To say that the explosive growth of NFTs in recent months is an understatement, but despite all the guarantees of its “irreplaceable” name, ordinary investors still have many problems. Have you ever wondered whether the NFT will be lost?
Considering the record of digital assets in terms of security, the opposite guarantee is not enough. Therefore, ClubNFT is a start-up company whose mission is to “build next-generation NFT solutions to help collectors discover, protect and share digital assets.” It provides development and release tools to give these investors peace of mind.
But you must wait a while. Co-founder and CEO Jason Bailey said that these next-generation tools are in the “discovery” phase, and one of the first tools designed to provide backup solutions for NFTs will be launched early next year.
Speaking of International Business TimesBailey said, “We look forward to launching a backup solution in early 2022. But from now on, we should provide (1,500 Beta testers) with valuable information about their wallet.”
Bailey said that during the beta test, he realized that the NFT storage system has vulnerabilities. Only 40% of NFTs actually point to IPFS, and 40% of them are at risk—pointing to private servers.
The problem is explained as follows: NFT is basically a collection of metadata, which defines the basic attributes it has. Just like in the world of Internet documents, links point to the artwork being stored and any detailed information about it. But the link may break or die. Many NFTs use a system called the Interplanetary File System or IPFS, as long as it is hosted somewhere on the IPFS network, you can find it. Unlike the world of Internet domains, you don’t need to own a domain to truly ensure data security.
Photo: Jason Bailey
Bailey explained the problem that the backup tool will solve, “When you upload an image to IPFS, it creates a cryptographic hash. If someone stops paying for storing the image on IPFS, as long as you have the original Image, you can restore it at any time. That’s why we give people the right to download images.
“A lot of people don’t realize that IPFS is open source software and it will evolve over time. So you actually, even if you have the same image, if IPFS changes and you upload the image, you might get one”
The company stated that the solution will be provided free of charge, and it will enable collectors to “download all NFT-related media with one click to ensure that their NFT investment is safe.”
Bailey, early NFT The collector himself elaborated on this point: “So we will start with this protection tool solution, which allows people to click a button and download all assets related to their NFT collection and their wallet in the exact format they need. Revert to IPFS, if it disappears. We will not charge anything for this.”
He said the idea is that collectors should not trust any company. Instead, they can use ClubNFT’s tools to download files locally when available.
ClubNFT October 28 Announce In the seed round of $3 million, several investors led by Galaxy Digital and Galaxy Interactive participated in this round of financing. Red Swan Ventures, CMT Digital, Sfermion, Draper Dragon, Richard Entrup and other angel investors followed suit.
It revealed “a plan to build next-generation tools for NFT collectors, including search, analysis, backup, recovery, evaluation, and management-all of which are integrated and complementary to the existing NFT market.”
Bailey said: “One of the things we did in the early discovery process is that we are building a tool that can look at your wallet and see the people you collect, and then go deeper to see the people they collect.”.
Bailey said that the remaining tools will be processed after collecting lessons learned based on user feedback on the first set of solutions. However, it seems that negotiations for the next set of tools will begin next spring, as the company has already developed a “overall roadmap.”
Disclaimer: Considering the volatility of the NFT market, experts warn investors to be cautious when making purchase decisions when it comes to digital assets.this Securities and Exchange Commission A warning was issued to investors in September: “Fraudists continue to use the increasing popularity of digital assets to lure retail investors into fraud, which often leads to devastating losses.”
