Decentralized Metadata Storage for Non-Fungible Token Collections Using Interplanetary File System

Abstract

Non-fungible tokens (NFTs) have become known as a game-changing digital asset class, revolutionizing digital content ownership and trade. These one-of-a-kind tokens symbolize a variety of digital and physical goods, including art, music, antiques, and more. The metadata linked with each token is crucial to the value and legitimacy of NFTs, giving crucial details about the asset's authenticity, ownership history, and other pertinent factors. It is critical in this setting to ensure the security, longevity, and usability of this metadata. The novel method of storing NFT information on the Interplanetary File System (IPFS), a decentralized and distributed file storage technology, is explored in this research article. It then digs into IPFS's design and operations, describing how it works as a decentralized file storage system. The integration of IPFS with NFT collections is thoroughly examined, emphasizing the advantages it provides with regard to data integrity, accessibility, and security. This study highlights IPFS's potential as a game- changing solution for NFT metadata storage. Creating a web- based NFT minting and querying application using Next.js, Web3Modal, and Ethereum on the Mumbai test net user-friendly integration of decentralized NFT contracts, aiming to facilitate broader adoption of NFT applications. As a result, it adds to the continuing discussion about NFT technology and its integration with decentralized systems, paving the path for a more robust and permanent digital art and collectibles market.