Cybersecurity and internet infrastructure company Cloudflare has announced Non-Fungible Token (NFT) support for Stream, allowing videos served through Cloudflare’s video platform to be linked with NFTs from all major NFT marketplaces.
NFTs are a special type of smart contract that allows provable ownership of the contract on the blockchain. Some call NFTs collectibles because like coins or stamps, collectors who enjoy them buy, sell and trade them. Collectors keep track of NFTs on the Ethereum blockchain which acts as a shared source of truth of all the activity.
Cloudflare is launching video streaming with NFT-embedded data, allowing people using Stream to store high quality or longer versions of video linked to a NFT that may cost too much to store and distribute through decentralized storage. Stream offers accessibility features such as captions, compatibility with mobile and desktop devices and automatic quality switching.
Stream doesn’t create NFTs, however, users can use online platforms like OpenSea and Foundation or a command line tool like Minty to create them. These tools don’t actually host videos but only allow users to create an NFT on the blockchain. For example, if you shot a cool video and want to turn it into an NFT, you’d use a third party service to get a token ID and contact address.
By tagging token ID and contract on Stream videos, you make it possible to transfer admin rights on a video. If a change in ownership of the ERC-721 token happens on the Ethereum blockchain, the new owner of the token may claim control over the video on Cloudflare Stream by proving they own the token associated with the video. Once the video has been claimed via the API call, the video may be deleted or transferred to the new owner’s Cloudflare Stream account.
“Cloudflare Stream doesn’t do anything complicated besides storing a token ID and contract address pair for each video in our database. When an NFT is set, we verify compatibility with ERC-721 using Cloudflare’s Ethereum Gateway,” the company said in a blog post. “When ownership on an NFT associated with a video is claimed, we update control over the video. After making this API call, the video claimed shows up in the new account where the new owner of the NFT can change settings for the video, restrict views, add captions: anything that the original user who uploaded the video can do.”
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