Origins ResearchCreepz: Everything You Need To Know
https://twitter.com/crypto__kermitCreepz by Overlord is a multimedia entertainment NFT brand that encompasses TV animation, streetwear fashion and blockchain gaming. The brand takes inspiration from Pokemon's blueprint to create an entire entertainment ecosystem of different games, digital experiences, animated series, and merchandise. This article will examine what Creepz and the Overlord is, the power of lore and high conviction buyers, as well as dive into the factors that push Overlo...
Origins ResearchNFT Burn-Redeem Mechanisms
https://twitter.com/RamiWritesIntroductionBurning or redemption mechanisms (Burn-Redeems) offer a twist to NFT collecting, making the act more interactive than has been the case historically. Many NFTs have just been held or sold previously, but can now be spent as well, and the past weeks have consequently seen many burns as a result. This write-up defines the types of burn mechanisms, their history (longer than you might expect), and a perspective on their future. Enjoy.Article OutlineHisto...
Origins ResearchSappy Seals: From Memes to Leading Content Creation in Web3
https://www.twitter.com/crypto__kermitSappy Seals is a Web3 brand that has successfully demonstrated the importance of communities in building a strong brand in the NFT space. In this article, we will cover the Sappy ecosystem: Sappy Seals, Pixlverse, and Pixl Labs. It will explore how the strength of community, and memes, can propel a brand to become a leading content creator incubator in the Web3 space.Article OutlineBackgroundThe Sappy Seals CultureThe Power of MemesUpcoming Updates To Loo...
The goal of Origins is to create value for our users by providing educational resources and actionable insights.
Origins ResearchCreepz: Everything You Need To Know
https://twitter.com/crypto__kermitCreepz by Overlord is a multimedia entertainment NFT brand that encompasses TV animation, streetwear fashion and blockchain gaming. The brand takes inspiration from Pokemon's blueprint to create an entire entertainment ecosystem of different games, digital experiences, animated series, and merchandise. This article will examine what Creepz and the Overlord is, the power of lore and high conviction buyers, as well as dive into the factors that push Overlo...
Origins ResearchNFT Burn-Redeem Mechanisms
https://twitter.com/RamiWritesIntroductionBurning or redemption mechanisms (Burn-Redeems) offer a twist to NFT collecting, making the act more interactive than has been the case historically. Many NFTs have just been held or sold previously, but can now be spent as well, and the past weeks have consequently seen many burns as a result. This write-up defines the types of burn mechanisms, their history (longer than you might expect), and a perspective on their future. Enjoy.Article OutlineHisto...
Origins ResearchSappy Seals: From Memes to Leading Content Creation in Web3
https://www.twitter.com/crypto__kermitSappy Seals is a Web3 brand that has successfully demonstrated the importance of communities in building a strong brand in the NFT space. In this article, we will cover the Sappy ecosystem: Sappy Seals, Pixlverse, and Pixl Labs. It will explore how the strength of community, and memes, can propel a brand to become a leading content creator incubator in the Web3 space.Article OutlineBackgroundThe Sappy Seals CultureThe Power of MemesUpcoming Updates To Loo...
The goal of Origins is to create value for our users by providing educational resources and actionable insights.
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Despite web3’s fascination with immutability, Non Fungible Token (NFT) metadata is subject to change across an overwhelming majority of collections.
Following the recent boom in interest around Bitcoin Ordinals and inscriptions, there has been renewed interest in how NFT data storage works.
Metadata is most often stored on the Interplanetary File System (IPFS), but even there it can be deleted if the data is not used or paid for.
Let’s demystify metadata and the actions you can take to protect your NFTs.
Frozen NFT Metadata
An Incomplete Solution
Exceptions
Closing Remarks: Back Up Your Metadata
A single kilobyte of storage in an Ethereum block costs about 0.025 ETH ($41 USD today). As a result, the artwork, description, and everything that we refer to as NFT metadata tends to be stored off-chain in most cases.
Regardless of where the metadata is, freezing it simply makes the contract unable to look anywhere else for metadata in the future. Since you can’t add files to a folder on IPFS, changing metadata requires uploading a new folder to IPFS and linking the new folder with the smart contract.
To find NFTs with frozen metadata on Opensea, look for a snowflake icon above the artwork and will say Metadata: Frozen in the NFT description. Yuga Labs froze BAYC metadata on June 18th 2021, about two months after they had launched. When they did, they made the corners of the artwork rounded (to help combat fakes).
Freezing metadata means it cannot be updated, ever. But it can be lost. File storage costs money, and on IPFS storage is actually rented.
IPFS charges hosting fees for data on the network, if a project team stops paying those fees the metadata may be deleted. It may seem that freezing metadata solves a problem, but that solution is incomplete.
