[Cross-published to LinkedIn]
Here’s another reason why decentralised storage is important – FTX NFTs are now worthless. For you to truly own NFTs, their attributes & metadata need to live on-chain or on decentralised storage systems.
Storing and retrieving raw data directly on-chain, especially large payloads like images, is super expensive. That means data will increasingly reside on decentralised storage systems. And for their long term survival as a whole, they need to have sustainable token incentive mechanisms. The opportunity is enormous in size & value.
We don’t yet know which ones of Filecoin/IPFS, Arweave, Sia, Storj or any of several others everyday people will use. Those that figure it out & hold those tokens will stand to make significant wealth.