What comes to mind when you hear OmniFlix? If you are like most people, you probably think of it as the Netflix of web 3. Well - it used to go by the name FreeFlix…which might have led you further down a rabbit hole. But, you are partially correct! Except, streaming and broadcasting are only two of the many components of the multi-faceted OmniFlix dapp suite. OmniFlix Network is incredibly unique, and its founders have very strategically positioned OmniFlix as the flagship marketing stack for Web 3.
To begin, OmniFlix Network is a Layer-1 Cosmos-SDK based chain, with Tendermint consensus, serving as a P2P network for creators and sovereign communities. It is designed to achieve efficiency in web 2 and web 3 media asset management, minting, distribution, and monetization while assisting community members to engage with on-chain data in meaningful ways.
What is a “Layer-1 Cosmos-SDK based chain, with Tendermint consensus,” you might wonder? “Cosmos” is a decentralized network of independent parallel blockchains, each powered by Tendermint consensus, a proprietary Byzantine Fault Tolerant (BFT) consensus algorithm. The layer 1 blockchain sets the parameters, while a layer 2 blockchain handles the process execution. There can be multiple levels of blockchain in the main chain, like a typical corporate structure.
Now…back to OmniFlix…The dApps…
The OmniFlix ecosystem is categorized into three main parts - the stakeholders, tokens, and applications. It is also worth noting that everyone has a role to play in the OmniFlix ecosystem and that there are benefits for all stakeholders.
Besides the stakeholders, which drive utility for the OmniFlix network and decentralized application, the OmniFlix web 3 suite is further categorized into two main parts - tokens and applications. Let’s start with the tokens.
Token infrastructure for the network is divided into two primary categories, the network’s native asset, and the oNFT which is the short form for OmniFlix NFT. While the network’s native asset, $FLIX is yet to be deployed, oNFT has taken off and is perhaps one of the most utilized components of the OmniFlix ecosystem to have gone live.
It is also important to note that the NFT infrastructure on OmniFlix blends features from web 2 and the most recent web 3 iterations. NFTs on OmniFlix will soon be able to be split into non-fungible fractions and and even fungible fractions. While the former enables the creation of NFT editions, derivatives, and wrapped assets, the fungible fraction, on the other hand, facilitates DeFi pooling and the trading of fungible fractions (ala Juno Punks or Bored Apes) on centralized and decentralized exchanges.
During the project’s most recent presentation at Cosmoverse event in Medellin, Columbia, Sistla Abhishek, co-founder at OmniFlix, explained that the non-fungible fraction enables sole ownership of NFT items while the fungible fraction enables co-ownership of NFT items.
Abhishek also explained that the non-fungible fraction has secondary utilization for NFT pooling which can serve as a fundamental infrastructure for DAOs, thereby enabling creators to create, curate, manage, distribute, and monetize their content. This feature particularly facilitates various use cases cutting across IRL/Metaverse gallery, Blockchain gaming, and publishing, among others.
The fungible fraction, on the other hand, can be used to facilitate DeFi pools where creators and NFT owners can stake their digital assets for rewards. Particularly, fungible fraction NFTs find utility in cases like NFT collateralization and DeFi yield farming.
Furthermore, OmniFlix is designed to facilitate Inter-Blockchain Communication via its built-in IBC protocol. This implies that OmniFlix is compatible with other cosmos chains that are also IBC-enabled. The most intriguing thing about this feature is that NFTs can be listed in tokens other than OmniFlix on OmniFlix Market.
The application component of the web 3 suite is the core development initiative of the community. OmniFlix currently has six active applications, with more in the works, including OmniFlix ME & Nucleus.
The active apps include OmniFlix Studio, OmniFlix Market, OmniFlix inSync, OmniFlix TV and the newest, OmniFlix Frontier, all of which have been previously deployed on mainnet. Each of these applications exists to solve a specific problem faced by content creators across the world.
Creators can tokenize their digital or non-digital items by the way of minting them into NFTs using OmniFlix Studio. The best part is creators can easily create, mint, and manage their digitized items WITHOUT WRITING A SINGLE LINE OF CODE! How does it work?
One factor, is our easy to use JSON “no-code” input format (below) which allows creators to simply add a line of code with the push of a button, adding properties like “Number” + “Fingers” - applying a variance to “how many fingers does this character have,” throughout the collection.
Additionally, OmniFlix supports tools like Studio and apps like Market where you can create collections, list and collect NFTs, all using the user interface. For advanced users, or users that are developers/have a developer on their team, you can do this all at once for your entire collection by using scripts that are open source and available in our documentation.
Another important feature of Studio, is that it also doubles as a management tool that creators can utilize for the minting, distribution and monetization of media assets and community interactions - while also applying meta tags & data to each asset so that they can be read by search engines and collated or aggregated by other projects.
Studio studio has recorded over 8K plus media assets (individual video assets) under management, and 350 million plus watch minutes (including live streams), according to founder, Dayakar Reddy, who also spoke alongside Sistla at Cosmoverse 2022.
