Flow integrates Filecoin storage services to make NFTs more decentralized
Filecoin has officially become a storage employee for the Flow Blockchain.
Filecoin said in an October 13 announcement that the move is part of an effort to ensure that holders and issuers’ NFTs are “securely available” everywhere.
The announcement follows an earlier move in August when Dapper Labs was working on integrating Filecoin’s storage services into the Flow blockchain.
This partnership enables Flow users to mint NFTs, take advantage of the InterPlanetary File System (IPFS) asset addressing, and store the token in decentralized storage hosted by Filecoin.
According to Filecoin, IPFS content addressing is a location address determination solution that pulls online information from specific locations on the web, such as behind-the-scenes URLs. Filecoin claims that this approach has “clear drawbacks” as the data relies on centralized entities that own the locations and therefore “can control the content”.
“With content-based addressing, content is no longer retrieved from individual locations on the web. Instead, the content is retrieved from each participating node in the IPFS network whose content you request, ”Filecoin outlines.
As part of the partnership, Filecoin also opened a “Next Step Funding” of 5,000 US dollars for each eligible NFT project on Flow that is integrated into the IPFS or Filecoin network.
“As the flow ecosystem grows, Filecoin’s decentralized storage solution will enable future applications built on top of Flow to easily protect NFT media assets and metadata,” the statement said.
⛓️ Immutable NFT metadata, including media content, across @IPFS Content resolution
Filecoin verifiable and decentralized storage
Full announcement https://t.co/iwEd1JpEVk
– Flow blockchain (@flow_blockchain) October 14, 2021
Dapper launched Flow Blockchain in late 2020 and the network is home to top NFT projects including NBA Top Shot and CryptoKitties. September was an important month for Dapper as the company signed numerous partnerships with leading companies and raised $ 250 million in funding.
Cointelegraph reported on September 14th that Google has partnered with Dper to act as the network operator for Flow. Google is committed to supporting the development of Web 3.0 products and services, such as NFT projects with “secure infrastructure” and “scalability”.
Related: Blockchains are battling for the NFT market, but Ethereum still dominates – report
On September 30th, the NFL teamed up with Dapper to launch the American football equivalent of NBA Top Shot on Flow, which is expected to close later this year.
When announcing the $ 250 million financing round, Dapper announced that the new capital would be used to fund additional licensed NFT projects in the fields of sports, music and entertainment, as well as to open the broad NBA Top Shot platform.
According to Cointelegraph