How we ensure NFT longevity
NFTs on Verse are designed to be permanent and available to collectors forever. We accomplish this by storing all NFT assets and metadata on decentralised IPFS network instead of our own servers. We ensure that NFTs are connected to the artists on chain by empowering the artists to mint and own an NFT smart contracts.
IPFS, or InterPlanetary File System, is a decentralised network for storing and sharing files. Instead of relying on a single server or central location to store files, IPFS allows users to share files directly with each other, using a network of connected computers. This allows for faster, more resilient file sharing, as well as increased privacy and security. Each file on IPFS has to be pinned, which means that someone holds a copy of the file. Learn more about IPFS here.
Behind the scenes NFT consists of the metadata and image (or video). Metadata describes the NFT (title, description, features and location of the image/video). Verse system stores both the NFT metadata and image (or video) on IPFS and therefore completely decouple NFTs from our platform. When a collector acquires an NFT on Verse and has it on their wallet the NFT becomes completely independent on Verse platform and is fully decentralised. When NFT is minted it points to the metadata file on IPFS, this is how NFT marketplaces, such as OpenSea knows what NFT should look like. Since IPFS data is immutable, once we upload NFT assets on IPFS, they cannot be changed by anyone including the artist or Verse. As a company we pin all of our NFTs, however anyone can also pin their NFTs.
On Verse each artist deploys a smart contract for the project and Verse has a temporary permission to mint NFTs to the smart contract. We make this a one-click experience for the artists, however it has deep consequences for the collectors and provenance of the artwork. This means that the artist always owns the smart contract and there is an on-chain connection between the artist, smart contract and NFTs. As a collector you can always verify that the artist owns the smart contract and is responsible for the NFTs within it, this information is embedded into the blockchain and is permanent.
What is IPFS?
IPFS, or InterPlanetary File System, is a decentralised network for storing and sharing files. Instead of relying on a single server or central location to store files, IPFS allows users to share files directly with each other, using a network of connected computers. This allows for faster, more resilient file sharing, as well as increased privacy and security. Each file on IPFS has to be pinned, which means that someone holds a copy of the file. Learn more about IPFS here.
How Verse handles IPFS
Behind the scenes NFT consists of the metadata and image (or video). Metadata describes the NFT (title, description, features and location of the image/video). Verse system stores both the NFT metadata and image (or video) on IPFS and therefore completely decouple NFTs from our platform. When a collector acquires an NFT on Verse and has it on their wallet the NFT becomes completely independent on Verse platform and is fully decentralised. When NFT is minted it points to the metadata file on IPFS, this is how NFT marketplaces, such as OpenSea knows what NFT should look like. Since IPFS data is immutable, once we upload NFT assets on IPFS, they cannot be changed by anyone including the artist or Verse. As a company we pin all of our NFTs, however anyone can also pin their NFTs.
On chain connection to the artist
On Verse each artist deploys a smart contract for the project and Verse has a temporary permission to mint NFTs to the smart contract. We make this a one-click experience for the artists, however it has deep consequences for the collectors and provenance of the artwork. This means that the artist always owns the smart contract and there is an on-chain connection between the artist, smart contract and NFTs. As a collector you can always verify that the artist owns the smart contract and is responsible for the NFTs within it, this information is embedded into the blockchain and is permanent.
Updated on: 15/03/2024
Thank you!