This platform’s EFT standard makes trading downloadable encrypted content accessible
In 2021, Forbes hinted at NFTs being the future of e-commerce, a reality that is becoming increasingly apparent today. Amanda Cassat, ex-chief marketing officer of ConsenSys, went even further, predicting:
“I think every single e-commerce store is going to turn into an NFT store.”
This view is supported by the increasing integration of NFTs by major brands like Louis Vuitton and celebrities such as Snoop Dogg. However, the driving force behind NFT adoption isn’t just high-profile endorsements but also meeting the evolving needs of customers actively participating in the NFT space.
Furthermore, with businesses like NVIDIA and Unity, and metaverse-based projects like Roblox, Decentraland and Sandbox heavily investing in the Metaverse — a key use case for NFTs — it’s clear that the e-commerce sector is on the verge of a significant shift, regardless of market uncertainties.
Where the journey begins
Unfortunately, one barrier still remains before this major transition, and it comes in the struggle for ease of use in the NFT space. On the one hand, e-commerce platforms are simple and provide users with a service to purchase whatever goods they need in a digital storefront. On the other hand, NFTs provide a versatile platform for content creators such as musicians, videographers, photographers and even freelance designers to monetize their work. Each artwork or design piece exists as a unique offering, ensuring creators receive royalties each time their work is sold and changes owners.
Furthermore, in sectors like the freelance market, on-chain payments allow designers to receive due compensation and companies to validate asset ownership. NFTs also facilitate sales of books, articles, databases, documents and 3D models in a verifiable manner. Despite this diverse range of use cases, the widespread accessibility of NFTs, akin to the one offered by e-commerce platforms, is yet to be fully realized.
FileMarket, seeks to revolutionize the NFT space by offering a single, accessible marketplace for users to mint and purchase NFTs with downloadable digital content.
With an upcoming related Software Development Kit, users will be able to establish their own NFT shops, trading digital content and data via Encrypted FileTokens (EFTs). This innovative NFT standard has the potential to reshape the e-commerce sector and gain widespread adoption.
Source: FileMarket
Currently, a fully operational main hub exists on the FVM mainnet for minting collections and conducting transactions. FileMarket’s use of the Filecoin Virtual Machine ensures secure, decentralized data trading, while the EFT Protocol allows encrypted file access to be sold via NFT trading, effectively tackling the “Right-click-and-save” issue in traditional NFT markets. In this fully decentralized P2P exchange, data encrypted in tokens remains uncompromised until transferred to a third party. Keys for encrypted files are safely stored in each user’s unified FileWallet, protected by a mnemonic seed phrase.
Meet the Multichain NFT shop builder
Source: FileMarket
In tandem with this release on FIlecoin Virtual Machine (FVM), the company is sharing the announcement of the FileBunnies project, the first-ever Encrypted FileToken (EFT) collection that will launch on June 28th. The collection includes 10,000 original NFTs that showcase various rarities and hold tangible value within the Filecoin ecosystem, and the broader creations emerging from Protocol Labs. The launch serves as a heartfelt tribute to the true pioneers of Web3, including the notable Juan Benet, head of Protocol Labs.
Positioned as the largest cross-marketing campaign in the history of the Filecoin ecosystem, the FileBunnies EFT collection has garnered the support of over 130 projects actively building on the Filecoin network. What’s more, through the innovative EFT Protocol, every owner of a FileBunny NFT will gain exclusive access to an encrypted archive complete with valuable assets and gifts contributed by these partner projects.
FileBunny NFT. Source: FileMarket
In that sense, the FileBunnies EFT collection will not only commemorate the launch of this exciting new data-sharing format in the Web3 space but also highlight a lot of its use cases and capabilities. From sharable collectibles to locked content and Kinder Surprise-like reveal elements, EFT has the potential to revolutionize numerous sectors and significantly reshape the way society thinks about e-commerce at the moment. What’s more, FileMarket will next be updated with a visual no-code constructor for creating digital content stores, making it even easier for creators to launch their digital products.
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