NFTs minted on FTX break, highlighting Web2 hosting flaws
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The FTX collapse highlighted many flaws in the crypto industry. Now, the effects of the FTX debacle have broken into the
On Aug. 5, NFT executives brought up the topic of NFTs not living on the blockchain. In a Cointelegraph interview, Jonathan Victor, the Web3 storage lead at Protocol Labs and Alex Salnikov, the co-founder of Rarible, explained that technically, the tokens are stored somewhere else. The duo highlighted that main chains often are very limited in size and that it costs more to store data on the blockchain.
Despite the troubles brought about by the FTX collapse, the NFT industry remains confident in the future of the space. On Nov. 22, various players within the NFT space spoke with Cointelegraph and expressed their confidence that the space will eventually recover. The executives highlighted that it’s important for the NFT community to focus on bringing more utility to their collections.
