The creation and sale of NFTs have turned out to be a lucrative segment of the cryptocurrency industry. Notably, several of these tokens are valued at millions of dollars, and buyers are scrambling to get a hold of original pieces.
In fact, many blockchains have managed to capitalize huge gains amidst this mania. Decentralized storage platform Filecoin is one of them.
The network recently announced that over seven million NFTs are currently stored in its system. Comprising around 54Tib of NFT data from groups such as OpenSea, OneOfNFT, and makersplaceco among others.
A tweet by Protocol Labs’ Head of Product Pooja Shah further noted that this amounted to an upload speed of almost one NFT per second, adding that the “pace is only accelerating.”
According to a tweet by the network, Filecoin has surpassed 13 Eib of storage capacity within a year, which is equal to 58.5K copies of Wikipedia. Further, owing to these remarkable storage capabilities, many blockchains have recently been integrating with Filecoin for decentralized storage solutions.
Earlier last month, Flow Blockchain had on-boarded Filecoin to be its official storage collaborator. This has been described as a move towards ensuring that holders’ and issuers’ nonfungible tokens (NFTs) are “securely available everywhere.”
Touching upon the importance of permanently securing NFT metadata in a safe and cheap manner, the CEO of NFT marketplace OpenSea, Devin Finzer, recently commented on how Filecoin has helped the network reach this goal. He said,
“We really want this metadata to stick around and to be permanent, so that’s where IPFS and Filecoin really come into play… Where do we host this metadata for NFTs, of course, we could store them on chain but storing entire images and lots of text on change tends to be pretty expensive.”
“So that’s where OpenSea started to work more closely with Filecoin and we really wanted to create an experience for people creating NFTs that would allow them to have permanent storage of their metadata.”