At the end of April Filecoin, the decentralized network for mass data storage, announced its latest free service aimed at storing non-fungible tokens (NFTs), NFT.Storage.
Don’t have where to store your NFTs? Filecoin has a solution for you
For those of you who haven’t heard of Filecoin, it is an open source digital payment system intended to be a Blockchain-based cooperative digital storage and data retrieval method.
Basically, in Filecoin, “Users pay to store their files in storage miners. Storage miners are computers responsible for storing files and demonstrating that they have stored them correctly over time… ”, explains their website.
Therefore, Filecoin offers crypto users to store their files at super competitive prices and verify that their files are stored correctly. In this regard, it will now offer non-fungible token storage (NFT).
A place to store your tokens
As we have previously reported from CryptoTrend, NFTs have gained traction as they have been widely adopted in the art world. Consequently, Filecoin noted that there is an available market for the crypto storage of these tokens.
This is how Filecoin presents us with NFT.Storage. A new service in beta, specifically designed to store NFT data off-chain. Likewise, the service will be supported by Protocol Labs and Pinata.
“It enables developers to protect their NFT assets and associated metadata through content routing and decentralized storage, … ensuring that all NFTs follow best practices to remain accessible for the long term.” explained the press release.
How will it work?
Filecoin’s press release explains that it will work as follows:
- After users upload data, they receive an IPFS hash of the content, known as a CID. According to the release, these are unique fingerprints of the data.
- Use Filecoin for long-term decentralized data storage.
- This data stored via IPFS and Filecoin can be obtained directly in the browser through any public IPFS gateway, the statement explained.
Mikeal Rogers, Engineering Manager at Protocol Labs, assured that “NFTs are part of humanity’s cultural heritage, … and designing your data to be accessible in the long term is crucial.”
Let us remember that NFTs are unique digital assets and that they are not interchangeable with each other. Therefore, there exists that an NFT disappears and it is here the gap that Filecoin wants to fill.
We want to know your opinion! What do you think of their new service? Do you think it will favor non-fungible tokens?