Filecoin (FIL) Launches Free Decentralized Storage Solution for NFT Markets thumbnail

Filecoin (FIL) Launches Free Decentralized Storage Solution for NFT Markets

Blockchain Technology

Filecoin (FIL) Launches Free Decentralized Storage Solution for NFT Markets

The solution leverages IPFS and Filecoin blockchain for long-term security of the NFTs.

Released Tuesday, NFT.Storage, a decentralized file storing system, will allow developers and collectors to ‘protect their non-fungible token (NFT) assets.’ According to the statement, the platform lets developers and NFT holders store their assets on the Inter-Planetary File System (IPFS) via Filecoin to ensure NFTs last for the long term.

The solution is a service created by Filecoin and backed by Protocol Labs and Pinata to provide unique solutions to the NFT marketplace. Additionally, users can also store metadata associated with the NFTs individually in an effort to keep NFTs ‘accessible in the long-term’, the report further states.

Mikeal Rodgers, Engineering Manager at Protocol Labs, believes NFTs – digital art pieces, music, trading cards, photos, tweets, etc. – are “part of humanity’s cultural legacy.” These assets require to be stored safely in the long term to allow the future generations accessibility of the assets, he added.

“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.”

The core of NFT.Storage service to NFT holders is content addressing, which is simply marking content with hashes. Once you place an asset on NFT.Storage, a hash is assigned to the content – giving it a unique “fingerprint” that can be used to search, find and reference it anywhere on the platform. This produces a secure, unique, and verifiable content and files for NFT users.

Although Filecoin (FIL) is planning to make the storage solution free, there has been no communication on how long the “free storage” will last. The Terms of Service states NFT.Storage will be free for all participants on IFPS “for as long as Protocol Labs, Inc. continues to offer free storage for NFT’s.” All rights to terminate the free storage also reserves with NFT.Storage project.

Finally, NFT.Storage will offer data storage on the NFT solution “ad infinitum or until Protocol Labs decides to conclude the NFT.Storage project.”

Lujan Odera

Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

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