Filecoin (FIL) Collaborates With Flow, To Make NFTS More Decentralized

Filecoin (FIL) Collaborates With Flow, To Make NFTS More Decentralized
  • These features are appealing to NFT players like Dapper Lab.
  • These tokens may also be kept in Filecoin’s decentralized storage.

Filecoin’s decentralized backup will help Flow NFTs. Like any tangible item, an NFT token must be maintained. A digital asset is backed up utilizing storage space, much like a file. The problem is significant given the potential usefulness of an NFT.

Furthermore, Filecoin and Dapper Lab announced a collaboration on October 13 to assist NFT holders and producers. This last one provides decentralized backup. Thus it is intended to ensure data availability on its network. These features are appealing to NFT players like Dapper Lab. The business is undoubtedly a leader in this field. Its Flow blockchain supports large-scale NFT.

Moreover, it struck a deal with Filecoin this week. It joins Flow Blockchain as an official partner. Filecoin will provide network users with storage. Users of Flow may now create non-fungible tokens using Filecoin’s IPFS technology. These tokens may also be kept in Filecoin’s decentralized storage.

The combination with Flow assures NFT holders and issuers that their tokens will be “accessible everywhere in complete security.” It also allows Filecoin to benefit from the NFT market’s characteristics.

Token Values Soared

Filecoin wants to follow suit. The business offers “Next Step Grants.” So, any qualifying NFT project on Flow incorporating IPFS or Filecoin will get $5,000 in funding.

FIL/USDT: Source: TradingView

Crypto investors liked this news. On October 13 and 14, FLOW and FIL token values soared. But now it’s fixed. According to CoinMarketCap, the Filecoin price is $67.20 with a 24-hour trading volume of $1,009,634,430. It faced a 4.43% decline in the last 24 hours in price and around a 15% decline in trading volume in the last 24 hours.

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A trader himself, Rossi has 7 years of experience trading in the forex market and the passion for writing has brought him to Newscrypto. He is the perfect combination of market knowledge and writing skills, making him one of the most sought-after writers on cryptocurrency.