KnownOrigin, a prominent NFT marketplace acquired by eBay in 2022, has announced its shutdown, raising concerns about NFT storage reliability. Launched in 2018 in Manchester, England, KnownOrigin allowed artists to mint, sell, and trade NFTs.
The closure highlights a critical issue: the sustainability of digital asset storage, particularly with IPFS. Artist Ella pointed out that if eBay stops paying for IPFS storage, the associated digital art could become inaccessible. This underscores a misconception that NFTs are entirely on-chain when most point to off-chain files.
Tech experts note that while IPFS is resilient, it still depends on active nodes. Jonty Wareing revealed that many NFTs point to URLs, making them vulnerable if platforms shut down. This fragility calls for better storage solutions like Arweave, which offers more reliable decentralized storage.
The KnownOrigin shutdown emphasizes the need for the NFT community to adopt more sustainable storage practices, ensuring the longevity and integrity of digital art.
