World

Filecoin

Atlas

Notable

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/debate-on-nft-storage-in-the-blockchain-ecosystem/" data-wpel-link="internal">Debate on NFT Storage in the Blockchain Ecosystem</a> 
NFTs in blockchain ecosystems have sparked discussions about the unique advantages and disadvantages of on-chain and off-chain storage. Consequently, Web3 managers and content creators have begun to consider which types of NFTs deserve a place on blockchain networks and which should remain off-chain. Let’s explore what’s being said on the subject. 
<h2 class="p1" style="text-align: justify" id="notable-discussion-in-the-nft-world">Notable Discussion in the NFT World</h2> 
In 2022, NFTs could not be stored as data on blockchain networks. At that time, the system indicated that NFTs were kept as off-chain data storage within blockchain networks. Jana Bertram, Strategy Director at Rari Foundation, explained that this issue of NFT storage was discussed at the beginning of the FTX bankruptcy process: 
<blockquote> 
 “Off-chain storage depends on the network’s accessibility and the availability of the storage layer. This means that the NFT’s security is more vulnerable to potential threats and affects its permanence.” 
</blockquote> 
However, the introduction of <a href="https://en.coin-turk.com/bitcoin-analyst-reveals-expected-price-levels-for-2025/" data-wpel-link="internal">Bitcoin</a> Ordinals changed the game. With Ordinals, NFT data is now stored on-chain, leading to a different set of processes. While Bitcoin-based NFTs living on the blockchain network provide advantages such as permanence, they also sparked a debate about whether NFTs should exist on the Bitcoin network. While many argue that Ordinals cause congestion on the Bitcoin network, another group contends that NFTs should continue to exist on Bitcoin. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-299589" src="https://coin-turk.com/wp-content/uploads/2024/01/luke-tweet.png" alt="" width="500" height="457"> 
<h2 class="p1" style="text-align: justify" id="significant-statements-on-the-issue">Significant Statements on the Issue</h2> 
With different storage options available, Web3 content creators now need to decide how they want to store their NFTs. Although this can be a confusing dilemma, professionals and content creators in the NFT field have explained how they can decide where to store their NFTs. 
Atlas Development’s co-founder and Chief Technology Officer Witek Radomski stated in his comments on the issue that off-chain storage is the most cost-effective method for processing large amounts of data: 
<blockquote> 
 “I think content creators should decide what deserves to be stored and what can live in the ecosystem.” 
</blockquote> 
Radomski also explained that there is a hybrid option that offers decentralized storage with projects like Filecoin and InterPlanetary File System (IPFS). Unlike Bitcoin, he mentioned that these solutions are designed for storage: 
<blockquote> 
 “Storing images on IPFS still provides you with the benefits of decentralization, but at much lower costs.” 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/debate-on-nft-storage-in-the-blockchain-ecosystem/" data-wpel-link="internal">Debate on NFT Storage in the Blockchain Ecosystem</a></h5>

Debate on NFT Storage in the Blockchain Ecosystem

Table of Contents

COINTURK NEWS

Other articles published on Jan 8, 2024

Altcoins Dumping Hard & Bitcoin Stagnant Ahead of Jan 10 BTC ETF Decision: Approval or Rejection ...

What Happened To SOL And Solana Meme Tokens Collapse After December Pump

SOLANA Bulls on Alert: Can the 50 EMA Act as a Game-Changer

Polygon NFT Volume Hits 6-Month High, Igniting Renewed Interest in Layer-2 Scaling Solution

Why Was Satoshi Nakamoto Randomly Sent 26 Bitcoins?

Simple Guide: How to Play XDOG

Join our free newsletter for daily crypto updates!