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Is your NFT safe enough?

According to Businesswire, on June 3, the International Olympic Committee (IOC) announced that it will release an officially licensed set of Olympic Pins and interaction games as NFT and start its auction on June 17th.

As the world’s top level comprehensive sports events, the Olympic Games has always driven the attention of people all over the world. Over one hundred years, pin collecting has evolved into a tradition of the Olympic Games. Nothing better than NFT to be Olympic Pins for its collection value.

In terms of the popular NFT entering the sports world, the decision by the International Olympic Committee this time has undoubtedly confirmed the significance of the NFT.

NFT sweeps all fields of life and gets a lot of flattery. However, the voice of doubt and ridicule also follows.

Compared with NFT, physical collections may be oxidized, lost, difficult to transfer and difficult to flow during collection. NFT has a high value in the field of collection because of its scarcity, uniqueness and tamper proof.

But NFT is not perfect. As we all know, blockchain is the underlying technology of NFT. Many people have a misunderstanding about NFT and think that the storage of NFT is absolutely safe.Thats’ not true.. Although NFT may represent paintings, music, videos or games, due to memory reasons, the metadata and media of NFT are often stored under the centralized chain, such as hosted by the auction platform. This means that NFT metadata may be at risk of loss. Once the files represented by these NFTs are lost, the NFT will lose its value totally.

How to store NFT metadata safely is an important issuein the development of NFT. GDF believes that distributed storage protocols can effectively solve this problem. Distributed storage solves the market risk brought by centralized storage because of its characteristics of decentralized data storage. In addition, distributed storage protocol is based on content addressing, which identifies content by its password hash rather than its location. When NFT casting is completed, its encrypted hash will never change, which ensures that the chain always returns the same content. Compared todata storage on the cloud, distributed storage avoids the risk of possible change of HTTPS: / / and can retain NFT data forever.

In the research of applying distributed storage protocol to NFT storage, GDF launched its GoodData blockchain platform. When a user uploads a data set or work, GoodData can automatically cast NFT and store the source file into the distributed storage protocol, so that users can have confidence in auction or fractionalization based on their needs.

GDF believes that the development of NFT will have a great positive effect on the current blockchain industry. First of all, the strong expansibility of NFT in the development of application scenarios can provide economic empowerment for many traditional industries. Secondly, the performance of NFT in various industries can effectively ease the misunderstanding from the public about the decentralized financial industry, and promotes the development of blockchain. The Olympic pin will also bring NFT into a broader application.

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