If you have been involved in the NFT space then you have probably heard of the term metadata. Although a simple concept it is a key component for enabling authenticity, data storage, and providing useful insights.
That is why in this article I will be explaining what they are and much more. So without further ado, let’s jump right in.
TL;DR:
NFT metadata contains information used to track and verify ownership of digital assets. This includes the token ID, name, and collection all of which are transparent and permissionless.
What is NFT metadata?
NFT metadata is information that describes and details other data. In the case of NFTs, it is used to reference digital files that are too large to host on the blockchain.
These include images, music files, and videos to name a few. Moreover, the author can add additional metadata they deem important. This can include the authors’ names, contact information, and a brief description of the asset.
Thanks to blockchain technology this is all verifiable. Any user with a computer and internet connection can access this information. Therefore, metadata guarantees authenticity.
How does NFT metadata work?
Simply put, NFT metadata contains the raw data file of the NFT. This file is usually in JSON format. Essentially, during the minting process artists detail the NFTs name, description, traits, link to the hosting file, etc.
This also allows them to simplify data presentation for users. For instance, complex smart contract code can be converted into intuitive text files.
Popular marketplaces such as Opensea support the official ERC721 standard and the Enjin suggestions to name a few. Additionally, they utilize intuitive UI to allow easy editing of the JSON file.
Lastly, metadata is vital as they also act as a workaround to hosting large files on the blockchain. In essence, the metadata references off-chain data sources with higher bandwidth and storage capabilities.
This is usually an InterPlanetary file system (IPFS) or a standard URL on the internet. In the case of IPFS, this is a peer-to-peer system. It is secured by a decentralized network of computers that are censorship resistant.
NFT metadata Use Cases
NFT metadata has several important use cases. These include the following:
Guaranteeing authenticity – metadata is transparent and verifiable. Users can check the data on the blockchain to determine legitimacy. Moreover, it highlights any malicious activity.
Providing additional details – as mentioned previously, creators can add additional information to NFT collections. For instance, the name and specific traits. These can then be used as filters on NFT marketplaces. Moreover, they provide greater insights for users.
Facilitating the communication between off-chain and on-chain data – simply put, metadata is used as a link between on-chain and off-chain data. This allows large data files to be used.
How do I get NFT metadata?
The two most popular way of getting NFT metadata is through a blockchain explorer or marketplace. First of all, a blockchain explorer displays a complete breakdown of the smart contract information.
This is the most in-depth method of finding Metadata as it allows users to read the underlying contract.
The second method is through marketplaces. All of the major marketplaces contain relevant metadata. Moreover, they can be used as filters to find valuable NFTs. For instance, OpenSea allows users to filter on specific traits.
To learn more about NFT authentication, click here.
Best platforms for metadata verification
Etherscan – If you are using Ethereum then you can check the on-chain information through Etherscan. Simply enter your wallet address in the search bar. You will then find the contact information for your NFT. This includes the time your NFT was sold and the corresponding wallet address.
Solscan – this is a great alternative if you are using Solana. Users can easily verify NFTs by searching for collection contract addresses and matching them with their own NFTs. Not to mention, it is also paired with Magic Eden so you can easily navigate between the two.
FAQ
Can NFT metadata be changed?
Yes, the JSON metadata file can be changed. This can be done by editing the URI. That being said, the token ID and contract address cannot be altered. Moreover, off-chain data storage such as IPFS cannot be changed.
Where is NFT metadata stored?
NFT metadata is stored on the blockchain. In essence, this is a distributed ledger similar to an online database. It is secured by a decentralized network of computers known as nodes. Each node contains a copy of the metadata and the information is transparent allowing anyone access.
Conclusion
Overall, metadata is used as means of providing important information to NFT contracts. They guarantee authentication while providing useful insights.
Moreover, anyone can verify the data whether that be through a blockchain explorer or marketplace. I hope you found this article useful and thanks for reading it.
Want to know whether NFTs are Ponzi schemes? Click here to read my previous article.
