NFT.Storage: Preserving the Data of the Multi-Million Dollar NFT Industry

NFT.Storage: Preserving the Data of the Multi-Million Dollar NFT Industry

Categories :

By citiesabc news

NFT.Storage Service built on Filecoin and IPFS protects asset integrity through decentralized persistence and content addressing

NFT Storage service is backed by Protocol Labs and Pinata

Projected to reach a market capitalization of $710 Million in 2021, the non-fungible token (NFT) market is witnessing a significant surge, however, the growing library of new assets being minted as NFTs are at risk of manipulation or loss.

Today marks the launch of NFT.Storage, a service backed by Protocol Labs and Pinata specifically for storing NFT dataNFT.Storage lets developers store NFT data on decentralized networks easily, securely, and for free. With just a few lines of code, anyone can leverage the power of IPFS and Filecoin to ensure the persistence of their NFT data.

Commenting on the launch, Mikeal Rogers, Engineering Manager at Protocol Labs, said, “NFTs are part of humanity’s cultural legacy - and designing their data for long-term accessibility is crucial. Content addressing and distributed storage networks ensure that digital artwork, basketball cards, and virtual real estate are guaranteed to stay secure and available long-term. NFT.Storage makes it completely frictionless to mint NFTs following best practices through resilient persistence on IPFS and Filecoin.”

 

How NFT assets are stored

NFT.Storage uses IPFS to create digital fingerprints for all new NFTs, which universally reference the content regardless of how or where it is stored. Using these fingerprints to reference NFT assets and metadata prevents problems like NFT assets disappearing or getting “rug pulled”. NFT.Storage uses Filecoin to preserve NFT assets and metadata with dozens of global storage providers to ensure that the content is publicly accessible without a central point of failure for the long term. Filecoin also provides publicly verifiable proofs that content is being stored over time, so anyone can verify the data’s integrity and availability.

NFT.Storage is designed to support NFT applications like Palm, a new NFT protocol being brought to market by Protocol Labs and ConsenSys, which also relies on IPFS and Filecoin for decentralized storage. The Palm network, which will operate on its own environmentally-friendly Ethereum sidechain, saw world-renowned artist Damien Hirst releasing a collection entitled ‘The Currency Project’ as part of the launch.

Filecoin, the world’s largest decentralized storage network, also powers the VideoCoin marketplace. Filecoin recently surpassed 4 billion gigabytes in storage capacity, making the network capable of storing over 1.2 billion 1080p high-resolution movie files. VideoCoin integrated with Filecoin to protect the provenance of their videos with NFTs, addressing pain points around video veracity.

To be one of the early participants in NFT.Storage and start storing your NFT data securely for free today, visit https://nft.storage.

Tags

Smart Factories: An Unexplored Internship Goldmine for Engineering Students

Smart Factories: An Unexplored Internship Goldmine for Engineering Students

Feb 21, 2024
6 Lessons from New Business Owners’ Common Missteps

6 Lessons from New Business Owners’ Common Missteps

Feb 19, 2024
The Evolution of Electric Vehicle Technology: The Key Innovations

The Evolution of Electric Vehicle Technology: The Key Innovations

Feb 18, 2024
The Essential Guide to Partnering with an Equity Firm for Business Growth

The Essential Guide to Partnering with an Equity Firm for Business Growth

Feb 18, 2024
Understanding Data Centers & Its Structure: 6 Practical Tips from the Pros

Understanding Data Centers & Its Structure: 6 Practical Tips from the Pros

Feb 15, 2024
Leveraging Blockchain Tech To Transition Businesses To Web 3.0: Dinis Guarda Interviews Jay Steinback, CEO yWhales

Leveraging Blockchain Tech To Transition Businesses To Web 3.0: Dinis Guarda Interviews Jay Steinback, CEO yWhales

Feb 14, 2024
The Trinity MBA Surges 21 Places In The Financial Times’ 2024 Global MBA Ranking

The Trinity MBA Surges 21 Places In The Financial Times’ 2024 Global MBA Ranking

Feb 12, 2024
8 Tips for Improving Transportation and Logistics for Your Business

8 Tips for Improving Transportation and Logistics for Your Business

Feb 12, 2024
Essential Safety Measures for Rideshare Drivers in Busy Urban Areas

Essential Safety Measures for Rideshare Drivers in Busy Urban Areas

Feb 12, 2024
Strategising ESG Integration In Businesses: Paul Sutcliffe, Director of EVORA Global, In Interview With Hilton Supra

Strategising ESG Integration In Businesses: Paul Sutcliffe, Director of EVORA Global, In Interview With Hilton Supra

Feb 09, 2024