• Filecoin has surpassed 7 million NFTs in storage, and the ‘pace is only accelerating.’

  • The creation and sale of NFTs has proven to be a profitable sector of the cryptocurrency industry. Notably, several of these tokens are worth millions of dollars, and buyers are vying for original pieces.

    Indeed, many blockchains have profited handsomely from this frenzy. Filecoin, a decentralized storage platform, is one of them.

    The network recently announced that it has over seven million NFTs stored in its system. Comprised of approximately 54TiB of NFT data from organizations such as OpenSea, OneOfNFT, and makersplaceco, among others.

    Pooja Shah, Protocol Labs’ Head of Product, noted in a tweet that this amounted to an upload speed of nearly one NFT per second, adding that the “pace is only accelerating.”

    According to a network tweet, Filecoin has exceeded 13 Eib of storage capacity in a year, which is equivalent to 58.5K copies of Wikipedia. Furthermore, due to Filecoin’s exceptional storage capabilities, many blockchains have recently integrated with it for decentralized storage solutions.

    Flow Blockchain announced Filecoin as its official storage partner earlier this month. This has been described as a step toward ensuring that nonfungible tokens (NFTs) held by holders and issued by issuers are “securely available everywhere.”

    The CEO of NFT marketplace OpenSea, Devin Finzer, recently commented on how Filecoin has helped the network achieve its goal of permanently securing NFT metadata in a safe and cost-effective manner. He stated,

    “We really want this metadata to stick around and be permanent, which is where IPFS and Filecoin come in… Where do we host this metadata for NFTs? Of course, we could store it on chain, but storing entire images and a lot of text on change is pretty expensive.”

    He continued,

    “That’s when OpenSea began to collaborate more closely with Filecoin, and we really wanted to create an experience for people building NFTs that would allow them to have permanent storage of their metadata.”

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