Filecoin will provide decentralized storage in a move to ensure holders’ and issuers’ NFTs are safe, accessible, and secure.
Filecoin has officially become a storage partner of the Flow blockchain. Filecoin stated in its October 13 statement that this move is part of an effort to ensure that holders and issuers’ NFTs are “safe to use anywhere”. Prior to this announcement, Dapper Labs was committed to integrating FIL’s storage service with the Flow blockchain in August.
The partnership makes it possible for Flow ecosystem users to leverage InterPlanetary File System (IPFS) content addressing, mint NFTs, and hold tokens in decentralized storage that FIL hosts. IPFS content addressing is a viable alternative to location addressing, which retrieves online data from behind URLs and from specific locations on the web.
“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 informed.
Filecoin has also inaugurated a “Next Steps Grant” of $5,000 for every eligible NFT project that operates on the Flow Blockchain and integrates with IPFS. The announcement stated that projects for the grant will be chosen on a rolling basis and added that larger development grants, joint hackathons and other opportunities to enable Flow users to leverage the resources of Filecoin’s ecosystem were in the pipeline.
The Flow Blockchain, which was established by Dapper at the end of last year, hosts NBA Top Shot, CryptoKitties, and other top NFT projects. In September, Dapper raised $250 million in funding and signed a series of partnerships with industry leaders.
On September 30, Dapper and the NFL joined forces to launch an American football equivalent of NBA Top Shot on Flow, expected to drop by the end of 2021. Dapper will use the $250 million to scale up NBA Top Shot and fund worthwhile sports, music, and entertainment projects.