Filecoin agrees to store NFTs
Filecoin has agreed to be the official storage collaborator of Flow and will be storing NFTs (non-fungible tokens) minted by Dapper Lab on Filecoin’s decentralized storage network. The partnership is designed to accelerate the end-to-end ownership of NFTs, along with the media assets associated with them.
Flow is the basis for new games, apps, and the digital assets that power them. Flow helps consumers stay in control of their data, create new kinds of digital assets that can be traded anywhere in the world, and build open economies owned by the users that help make them valuable.
Dapper Labs, creators of Flow, is the team behind CryptoKitties, Dapper Wallet, and the highly successful NBA Top Shot. Dapper has built a formidable ecosystem in the NFT and gaming space.
To help launch the partnership, Filecoin has created Next Step Microgrants. This program awards $5,000 in FIL tokens to each eligible NFT project on Flow that integrates with the Filecoin network or IPFS, Filecoin’s open-source file search platform.
The Filecoin Network and IPFS makes this partnership work
Filecoin will provide decentralized storage to ensure holders’ and issuers’ NFTs are safe, accessible, and secure. The partnership makes it possible for Flow users to leverage InterPlanetary File System’s (IPFS) content addressing, mint NFTs, and hold tokens in Filecoin’s decentralized storage platform.
What is IPFS?
The IPFS protocol powers a peer-to-peer network that stores and shares data in a distributed file system. IPFS uses content-addressing to uniquely identify and retrieve files on all computers in the network.
IPFS assigns a content identifier (CID) to all new data that is added to the network. IPFS automatically generates the CID directly from the data and links the CID to the IPFS network. Because a CID can only refer to a single piece of content, users can be assured that the content cannot be altered or replaced without breaking the link.
Using the CID, anyone can retrieve a copy of the data from the IPFS network if at least one copy exists on the network, even if the original provider has disappeared. This makes CIDs (and IPFS) perfect for NFT storage.
Filecoin is getting some real traction in the digital industry. Its decentralized storage network is working to change the data storage industry by taking on some huge clients.
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Disclaimer: This blog is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.