If your company was to cease to exist, how can digital assets purchased from your platform be preserved?
Permanence and invariance are integral parts of the unique and irreplaceable NFT industry.
In NFT creation, blockchain is an excellent way to handle minting, bookkeeping, immutable metadata across numerous nodes. At the same time, it becomes very difficult to store a large amount of data on blockchain due to the heavy expenses for replicating the data across thousands of nodes in the network. We store and secure the off-chain NFT data on IPFS (Interplanetary File System).
IPFS helps address preservation issues and ensures the permanence and accessibility of NFT data storage on the decentralized network. IPFS is a peer-to-peer version-controlled filesystem and hypermedia protocol to store and retrieve the data. IPFS uniquely identifies each file in a global namespace for NFTs to link the NFT metadata for the stored digital asset with the content addressing feature. IPFS provides more persistence to data pinning as compared to centralized services like Dropbox or Google Drive.
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