The world of NFTs (non-fungible tokens) is rapidly evolving, and new technologies are emerging to meet the unique challenges of this new and exciting digital asset class. One of the most important challenges facing NFTs is storage, and today we’re excited to announce a breakthrough in this area thanks to the collaboration between the DaVinciGraph team and the HashPack team on Hedera Hashgraph.
IPFS vs Arweave: A New Standard for NFT Storage
When it comes to storing NFTs, one of the most popular solutions has been IPFS (InterPlanetary File System). IPFS is a distributed file system that allows users to store and access files across a decentralized network of nodes. While IPFS has been a useful tool for NFT storage, it has its own limitations in terms of security and scalability.
This is where Arweave comes in. Arweave is a new kind of data storage solution that is designed specifically for the decentralized web. Unlike IPFS, Arweave uses a unique blockchain-based architecture that ensures that data is stored permanently and immutably. This makes it an ideal solution for storing NFTs, which are, by definition, unique and one-of-a-kind digital assets.
DaVinciGraph Utility NFTs: Stored on Arweave
The DaVinciGraph team has been working with the HashPack team since 1/7/2023 to research and integrate Arweave into the Hedera Hashgraph ecosystem. Today, on January 24th, 2023, the integration is officially complete. HashPack wallet now supports NFTs using Arweave for data storage, making it a more secure and cost-effective option for NFT creators. DaVinciGraph NFTs are already utilizing Arweave and we will be releasing another article with technical instructions on how other projects on the Hedera Hashgraph ecosystem can also use Arweave for permanent data storage.
The Benefits of Arweave
The integration of Arweave into the Hedera Hashgraph ecosystem provides a number of benefits for NFT users. First and foremost, it offers better security for your NFTs. With Arweave, your NFTs will be stored permanently and immutably, meaning that they will be safe from data loss or tampering.
Another major benefit is that Arweave eliminates the need for users to pay for IPFS providers every month. With IPFS, if users don’t pay for their providers, their NFT data will be deleted. However, with Arweave, users pay a one-time cost (a fraction of a dollar) to store their NFT data permanently. This makes it a much more cost-effective and sustainable solution for NFT storage.
A Big Thank You to the Teams
We would like to extend a big thank you to the DaVinciGraph team, the HashPack team, and the Arweave community on Discord for their hard work and dedication to making this happen. We are excited to see what the future holds for NFTs on the Hedera Hashgraph, and we look forward to continuing to work together to push the boundaries of what is possible.