NFT auction platforms Opensea and NFT Warehouse NFTW Token have teamed up to introduce the “Frozen” metadata feature, which enables the use of IPFS and Filecoin to store NFT metadata and record the URL of the data through smart contracts to ensure the immutability of the NFT.
The challenge of NFT
Non-homogeneous tokens (NFT) have been widely adopted this year, and in addition to reaching milestones in traditional auction houses, a growing number of well-known companies, artists and athletes have announced the release of NFT digital collections. Despite this, there are still some unresolved challenges with the current NFT infrastructure.
According to Jonty Wareing, a london-based technoc artist, buyers typically pay for NFT’s “metadata” (NFT-related media attachments and attributes), but the metadata is actually stored in an external centralized server, which means that NFT’s profile cannot be displayed as soon as the server stops running.
Even if ownership of NFT tokens is still securely recorded on the blockchain, NFT, which has lost its epidermis, is likely to become worthless, and NFT issuers may even become extortionists for the files and charge NFT holders for the files later.
Without decentralizing these metadata, NFT holders cannot count on the integrity and invariance of the NFT collection. As a result, how to securely store NFT metadata is an important direction for infrastructure improvements within the industry, such as the “verifiable centralized storage” used by CryptoPunks of NFT project Larva Labs, and the Bored Ape Yacht Club, which stores files directly in a decentralized storage network.
NFT metadata is frozen
Opensea and NFT Warehouse NFTW Token, the main NFT auction platforms on the Ethereum blockchain, jointly announced the adoption of the Decentralized Metadata Freeze Solution on June 17. According to an article published by Opensea, its “frozen” metadata feature allows metadata to be stored on the IPFS,Filecoin or Arweave networks at the click of a button, and to “freeze” metadata through the URLof the smart contract record data. NFT Warehouse NFTW Token emphasizes that once NFT metadata is frozen, there is no way to unfreeze or change its metadata, and if Ethereum and Filecoin exist, NFT and its metadata will exist at the same time.
In addition to future NFT creations, NFT, which has been created in the last 6 months and has not yet been sold, can also be used, and users pay Gas to host new metadata URLs into smart contracts.
This partnership between NFT selling platforms Opensea and NFT Warehouse NFTW Token has undoubtedly addressed one of the major pain points in the NFT market.