[Application][Newsletter] VideoNFT -- Build your own NFT Marketplace on Filecoin + VideoCoin

[devadutta]

👋 Hello everyone! This is Devadutta from Live Planet.

I'm very happy to be part of this great ecosystem building really cool apps leveraging Filecoin. We just announced our new VideoNFT project, where we are leveraging Filecoin to create "unstoppable media NFTs".

The big problem with existing NFT implementations is that a media file (image, video or text) referenced by the NFT is not stored on the blockchain and usually lives on a centralized server somewhere. If the NFT issuing entity ceases to exist, the NFT will also go down with it. Our goal is to change that and store the media associated with the NFT on Filecoin. We see NFTs as a long term constituent of human culture and value and we are leveraging Filecoin to give these NFTs the longevity they deserve.

I am authoring a multi-part blog that explains how we are planning to implement a "Proof of Ownership" for an NFT using ephemeral private keys and aes encryption and also a method to sync all NFT transactions back on to Filecoin for long term storage.

While the technology is very exciting for me, I also want to note that this will be a fully functional and open source NFT marketplace running on VideoCoin + Filecoin. And because VideoCoin is ETH compatible, you can pretty much run the end product on any ETH compatible blockchain and Filecoin.

We will be developing this product in the open, we invite the great folks here to join us and contribute in any way you can and also help us make the right technical choices.

Here is the first part of the architecture blog. Please feel free to provide feedback!
https://medium.com/videocoin/how-to-get-nfts-right-architecture-and-roadmap-part-1-fcc7bd589391