, NFT 2.0
VIVID’s goal is to offer creators, developers and users advanced features for the new generation of NFT, called NFT 2.0. For example, VIVID allows users to create NFTs of any type, containing any number of assets, with up to 32 gigabytes (GB) of content per non-fungible token. In this way, users can better exploit the potential of these digital assets, overcoming the current barriers of some platforms that limit NFTs to a single asset and smaller content sizes.
VIVID’s NFT 2.0 enables creators to continually update the content of each digital asset. That is, they can add additional means to their NFTs, even after they have been minted or sold. To further explore the potential of NFTs, VIVID enables customizable feature packs. As functions of proof of ownership or the admission of all types of files: from images in JPEG, PNG, SVG format, to audio, video, 3D objects, books, PDF, Zip and more.
A platform powered by the VID token
VIVID uses the Proof-of-Stake consensus mechanism to ensure responsible and sustainable minting of NFTs. On the other hand, by using Filecoin, this publishing platform for NFTs also ensures security and efficient and low-cost handling for NFT assets. As we mentioned at the beginning, VIVID was born as the NFT VideoCoin Network marketplace, built on the decentralized storage system on the Filecoin blockchain. This allows VIVID to guarantee its users that the NFTs they have minted will never disappear.
VIVID is powered by the VID token , issued by the company VideoCoin Development Association Ltd. Limited issue VID tokens are utility tokens that enable various functionalities on the network and ensure its stability and efficiency. The tokens were initially offered in a presale held in 2017, targeting investors and contributors interested in the project at the time. Currently, they can be purchased through centralized exchanges, such as KuCoin and Bittrex, or decentralized exchanges, such as Uniswap. The issuance of this token is limited to a total of 265 million units.
The VID token is listed on the market with a value of $0.048 . Its market capitalization is $8.09 million, which places it at #810 in the crypto market at press time.
As we are talking about a platform that seeks to empower the creators and developers of NFTs, Vivid Labs has important alliances to strengthen its objectives. Among these alliances is Shopify, one of the largest e-commerce platforms in the world.
In February of this year, it partnered with Shopify to launch its Shopify NFT app . From the one that allows its users to enjoy the full potential of blockchain technology, without complications, along with all the facilities of Shopify for trading NFTs. From this app it is already possible to sell and manage NFT tokens without the need for wallets, cryptocurrencies and without gas fees. In addition, it is possible to use credit cards for the sale of NFT, as well as the rest of the payment methods enabled by Shopify.
Vivid Labs has also partnered with production company Air Bud Entertainment and NFT studio Mint Werx to bring Air Bud content to Web3 via NFTs. In this way, creators can sell their content to their audiences directly
After several months of development and testing, Vivid Labs released its mobile app in open beta in July this year. Currently, users can sign up to test the app in the Android version through the project’s website .