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How Cere Freeport aims to address key weaknesses of NFT technology – ARTnews.com

Three years ago, Fred Jin and Kenzi Wang had an ambitious idea: What if they created one of the world’s first decentralized data clouds? “Clearly there is a need for a consumer-centric data ecosystem,” said Jin. “We believe people should own their data and choose which apps to connect it to.”

Currently, big companies like Google and Amazon own data clouds where most of our information is stored. That has become a sore point for NFT collectors, who are increasingly worried about storing these precious assets in the clouds owned by those companies.

Launched last week, Cere Freeport aims to provide a solution. After setting up its own decentralized data cloud using blockchain technology, the Cere team built a dedicated platform for NFT. There, users can mint their NFT and store a smart contract on a decentralized cloud. In doing so, Cere is able to cut out the middlemen, and the data that makes up their NFT is fully owned by the Cere users.

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The NFT minted from Cere can then be sold on other platforms. Collectors who have purchased NFT on other NFT platforms can use Cere Freeport to store their new assets on Cere’s decentralized cloud.

NFT smart contracts are typically stored on the blockchain, but the artworks themselves are not because they are too large to be stored there. In place of a work, a link hosted by a platform like OpenSea or SuperRare will appear in its place. However, these links are fragile things. They can be lost if their mint misses or omits an invoice, or for less serious random reasons. (In fact, URLs hosted on and off the peer-to-peer network known as the Interplanetary File System were broken with such frequency that the checkmynft.com website was launched.)

Collectors have continued to search for solutions on how to best protect their digital assets, and Cere hopes to help with that. Of course, there is competition, however. Blockchain-based technology companies focused on data storage, among them CXIP and RubiX, already exist, but for them to function properly, mass adoption of their services is required. . It is not yet clear who will win.

“Space is so new and there are still no really best practices,” says Wang. “Everybody is lost — they will spend money on NFTs, but they don’t know what to do next.”

https://www.artnews.com/art-news/news/cere-freeport-nft-weaknesses-1234611160/ How Cere Freeport aims to address key weaknesses of NFT technology – ARTnews.com

Yasmin Harisha

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