What is Vivid Labs (VID)?
The VID token is an ERC-20 token that powers VIVID (formerly VideoCoin Network). VIVID is a blockchain-based NFT publishing platform. The next-gen NFT platform supports different functionalities such as creating, managing, and selling NFTs. Check out the live Vivid Labs price featured on its price chart above.
VIVID offers unique NFT+ features that give users a complete media experience when dealing with NFTs. These comprehensive features enable anyone to create their own NFT marketplace easily. VIVID also allows creators to update their NFTs with new content after they are minted or even sold.
Moreover, the platform's multi-format feature enables users to create NFTs from any media format such as MP4 videos, JPEGs, MP3s, and 3D. Besides, VIVID also supports multi-asset NFTs, which allows users to mint a single NFT containing any number of Media elements. Additionally, note that VIVID is a multi-chain platform supporting almost all major blockchains.
Talking about sustainability, the platform uses the environmentally friendly Proof-of-Stake (PoS) consensus mechanism. The project’s security is also unquestionable. It is encrypted with private keys that immutably link NFT metadata with each asset’s location on Filecoin. This feature gives NFTs long-term durability. Besides, VIVID also offers flexible DRM, which is an on-chain feature that allows users to assign independent access permission to each media asset on the platform.
Use Cases of Vivid Labs Coin (VID)
VID crypto is the fuel that powers the Vivid Labs platform. The token enables network functionality, ensuring its stability and efficiency. Primarily, VID coins facilitate the platform's reward program. Moreover, platform users are assigned jobs on the network depending on the number of VID tokens they stake. Besides, VID is available on various public exchanges and, hence, can be traded.
Planning to purchase Vivid Labs coins? Note that it's important to do a VID price analysis before doing that. You can check the live Vivid Labs price chart above.
Who founded Vivid Labs?
Vivid Labs is an operating division of Live Planet, Inc. The parent company was founded by Halsey Minor in 2016. Minor is the entrepreneur behind technology companies such as Google Voice, CNET, Salesforce, Uphold, Vignette, and OpenDNS. The whitepaper of VideoCoin was released on November 7, 2017.
Tokenomics of VID
VID has a maximum token supply of 265 million. The fixed token supply prevents inflation. The growth in the demand for Vivid products will mean an increase in demand for the VID token. Since the total token supply remains fixed, such an increase in demand could result in an increase in the VID price.