2) OmniFlix Market: As the popular saying, “there are no goods without a market.” In this case, OmniFlix has a dedicated marketplace that doubles as a leveled playing field for creators who can collect and trade NFT assets for the token of their choice (currently supporting ATOM, JUNO, OSMO & HUAHUA with more on the way - and the ability to support any IBC token, pending demand). However, because this is the earliest version of OmniFlix’s network marketplace which operates as a permissioned network, it enables only approved creators to distribute and monetize NFTs.
3) OmniFlix Frontier: Similar to the original OmniFlix Market, the OmniFlix Frontier is the most recent upgrade of OmniFlix network marketplace. However, unlike the original NFT marketplace, the OmniFlix Frontier is permissionless, implying that creators can mint, curate, and manage their NFTs without explicit clearance from the network's validators. Most importantly - this version is available on mobile devices, using Cosmostation (on iOS or Android).
4) OmniFlix InSync: Another utility of OmniFlix is its cross-chain data-sharing ability. In this case, OmniFlix inSync solves the problem faced by a lot of projects that lack the infrastructure or access to on-chain governance and staking features. We’ve heard stories from projects in the Cosmos who have stated that OmniFlix “saved them” when they were trying to launch main net - but due to constraints, were unable to receive immediate support from Keplr and other wallets that supported Cosmos (which early on, were limited in number).
That said, OmniFlix Insync can be deployed or integrated across various Cosmos SDK-based blockchains or app-chain, and can potentially bootstrap the entire network, offering easy access to on-chain governance proposals and staking of voting.
Why do users care? Delegators can quickly and easily collect their staking rewards across all tokens supported on a single interface - WITH A SINGLE CLICK - rather than going wallet by wallet, network by network as is customary with other wallets. Easily vote on governance proposals, on a platform where they’re actually written in a manner that is legible!
Currently, OmniFlix inSync has been deployed across 20+ communities including Juno, Cosmos Hub, Osmosis, LikeCoin, Secret Network, Comdex, and several others. Any chain can fork this technology and utilize it permissionlessly - and many of these have.
5) OmniFlix TV: OmniFlix TV is a dynamic tool for creators and marketers alike. One use case is as a promotional tool for Airdrops and NFT projects seeking to distribute assets (NFTs or crypto) or benefits like whitelist access for future drops, to community members in exchange for their attention to, and interaction with their video content.
Any person, project, community or business, can launch a campaign utilizing interactive videos in order for people to discover and interact with their content. What do we mean by “interact with?”
Savvy marketers can add interaction points within their content (anywhere, and as many as is required by creator) to confirm that the viewer understands the content being disseminated, as the founder of the IBC Battle Card game (Tangled) did.
This makes OmniFlix TV an IDEAL solution for projects building “academies” or launching “Learn & Earn” initiatives. Alternatively it can be used to collect feedback from viewers as the video progresses or to claim a Proof of Attendance (POA) NFT for attending a virtual or IRL event.
You can even use it to animate a tweet, or tweet thread and turn it into an interactive video!
For now, there are four possibilities when it comes to types of interactions:
multiple choice question = 1 of the answer options must be set as correct response.
poll question = no right answer - any response credits them for the interaction.
short answer = input a response, feedback, build an e-mail list etc.
Seek = for create your own ending storylines, or simply to skip ahead if you want to give users an option to skip ahead in the content flow; based on their reply, the video skips to a certain point in time, ie 1 hour 6 min 31 sec.
6) OmniFlix Nucleus: OmniFlix Nucleus is an extension of OmniFlix TV. One use case is as a white-label publishing and consumption platform for communities, academies, and publishing houses where you can build a decentralized Netflix, Hulu or Amazon Prime Video, or simply house your community content and learning materials in a beautifully designed layout.
In this case, OmniFlix Nucleus serves as an NFT media pool, allowing creators to upload and curate various media assets that can be streamed. Community members can watch and be rewarded with NFTs or IBC tokens if they interact with media by viewing, commenting, or sharing. Of course, there are also ways for the publisher to monetize their content as well. We will explore that further a bit closer to the launch of Nucleus which should be before the end of 2022.
7) OmniFlix.me: This dApp lets NFT creators and collectors own a single profile that showcases all of their NFTs and collectibles across multiple chains and third-party networks. Basically, by syncing other NFT wallets to OmniFlix.me, you can have a glance at all your NFT holdings on a single interface. By having them all in one place, now, you can share your OmniFlix ME profile with your community as a creator, and let them see and purchase just your NFTs. More on this, closer to launch. Also scheduled for release before the end of 2022.
Yes… there are many exciting things on the tip of OmniFlix’s proverbial tongue : )
OmniFlix offers many benefits for all stakeholders, which include creators, communities, and NFT collectors. OmniFlix stakeholders, among other things, can benefit from perpetual asset streaming, and a sustainable cash flow through asset monetization and staking.
OmniFlix's ability to enable cross-chain data sharing and management underscores the importance of a unified blockchain ecosystem because there is less friction when executing core decentralized activities such as NFT trading, collection, staking or voting on governance proposals, to name a few.
Simply joining the OmniFlix community is all that is required to get started
Be a part of the Flix Fam!
Join us to help creators and their communities do more with their NFTs on #OmniFlix💪
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