Off-Chain NFTs refer to non-fungible tokens whose data or assets are stored outside the blockchain. While traditional NFTs enable digital ownership by linking directly to assets recorded on the blockchain, off-chain NFTs offer different advantages.One major benefit is reduced costs. Storing large files, like high-resolution images or videos, directly on the blockchain can be expensive and may lead to slower transactions. Off-Chain NFTs can link to these files stored on decentralized storage systems like IPFS (InterPlanetary File System) or traditional cloud services, making them more efficient.Additionally, off-chain NFTs can provide greater flexibility for developers and creators. They can update or modify the asset more easily, which could be useful for platforms that offer dynamic or evolving content. However, this comes with trade-offs in terms of security and permanence; if the external storage service fails, the link to the asset may be lost.Despite these challenges, off-chain NFTs are becoming an important part of the broader digital ownership landscape, catering to different needs and preferences.
Bit Digital Acquires 31,057 ETH Through $150M Convertible Notes Offering
Bit Digital Inc. (Nasdaq: BTBT) has purchased 31,057 Ether (ETH) using proceeds from its recently completed $150 million convertible notes