“So, Your NFT Disappeared”: How 4EVERLAND Bucket Helps the NFT Industry Become More Transparent
Lots of NFT bros face an “NFT vanishing scam”. Their cherished non-fungible tokens keep disappearing. The roots of this problem seem to be deep. Thus, to beat this type of scam almost a third of the NFT industry should convert into transparency advocates. Thankfully, we’ve got a tool for this transition.
Being in the crypto industry for a while, an average NFT enthusiast has heard of NFT scammers. Some of them are trying to sell stolen or plagiarized NFTs. Some prefer using phishing links or fake accounts on social media. There’s no doubt our average NFT enthusiast knows how to avoid them. But even being prepared for classical scamming schemes, should he get relaxed and enjoy purchased NFTs? Probably, not.
Reddit users keep reporting on the “NFT vanishing” scam. The common pattern of it is that the purchased NFTs disappear from marketplaces they were bought on or wallets of new owners. As a rule, the information on NFT transactions stays public and can be accessed using Etherscan. Transaction information is on-chain and thus is immutable. But it’s not the same with NFT artwork. It is stored in the form of a link to the actual content. If it is CID or TX, it means the content is immutable and cannot be changed. But if it is an ordinary URL, then the content is stored on a centralized server and could be changed or deleted at any time.
Such a situation happened to Tom Kuennen, an NFT enthusiast from Ontario. He bought an NFT, but its image was suppressed or removed, making the purchased NFT worthless. Another well-known case is the 3LAU’s album, which was sold as an NFT for $11 million but later disappeared. Right now, it is only available as a copy on NiftyGateway.
The cases above are highlighting a bigger problem, which challenges the trust of NFTs and their value. The problem itself has two dimensions. The first is the lack of desire to check the information on NFTs. Especially the technical side of it, whether the metadata of an NFT is stored decentrally or not. The other dimension is that not all NFT artists are willing to use decentralized protocols like IPFS or Arweave to store the metadata of NFTs.
A quick check of top collections over the last 7 days on OpenSea can help understand the ratio of edible NFTs in the industry. Right now 5 out of 15 trending collecting are stored on centralized servers.
It means that after buying such an NFT, its content will be controlled by a creator. There is no guarantee that one day it won’t be edited or removed. Exactly how neitherconfirm changed NFTs with images of carpets.
No Silver Bullets, only Bucket
A centralized storing of NFTs’ metadata sounds like an easy and cheap idea to realize. In fact, its reputational costs for the whole collection might be much higher than extra pay for distributed storage. At the same time, most of people choose IPFS and Arweave as a immutable or permanent way to stored their artwork.
IPFS stands for Interplanetary File System. It is a peer-to-peer protocol designed for sharing and storing files in the distributed files system. The protocol uses content-addressing, which helps users always find data using CID or content ID. Still, IPFS doesn’t guarantee that the pinned file would be always available.
Arweave is a protocol for distributed file storage. It connects people with available hard drive spaces to spare with those who need them. Arweave is providing users with permanent and sustainable file storage and could be used as a “global, permanent hard drive”.
Each of the protocols has its pros and cons, each has its unique features. Although protocols were designed for different purposes, both of them are suitable for storing metadata of NFTs.
But If you don’t know which to host your NFT artwork, why not try both of them? For instance, use the 4EVERLAND Bucket as it integrates both IPFS and Arweave.
The Bucket is a file storage system for uploading, pinning and fetching data both on IPFS and Arweave. It is an easy to use solution for every NFT creator to store the metadata of its NFT collections. The Bucket supports decentralized wallet login, synchronization between IPFS and Arweave networks and gateway verification of Arweave. It provides a global node acceleration service and is compatible with AWS S3 APIs. During the public beta period, 4EVERLAND Bucket is ready to provide users with free 1GB of IPFS and 100 MB of Arweave storage.
4EVERLAND is a Web 3.0 cloud computing platform that integrates storage, computing, and network core capabilities. It aims to help the user make a smooth leap from Web 2.0 to Web 3.0 and become the infrastructure for millions of Web 3.0 developers and applications.
4EVERLAND realizes the need for inter-blockchain communication and interoperability between many chains. It utilizes the IBC technology to integrate with Ethereum, BSC, Solana, Polygon and Filecoin. 4EVERLAND also provides a distributed, high-efficiency and low-cost data hosting network. It is based on IPFS to fit the needs of inter-blockchain communication and decentralized front-end hosting. 4EVERLAND helps write once and run any blockchain, making it easier to build Web 3.0 applications.
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