Permanent NFT Storage on the Arweave Network

The Rise of NFTs: a solution for digital ownership

The innovation of NFTs with Ethereum’s ERC-721 standard solved one of the primary issues with content on the internet: ownership. By minting an NFT on a decentralized ledger, people are able to verify ownership and provenance of individual pieces of content — artwork, essays, videos, music, etc. Verified, secure, and transparent assets also naturally enable value to be associated with NFTs, something previously impossible on the ownership-null architecture of Web2.

The Elephant in the Room: NFT and metadata storage

Of the two issues with content on Web2, current NFT standards such as ERC-721 have solved ownership, but not storage. When an NFT is minted on Ethereum, for example, the NFT itself is represented by an address on the network that is indivisible, immutable, and unique. However, the content and metadata of the NFT does not, by default, live on a permanent storage network. The content and metadata includes everything that, arguably, makes an NFT desirable, like the details of the artwork or the lyrics of the song. The nagging question still remains: my NFT address lives on the blockchain, but where do the details themselves (the art, the words, the size, the style) live?

https://twitter.com/TrustlessState/status/1362914198548750336

Permanent NFT Storage on Arweave

This storage fragility of NFTs has not been lost on the crypto ecosystem. Existing Web3 storage providers have sought to address this problem, but still encounter regular examples of NFTs stored on these networks disappearing. The ecosystem needs a solution that provides verifiably permanent storage. Enter Arweave.

1111 by Kevin Abosch: Arweave permanent storage in action

Kevin Abosch is a conceptual artist and a pioneer in the emerging blockchain art ecosystem. On March 23, 2021, Kevin Abosch released on OpenSea his 1111 series. Each NFT minted on Ethereum as part of Kevin’s 1111 release will be bridged onto the Arweave ecosystem, where the metadata will exist as its distinct yet linked NFT. Those who purchase Kevin’s NFT will be able to confidently retain their artwork without worrying about the fate of OpenSea or if their content will ever go offline. Their Ethereum NFT is immutably linked to a permanently-stored metadata record on Arweave.

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The Arweave Project

The Arweave Project

A novel data storage blockchain protocol enabling a permanent serverless web and creating truly permanent data storage for the first time.