Aptos Partners with Livepeer for Video NFT Support
Since the network first launched, the Aptos blockchain has reached a steady price hovering around 5 dollars per coin while its perceived rival, Solana, has continued to decline following a rough year instigated by TerraLUNA’s crash and compounded by the fall of FTX.
Aptos, on the other hand, appears to be in a position for growth as it partners with Livepeer to help expand video capabilities on the Aptos blockchain for NFTs and other streaming content.
What is the partnership?
Livepeer is a layer 1 protocol that is chain-agnostic and available on a variety of different networks. Their recent partnership with Aptos is the latest example of their ability to function on multiple blockchains and could help bridge interoperability in the future.
Their services will help creators build and mint NFT collections that use video instead of images, and they’ll also be able to include streaming credits within the video which go to the original developers.
Why video is important
As the NFT market continues to evolve it is clear that the market for NFTs is shifting. The massive hype surrounding NFTs in 2021 no longer exists and collectors are becoming more selective with their choices in order to avoid losses that are seemingly guaranteed at this point with most NFT projects.
However, video offers a new perspective on NFT utilities in a market that is littered with still images used as profile pictures and nothing more. With video, there is potential to open up new doors for creator economies.
Skits, films, and serialized shows are just some of the obvious examples of content that can be created with video formats; and with streaming credits incentives could also begin to play a part in the future.
With platforms like Youtube and Twitch dominating the online video market, Livepeer’s partnership with Aptos and other networks is paving the way for a decentralized platform where video monetization is less regulated by web2 companies.
Aptos winning?
Although the Aptos token has dropped nearly 50% since its ICO in October 2022, stability in the network appears to be strong with no major volatility on its price at a time when most web3 projects like Blockfi are suffering from the fallout of FTX.
However, this could be due to the fact that Aptos had positioned itself as a rival to the Solana network which has declined drastically through the month of November. The Solana blockchain had already been under heavy criticism because of its centralized appearance and network pauses, causing Aptos to become more appealing.
Since its launch, Aptos has already made significant partnerships. Moonpay, one of the most notable companies to arise during 2021, partnered with the network to help them create an onboarding ramp accessible with Apple Pay. The network is also collaborating with Google which has begun running their own validators on the network.
Though many questioned the need for another blockchain, it’s becoming clear that Aptos is making significant ground in a market that is being hammered left and right by bad actors and poor decision-making by executives. There, in fact, may not be a better time to overtake the Solana network.
