Industry seeks solutions for NFT image-hosting disasters
The image-hosting aspect of nonfungible tokens (NFTs) needs major improvements. First, people saw NFTs on FTX breaking after it declared bankruptcy. More recently, NFTs on the marketplace Magic Eden showed some questionable images instead of their actual thumbnails.
As the problem continues to persist, Cointelegraph reached out to various industry executives to get their thoughts on how NFT projects can solve the NFT hosting issue.
From using dependable blockchains to exploring the storage technologies available in the Web3 space, various executives working in the NFT industry gave their thoughts on how to avoid future problems in NFT image hosting.
Samuel Huber, the CEO of the metaverse platform LandVault, noted that the issue with FTX NFTs is that the metadata was hosted using a Web2 API. According to Huber, the best course of action for NFT projects to avoid this type of problem is to use dependable blockchains for the NFTs themselves and store NFTs on a distributed ledger that is not controlled by a single entity.
There is a lesson to be learned here yet collections are still hosting metadata on AWS.
The executive also told Cointelegraph that while there are very few projects that currently host the actual images on-chain, making sure that the metadata and files are hosted properly is of paramount importance. He added that:
Alex Altgausen, the CEO of play-to-earn NFT game Banksters, also agreed with the sentiment. The executive believes that if NFT projects are truly trying to disrupt traditional industries like gaming, they must explore storage technologies that are already available within the Web3 space.
Altgausen told Cointelegraph that there are new technologies that “distribute file storage using multiple
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