Not all metadata is frozen, and not all of it should be. For example, the Mutant Ape Yacht Club collection has unfrozen metadata. This makes sense, as new Mutants can come to exist when a serum is taken by a Bored Ape, which would require a metadata change to reflect the new Mutants artwork. Still-growing collections and ones that want NFT metadata to be dynamic should not freeze their metadata. Collectors will have to take backups periodically.
Metadata expiration is not a concern for projects with on-chain artwork. In those cases, metadata is placed on-chain and then linked to the collection, so there isn’t an increased cost for those who mint, but to the project team initially instead. Cyberbrokers famously spent 91 ETH ($250,000 USD at the time) on putting their artwork on-chain ahead of launch.
You don’t need to be a project creator to take steps to ensure your NFT’s safety.
If metadata is on IPFS, it is public and can be easily copied and having a copy can allow you to restore your NFTs. If a project team ever stops paying its IPFS bills, you could re-upload the metadata to the same location and take over the costs of paying for it. ClubNFT facilitates this and is free to use.
Backing up your NFTs is great, but if metadata is unfrozen it could change at any time and invalidate your backup. On the other hand, freezing metadata is great but still requires trust in the team to pay storage bills. These two are both sides of the same coin, and only together can make your NFTs as close to immutable as possible.
At Origins we leverage data-driven decision-making, educational resources, and proprietary analytics to remain ahead of the curve with respect to blockchain tech, specifically NFTs. To find out more, please visit our website or Twitter.
To purchase a pass, please visit our Opensea page.
Despite web3’s fascination with immutability, Non Fungible Token (NFT) metadata is subject to change across an overwhelming majority of collections.
Following the recent boom in interest around Bitcoin Ordinals and inscriptions, there has been renewed interest in how NFT data storage works.
Metadata is most often stored on the Interplanetary File System (IPFS), but even there it can be deleted if the data is not used or paid for.
Let’s demystify metadata and the actions you can take to protect your NFTs.
Frozen NFT Metadata
An Incomplete Solution
Exceptions
Closing Remarks: Back Up Your Metadata
A single kilobyte of storage in an Ethereum block costs about 0.025 ETH ($41 USD today). As a result, the artwork, description, and everything that we refer to as NFT metadata tends to be stored off-chain in most cases.
Regardless of where the metadata is, freezing it simply makes the contract unable to look anywhere else for metadata in the future. Since you can’t add files to a folder on IPFS, changing metadata requires uploading a new folder to IPFS and linking the new folder with the smart contract.
To find NFTs with frozen metadata on Opensea, look for a snowflake icon above the artwork and will say Metadata: Frozen in the NFT description. Yuga Labs froze BAYC metadata on June 18th 2021, about two months after they had launched. When they did, they made the corners of the artwork rounded (to help combat fakes).
Freezing metadata means it cannot be updated, ever. But it can be lost. File storage costs money, and on IPFS storage is actually rented.
IPFS charges hosting fees for data on the network, if a project team stops paying those fees the metadata may be deleted. It may seem that freezing metadata solves a problem, but that solution is incomplete.
Not all metadata is frozen, and not all of it should be. For example, the Mutant Ape Yacht Club collection has unfrozen metadata. This makes sense, as new Mutants can come to exist when a serum is taken by a Bored Ape, which would require a metadata change to reflect the new Mutants artwork. Still-growing collections and ones that want NFT metadata to be dynamic should not freeze their metadata. Collectors will have to take backups periodically.
Metadata expiration is not a concern for projects with on-chain artwork. In those cases, metadata is placed on-chain and then linked to the collection, so there isn’t an increased cost for those who mint, but to the project team initially instead. Cyberbrokers famously spent 91 ETH ($250,000 USD at the time) on putting their artwork on-chain ahead of launch.
You don’t need to be a project creator to take steps to ensure your NFT’s safety.
If metadata is on IPFS, it is public and can be easily copied and having a copy can allow you to restore your NFTs. If a project team ever stops paying its IPFS bills, you could re-upload the metadata to the same location and take over the costs of paying for it. ClubNFT facilitates this and is free to use.
Backing up your NFTs is great, but if metadata is unfrozen it could change at any time and invalidate your backup. On the other hand, freezing metadata is great but still requires trust in the team to pay storage bills. These two are both sides of the same coin, and only together can make your NFTs as close to immutable as possible.
At Origins we leverage data-driven decision-making, educational resources, and proprietary analytics to remain ahead of the curve with respect to blockchain tech, specifically NFTs. To find out more, please visit our website or Twitter.
To purchase a pass, please visit our Opensea page.
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