The Runtime Upgrade
At about 11am CET on Wednesday May 11, 2022 (at block #697,500), the runtime upgrade from Olympia to Rhodes was successfully executed. Rhodes is not a new blockchain, only an update, which means there is no need for content & account migration.
Joystream couldn't be more excited to announce the Rhodes network, where we introduce the ability to buy and sell video NFTs.
Introducing Video NFTs
The ability to verify ownership of digital assets is allowing collectors and investors the opportunity to support creators, own "a piece of history", signal to the world something about yourself through the assets you own, and also make profitable investments. NFT as a technology, is making its way into every corner of the internet, and now you'll be able to buy and sell digital video assets as well.
Video NFTs 2.0
Video NFTs already existed, but in a fundamentally different way. NFT marketplaces like OpenSea and Rarible do offer the ability to mint Video NFTs, but they're limited to 100mb and 10mb file sizes, respectively. This means videos are either very short, or very low quality, or both. Video NFTs on Joystream's Atlas video platform opens up an entirely new world where full-length feature films, documentaries, TV shows, vlogs, content, commercials, and any type of video you can think of, can now be bought and sold as NFTs.
Superhero movies, hit shows, Superbowl commercials and vlogs will soon show up in people's wallets! A truly exciting step in digital asset ownership.
Buy & sell video assets as a Non-Fungible Token
Video NFT sales can be set up using 3 types of purchase auctions: English (predefined end date), Open (no predefined end date), and "Buy now" (auction concludes immediately upon a bid matching a predefined asking price)
The creator goes through a short and simple process to list their video for sale, which can then be resold by the new owner in the marketplace.
We look forward to seeing how people will use Video NFTs!
PS. Fun fact: here's the first NFT on Joystream.
Joystream DAO is always looking for more testnet participants to help us create the future of video. To learn more visit https://joystream.org/start
All forward looking statements, estimates and commitments found in this blog post should be understood to be highly uncertain, not binding and for which no guarantees of accuracy or reliability can be provided. To the fullest extent permitted by law, in no event shall Joystream, Jsgenesis or our affiliates, or any of our directors, employees, contractors, service providers or agents have any liability whatsoever to any person for any direct or indirect loss, liability, cost, claim, expense or damage of any kind, whether in contract or in tort, including negligence, or otherwise, arising out of or related to the use of all or part of this post, or any links to third party websites.