Our project, NFT.Storage, contributes to the growth of the open-source software (OSS) ecosystem by providing decentralized, accessible, and long-term solutions for storing and preserving off-chain NFT data. Built on the Filecoin network and IPFS, both of which are open-source protocols, NFT.Storage enhances the decentralized storage ecosystem by ensuring that the metadata and media associated with NFTs are perpetually and verifiably stored. Without reliable long-term storage, an NFT could lose its value if the image or metadata disappears.

Our earlier product, NFT.Storage Classic, provided free decentralized hot and long-term storage, allowing creators and platforms to store NFT data at scale. Although we no longer allow new uploads, we still store 704TB of data, which is made available in hot storage through the NFT.Storage Gateway and also stored on Filecoin.

We have since transitioned to our flagship product, which offers endowment-backed long-term storage for a one-time fee of $2.99/GB. This storage model secures data on Filecoin for the long term without users having to worry about ongoing costs. Additionally, we have a smart contract-based storage management system that automates payments to storage providers, ensuring ongoing service without manual intervention.

By offering an open-source product, we empower developers and creators to easily integrate our decentralized long-term storage solutions into their applications and platforms. This helps expand decentralized, long-term storage solutions across all NFTs, reducing reliance on centralized servers and enhancing the overall resilience of digital assets.