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OpenSea to Permit NFT Creators to Decentralize their Metadata Using IPFS


coingape.com 18 June 2021 12:26, UTC
Reading time: ~2 m

Decentralized Non-Fungible Token (NFT) marketplace, OpenSea has announced the boost to its provisions for its creators to store their NFT Metadata using the Interplanetary File System (IPFS) and Filecoin when creating on the platform. 

The blockchain and crypto ecosystem is agog with the obvious potentials of NFTs. These tokens, which largely represent one of the most trusted ways of registering the ownership of digital items on the blockchain have welcomed large inflows of cash from collectors this year. From the sale of Beeple’s piece for about $69 million to the launch of a $100 million crypto fund by Fox Entertainment to back Non-Fungible Tokens, the NFT metaverse has remained one of the most successful crypto niches thus far this year.

However, a problem persists, which is in the storage of the media attachments and other properties associated with the NFTs. Usually, those collectibles stored on centralized servers like Google Cloud, and Amazon Web Services for instance are predisposed to impermanence, and mutability.

While storing this metadata on-chain is still largely expensive, OpenSea has integrated support for creators to store their metadata on IPFS through the Filecoin system.

The support for IPFS offers the following advantages to creators; easy accessibility of the NFT and its metadata at all times as there can be no server downtime, the guarantee that the NFT piece is frozen and not tampered with, proof of originality; and a relatively cheaper option of storing the NFTs in general.

The NFT Growth Sustenance Through Trust

A growing number of experts believe that the decentralized finance ecosystem is approaching its inflection point with the rise of NFTs. While many believe the growth of the tokens is a bubble that is billed to burst, a true increase in their potentials can help sustain the long-term change the assets promise.

Building a decentralized system to verify the legitimacy of NFTs and their associated metadata is vital in pushing the new innovations to the limelight. When there is trust, collectors can be at peace when making purchases. In line with this, OpenSea is committed to backing the storage of metadata across all blockchain networks.

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