Reports said that Filecoin has become the official storage partner of the Flow Blockchain, with the firm working to provide decentralized storage for nonfungible tokens (NFTs) minted on Dapper Lab's network.
It has been reported that the move was a part of a push to ensure holders' and issuers' NFTs are "securely available everywhere." The announcement follows from a previous move in August in Which Dapper Labs was working to integrate Filecoin’s storage services with the Flow Blockchain.
However, the collaboration enables Flow users to mint NFTs, leverage InterPlanetary File System (IPFS) content addressing, and store the tokens in decentralized storage hosted by Filecoin.
The report said that according to Filecoin, IPFS content addressing is a solution to location addressing which retrieves online information from specific locations on the web, such as from behind URLs. Filecoin asserts that this method has “obvious downsides” as the data relies on centralized entities who own the locations, and therefore can “control the content.”
Filecoin stated:
“In content-based addressing, content is no longer retrieved from single locations on the web. Rather, content is retrieved from any participating nodes on the IPFS network that have the content you’re requesting.”
Likewise, as part of the collaboration, Filecoin has also opened “Next Step Grants” worth $5,000 for each eligible NFT project on Flow that integrates with IPFS or Filecoin’s network.
The announcement read:
“As the Flow ecosystem grows, Filecoin’s decentralized storage solution will allow future applications that are built on Flow to have an easy way to protect NFT media assets and metadata.”
On September 30, the NFL partnered with Dapper to launch an American football equivalent of NBA Top Shot on Flow, which is slated to drop later this year.
Thus, during the announcement of the $250 million funding round, Dapper outlined that the fresh capital will be used to fund further licensed NFT projects across sports, music and entertainment, along with scaling up its NBA Top Shot platform.
Source: Cointelegraph