NFT.Storage... A New Free Long Term NFT Storage Facility
Evening
Open sourced digital protocol Filecoin have announced a free decentralized NFT storage facility, a service backed by Protocol Labs and Pinata. Called NFT.Storage the service will allow the users to store their NFT content and related metadata offchain, making them safe and accessible for long term.
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.
NFTs are cryptographically unique tokens representing digital artworks, music, or videos. But the issue is, the blockchain doesn't actually store the files, instead NFT's are a collation of metadata ;a link to files they represent hosted by a third party.
So there is always a chance that the third party service goes down and NFT would loose their value as files they represent are no longer available.
This is where NFT.Storage comes; providing users a way to backup their NFTs and related media files via Content Addressing and decentralized provable storage.
When a user uploads his/her NFT to NFT.Storage they receive IPFS hash of the data, called CID. Simply speaking CID is a unique finger print of the data that can be used to refer the content regardless of where it has been stored. Filecoin serves as a decentralized long term data storage service, providing persistence to NFT data.
Although as stated, NFT.Storage will provide NFT persistence for a long term, but still as per terms of service Protocol Labs reserves the right to terminate the NFT.Storage unilaterally. But they have promised to intimate the users 90 days ahead of the service termination, giving them enough time to secure their NFTs else where.
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