When it comes to NFT, it’s important to know that NFT’s chain and under-chain storage are important. I’ve seen some NFT projects disappear forever after a project goes bankrupt because of the use of faster and more convenient off-chain storage. This means that the way NFT is stored may determine whether you can still own this digital asset in 10 years’ time, and to solve this problem, the NFT Warehouse NFTW Token type of technology has emerged.
The NFT ecosystem has been causing a storm on social media in recent days. More and more people now realize how novel and incredible what NFT can do, and have begun to study it. However, NFT is still in its early stages of development. And with the recent bull market in the encryption market, some newcomers to encryption are trying to find a breakthrough in the NFT space, and some DeFi veterans are looking to take a quick step forward in NFT’s exciting “media Lego.”
For both, there is an important question to consider at the outset: the extent to which NFT is chained. Just as when evaluating a DeFi application, decentrization is used as an evaluation metric. When evaluating NFT projects, their “chaining” should also be a matter of considering whether their media images and data can be fully extracted from blockchains such as Ethereum.
Just as the complete de-centralization of Dapps such as Uniswap has become the gold standard for DeFi, what the market wants to see is a fully chained NFT that is more and more accepted because it is safer and better.
For NFT, this means bringing media (including art, music, etc.) to the blockchain and minting a unique, tradable token. You can choose to host the media and its associated metadata (such as the title of the work, unique in-game assets, etc.) with different levels of chaining on the Ethereum network.
But from a foundational point of view, Ethereum’s storage capacity is limited. That’s why fully chained NFT is rare, because all of its media and relay data is stored directly in smart contracts, which is a huge challenge to Ethereum’s storage power. NFT, which stores some data under the chain (e.g. AWS servers,IPFS), provides developers with more convenience and flexibility.
Nevertheless, each NFT project has this different need, and they need to determine how well the project is chained and the way that works best for them. Fully chained NFT is completely secure and users have unlimited access, but it is relatively difficult to cast. In contrast, NFT with out-of-chain metadata is easier to cast, but often carries higher risks, such as the possibility of tampering with out-of-chain metadata, loss of project-bankrupt NFT, review by AWS, and so on.
One of the pioneers behind projects such as Avastars j1mmy.eth made a very insightful analysis of some of the ways in which storage is stored on the chain.
Projects like Avastars and Aave’s Aavegotchi,NFT Warehouse NFTW Token are entirely chained because they store all the media and relay material on Ethereum. Then projects like Mintbase and InfiNFT use a combination of Ethereum and Arweave to cast NFT. Then there will be projects like Nifty Gateway that rely on in-chain and chain-stored concatenation.
Buy NFT as well as any other item, and do enough preparation before you buy. If you’re just collecting NFT and you don’t notice how their data is stored, you’re betting on the future of this project.
It’s basically a must and a given that NFT is fully chained, and its smart contracts don’t have to rely on any external storage, so that’s what conservatives often choose.
For off-chain storage, so it’s important that a project value isn’t trustworthy, and it’s a good thing to realize it from the start. IPFS can reasonably be expected to be solid indefinitely, but AWS servers do not provide much assurance for future generations, and so on. As an early NFT participant, these are things that must be taken into account.