FAQ
Overview: Vivid Labs / VIVID Platform / VID Token
What is Vivid Labs?
Vivid Labs is the producer of VIVID, the next-generation NFT publishing platform that allows anyone to create, manage, and sell advanced NFTs. Powered by the VID token, VIVID enables new use cases and business models evolving NFTs into complete media experiences. Vivid Labs’ website is found at www.VividLabs.com.
Why is Vivid Labs important?
NFTs are exploding and their business potential is unlimited. NFTs gained enormous traction in 2021, merging the digital art market with blockchain technology. Since early in the year, NFTs have taken hold in numerous other industries, led by gaming, sports, and music, but rapidly exploding into virtually every commercial sector. It’s clear that NFTs are headed towards mainstream adoption, with people ranging from famous artists to celebrities, to retail brands large and small, to small-scale creators promoting and utilizing this technology on a massive scale.
With the VIVID publishing platform, Vivid Labs is introducing a decentralized SaaS solution to enable all businesses to easily set up NFT marketplaces that mint and sell advanced, multimedia NFTs, and are compatible with all major chains and marketplaces.
VIVID is the technology platform the industry has been waiting for to rocket the business of NFTs to the next level.
Who is on the team behind Vivid Labs?
The Vivid Labs team of media, cloud, and blockchain experts has been centrally involved in the development of video, cloud, network and content applications, platforms and services for some of the biggest names in the media and technology industries, including Intel, Cloudera, Disney-ABC, Paramount, Technicolor, Fox, Sony, NBCUniversal, DIRECTV, and AT&T.
Most notably, Vivid Labs was founded and is led by famed entrepreneur Halsey Minor, a technology visionary behind some of the greatest successes in enterprise computing, anticipating “what’s next” in enterprise architecture and technology adoption. His companies have created over $270 Billion in cumulative value, and he’s built a NASDAQ 100 company from scratch. These companies include CNET, Salesforce, Google Voice, Vignette, OpenDNS, and the crypto exchange Uphold.
What powers the VIVID Platform?
You do! The decentralized VIVID platform mints the NFTs, produces the media assets (audio, video, images) in the NFTs, and securely encodes them on its blockchain platform that is powered by the VID token. The VID token is an ERC-20 utility token using proof-of-stake optimization to determine which workers on the platform perform the work. Anyone who obtains the VaID token (available on Kucoin, Bittrex, and Uniswap) can support Worker nodes through staking, and receive rewards for doing so.
Where can I obtain the VID token?
The VID token trades on KuCoin, Bittrex, and Uniswap.
How can I stake my VID tokens and what rewards are available?
Details may be found on https://www.stakingrewards.com/earn/videocoin/.
Why is the VID token on the exchanges and stakingrewards.com called “VideoCoin”?
Vivid Labs began as the VideoCoin project when it first focused on building its robust and massive decentralized video processing infrastructure powered by the VID (“VideoCoin”) token. Today this infrastructure (which was called the VideoCoin Network) is the foundation of the full-stack tech solution that makes turnkey NFT publishing possible with the VIVID platform.
The project is in the midst of rebranding the former VideoCoin Network digital presence as VIVID, but even when that completes, the underlying token that powers this foundation will remain with the ticker symbol VID, and the name VideoCoin will continue to be seen on token listings next to that ticker. But be assured: the VID token now powers the VIVID platform from Vivid Labs!
What is the difference between Vivid Labs and the VIVID Platform?
Vivid Labs is the project name, and represents the company responsible for the software platform. VIVID is the product name for the platform itself, which comes in two flavors:
VIVID Open, an open-source, turnkey NFT publishing platform VIVID Pro, a paid version that implements numerous additional capabilities beyond those found in VIVID Open
The VIVID Platform In Depth
VIVID = NFTs for Everyone
VIVID is a next-generation NFT publishing platform that allows anyone to create, manage, and sell advanced NFTs. Powered by the VID token, VIVID enables new use cases and business models evolving NFTs into complete media experiences.
The VIVID platform makes it easy for anyone to rapidly create an NFT marketplace with all the core capabilities of NFTs.
VIVID removes the complexity and risk from NFT marketplaces by streamlining the basic minting of NFTs and storing them using our unique cryptographic methodology on partner NFT.Storage/IPFS/Filecoin’s robust, massively distributed storage network. This ensures the security and resiliency of NFTs minted using the VIVID platform, unlike many other NFT platforms whose tokens and underlying assets are both subject to loss or breakage using ordinary methods on often-proprietary storage platforms.
VIVID creates NFTs from any type of media, including JPEGS, video, audio and more. Its advanced decentralized video processing infrastructure handles the complex tasks of video encoding and transcoding, and cost-effectively processes video of any length and format – from TikTok videos to feature-length movies.
Further, VIVID integrates a currency-agnostic payment system (through payment provider partner Public Mint) that removes payment friction and opens NFTs to the general market by enabling transactions in cryptocurrency, or by credit card or ACH in any fiat currency.
What’s the difference between VIVID, VIVID Open, and Vivid Pro?
VIVID is the overall NFT publishing platform.
VIVID Open is the open-source version, available for free to anyone, that implements all the core functionality needed for a basic NFT marketplace. This version supports the ERC-721 token standard.
VIVID Pro is the paid version, and extends VIVID Open with many advanced features not found elsewhere, such as multi-asset NFTs that can encapsulate any media file format, a DRM approach that allows flexible DRM permissioning on an individual asset basis, as well as the ability to continuously update an NFT even after sale or resale. VIVID Pro also provides export of individual NFT assets. We call these advanced capabilities “NFT+”. VIVID Pro supports both the ERC-721 and ERC-1155 token standards.
