Filecoin becomes official Flow partner, will make NFTs more decentralized
- Filecoin will provide decentralized storage in a move to ensure holders’ and issuers’ NFTs are safe
- Flow users will leverage IPFS content addressing, a viable alternative to traditional location addressing
- Dapper raises $250 million to scale up NBA Top Shot and fund worthwhile NFT projects
Filecoin (FIL/USD) and the Flow (FLOW/USD) Blockchain announced an official partnership for storage of NFTs minted on Dapper Lab. Filecoin will provide decentralized storage in a move to ensure holders’ and issuers’ NFTs are safe, accessible, and secure. In August, Dapper Labs announced they were working on an integration between Filecoin and Flow.
Flow will mint NFTs and leverage IPFS addressing
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 Filecoin 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.
According to Filecoin, the traditional approach to addressing has some “obvious” disadvantages, such as relying on centralized entities who can control the content because they own the locations.
Filecoin grants eligible NFT projects $5K each
As part of the partnership, Filecoin will be giving away $5,000 for each eligible NFT project on Flow that integrates with its network or IPFS under its “Next Step Grants” project. 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. 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.
Flow Blockchain hosts NBA Top Shot and other top NFT projects
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.