FOIL NFT Marketplace with direct NFT storage

Virtual culture and virtual property

Virtual art appeared together with computers and it has been discussed for years, but it wasn’t until recently that it became mainstream. The key to this success is blockchain technology, and it is now generating huge sums of money for digital artists and online collectors. The union of digital art and cryptocurrency has become very popular also thanks to popular celebrities like Elon Musk or Lindsay Lohan, who recently launched her own NFT tokens.

The sudden interest in NFT-tokens caused the booming of the market. Beeple’s “Everydays: The First 5000 Days” was sold for $69 million, while a self-portrait by the robot Sophia was sold for almost $700,000. Some think the world has gone mad, and it’s true that some NFTs are trading at overinflated values, but we are sure; the NFTs are here to stay.

A Non-fungible token in a smart contract. Is it a good solution?

Non-fungible token (NFT) means that it is unique and you cannot find another exactly the same. Usually an NFT ERC721 is compared with a digital certificate of authenticity that can prove that a person owns the original piece of digital artwork. Which is partly true, but not completely.

Actually, an NFT token in ERC721 standard is only a hash (fingerprint) of the original digital work, and the original is stored on a centralized server. It can be a marketplace storage, media services or other cloud storage.

This implies that the original file of this NFT can be stolen, deleted or censored. Then it can come one day when you open your digital wallet, expecting to see the NFT that you bought for a considerable amount of money, and you find nothing but a “404 error”. True story.

https://www.google.com/amp/s/www.theverge.com/platform/amp/2021/3/25/22349242/nft-metadata-explained-art-crypto-urls-links-ipfs

https://news.bitcoin.com/nft-immutability-debate-grows-as-tokenized-tweets-get-deleted-and-nft-images-are-replaced/

There are several marketplaces, like OpenSea, Rarible, Grimes, Nifty Gateway and plenty of others, which allow people to create, buy and sell NFT tokens, but no one can guarantee the full safety of it.

FOIL Network provides Pure NFT and a new standard for ERC721 NFTs

Foil NFT blockchain platform is completely different. NFT Foil tokens contain the digital work itself, not its hash or link to the file. When you create an NFT on FOIL Network, you upload the original file in high resolution, with a size up to 20MB, that is why we call it “pure” NFT.

Also, artists can provide the provenance of their art right into the FOIL blockchain, which gives value to the art piece. We already have a built-in NFT marketplace and now, in collaboration with our partners from the Erachain platform, we are finishing our web and mobile NFT Marketplace.

The stable performance of the actual platform allows the creation of blocks with size up to 64MB, and uploads the exhibits themselves up till 20MB. The Foil team is planning to work on special blockchain storage on the sidechain of the main network, in order “data on-chain and it is the most unique blockchain solution.” to increase the block size to 250MB. Then it will be possible to warehouse large-volume works such as high quality video and audio files.

With this solution FOIL Network will bring to BSC and ETH users a new standard of NFT ERC721 and BEP721. In cooperation with us, popular NFT marketplaces will be able to give this option to people. They will create an NFT ERC721 and store the original file on our blockchain, making it impossible to steal, delete, or change from the blockchain.

Foil Network takes off!

Foil Network, our innovative Blockchain-as-a-Service platform, is scheduled to be launched on the 12th of April, The International Day of Human Space Flight. Join the evolution of blockchain by participating in the Wrapping Blockchain Interactions event and enjoy extra rewards for supporting the FOIL ecosystem as an early adopter. Stay tuned to FOIL Network channels for more information on our unique and innovative BaaS services.

You can read more about FOIL Network technology here: https://foilteam.medium.com/foil-network-technology-7b75c00d3fe2

FOIL Network
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FOIL Network is a new breed of interoperable, high speed, and elastic blockchains.

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