NFT.Storage/IPFS/Filecoin integration
VIVID NFTs are stored on partner Filecoin’s NFT.Storage network, with its enormous capacity, reliability, and power to handle storage on a massive scale. This ensures that NFTs minted using the VIVID platform will have robust resiliency and longevity, unlike many NFTs currently being minted on other platforms. VIVID NFTs won’t break or vanish if the marketplace or provider disappears or shuts down.
What is NFT+?
NFT+ is Vivid Labs’ name for the powerful NFTs the VIVID platform produces. NFT+ enables several unique advanced features, transforming ordinary NFTs into rich, programmable multimedia experiences. Vivid Labs sees NFTs as going well beyond today’s notion of mere digital collectibles, where 1 NFT equals 1 asset. We reimagine NFTs as storytelling media, capable of weaving multiple elements into a compelling and ongoing narrative over time.
What are the unique features of NFT+?
Multi-format and Multi-asset NFTs created in VIVID’s NFT+ format can contain any number of media files, of any file type, together in a single NFT. So they are multi-format, and multi-asset.
Updateable NFT+ are also updateable throughout their lifespan – even if they’ve already been minted or sold, further increasing their value. For instance, a fan who purchased an artist’s music album as an NFT+ can add additional photos, video clips, and other media to the existing NFT over time, personalizing it to their own experience.
Flexible, On-chain DRM With NFT+, a creator or publisher can assign permissions to each included media asset, providing great flexibility. Assets can be fully unlocked (i.e., no purchase required to view), or conditionally locked to limit it to, say, a certain number of views of a video, or viewing over a certain “windowed” time period, or a certain number of resales. And different permissions can be assigned to each asset individually. This mimics typical DRM schemes found in other media formats, implemented on a powerful asset-by-asset basis – and it travels with the NFT+ across resales.
Resiliency VIVID uses the formidable Filecoin network to store both the NFT+ and its underlying media assets. This provides extremely robust, resilient storage to protect the NFT+ from breakage due to storage provider or marketplace unavailability, shutdown, or loss.
Multi-chain/Multi-market Compatibility The VideoCoin Network at the heart of the VIVID platform supports and is compatible with all major blockchains – Ethereum, Solana, Palm, Polygon, etc. This means that VIVID NFT+’s can be exported to marketplaces built on any of those chains, preventing lock-in. When sending to an external destination marketplace, VIVID will export whichever assets in the NFT+ are supported by the destination.
How is NFT+ different from ordinary NFTs?
With NFT+, creators and publishers can compile multiple media assets, of any type, into a single NFT. This provides a “master container” of media elements that can be extracted and exported to any external marketplace that supports those particular asset types (for example, the marketplace might handle JPEGs and MP4 videos but not 3D or PDF files).
NFT+ allows the creators to build a multi-asset narrative that combines as many elements as they want, of any media type.
For example, if a music artist wanted to publish an album, turning each individual track into an NFT would be a complicated and tedious process. And, the tracks would not be tied together in any way – each track would exist as an individual and independent NFT. But with NFT+, the artist can combine all the tracks into a single NFT, and also add cover art, liner notes, photos, “in the studio” videos, and more, to enhance the experience and its value. This is something that simply cannot be done with ordinary NFTs on any other platform. VIVID makes this complex process easy through the unique multi-format/multi-asset property of NFT+.
What are the benefits to artists/creators, brands, publishers, retailers?
VIVID’s advanced features and ease of use directly benefit artists and creators, allowing them to focus on their creative efforts, and offloading the technical aspects of NFT creation. Moreover, as a publishing platform, VIVID also simplifies the significant amount of work required to list and sell an artists’ NFT on a marketplace.
Brands, publishers, and retailers can take advantage of NFT+ in a number of ways. NFTs can be pre-loaded with a range of compelling media content available at initial sale, perhaps tied to a physical object like a sneaker or a handbag. Then, they can exploit the updateable feature of NFT+ to continue to add content over time, maintaining a precious connection with the buyer/owner and extending the value of the NFT.
Wait - how can you make an updateable NFT? Aren’t NFTs supposed to be immutable forever once minted?
VIVID’s invention of the updateable NFT+ promises to crack the NFT concept wide open. Using proprietary cryptographic methodology, our NFT+ format allows additional assets to be added throughout its lifespan. The NFT is still “immutable” in that it still retains its uniqueness, provenance, ownership, and original content, but can now have ongoing updates of new elements at any time – even after initial minting and resales.
Appendix I - Assets and Links
Visit Vivid Labs’ site.
Vivid Labs and VIVID logos, banners, and the VID token icon are here
Watch Halsey Minor’s introduction to VIVID, direct from NFT Basel in Miami.
Read the press release and more about this fantastic new platform on Vivid Labs’ Medium hub.
Learn more about the VIVID Platform’s full technology stack, available in Open and Pro versions, in this detailed downloadable.
Read the blog post detailing the release of VIVID Open platform.
Join Vivid Labs’ Discord community and follow them on Twitter.
Social Media Handles
Twitter: @VividLabsHQ Discord: Vivid Labs Official (formerly VideoCoin Network) Medium: @vividlabshq YouTube: Vivid Labs LinkedIn: Vivid Labs (formerly VideoCoin Network) Telegram: Vivid Labs Official - formerly VideoCoin Reddit: still being migrated
Appendix II: VIVID Open vs. VIVID Pro at a Glance
Appendix III: VIVID Platform Architecture
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