NFT metadata can be found by anyone on OpenSea and Rarible by using the correct API, token id and contract address. NFTs provide the access to the users by offering them the ownership to the crypto assets or providing the key to the content created such as art, music, movies, real estate etc. or acting as the certificate for the owners. NFT technology has totally changed the game today.
However, it is the metadata that has made the nonfungible tokens a lot more useful. It enables the users to consume the benefits of the NFTs in real terms.
Here is a detailed article about the use of NFT metadata and the ways that the data can be practically used over the blockchain to make money. moreover, it will also guide the readers about how the NFT metadata can be found on OpenSea and Rarible.
What are Nonfungible Tokens (NFTs)?
NFTs are also called as crypto tokens. They actually exist on a blockchain exclusively belonging to its owner. They are not replaceable unlike other kinds of cryptocurrencies. Non-fungible Token is a distinctive form of digital asset on a blockchain. It is one of its kind images of an object that can later be duplicated a number of times.
Despite being new, NFTs are already gaining a huge profit. NFTs are sold for millions of dollars. A digital artist once sold a piece of NFT artwork worth $69 million. Prices of NFTs could deviate as people start piling up these digital assets hoping that their value may increase.
The most expensive NFT till date is “The Merge” that was bought worth $90 million by a group of 30 thousand collectors. NFT market earned $17.6 billion in sales in the year 2021.
In addition to, trading and creating NFTs in marketplaces, businesses also utilize NFTs for customer promotion and loyalty programs, real estate transactions, for identification and documentation process etc. NFT could be an image, virtual real estate, file or a trading card. Each NFT type is one of its kind and cannot be restored.
What is Nonfungible Token (NFT) Metadata?
All the information about the data that is represented by NFT is known as Metadata. As the large files become too costly for the consumers if stored over the blockchain, therefore they are kept in the form of NFTs over the blockchain network.
The files are stored outside the blockchain and the NFTs just point at those files. A very small number of NFTs artworks that can be kept on-chain.
The digitally occurring assets that exist in the form of MP4 file, a GIF or in the form of JPEG can be referred to as an NFT. The underlying file in the NFT is stored off-chain while the token is kept on the blockchain itself. All the specification related to the data stored are pointed out by the NFT metadata.
The information such as description of the NFT, the history of the transactions carried out, the name of the NFT, the link to the image being hosted and many other traits are included in it. One of the major benefits of NFT metadata is that while hosting a large number of files on the blockchain, the solution architects can move the technical issues aside with the help of NFT metadata.
While keeping the content on any HTTP URL present over the internet in today’s world or any Inter Planetary File System (IPFS), uploading the link of the content to the blockchain is considered to be a more preferred practice. The data can be stored and shared in the form of a distributed file with the help of IPFS that is known for sharing the files over the peer-to-peer (P2P) networks.
Storing the information in the form of JSON could be very demanding in terms of resources, therefore, the information inside the smart contracts is stored as Universal Resource Identifier (URI). It is completely upon the users if they want to install the NFT metadata or not.
Need of Metadata for Off-Chain Data
As the size of the content increases, it becomes more and more costly over the blockchain. Therefore, to upload the larger images, videos and audios on the blockchain is an expensive process. The charges of storing one gigabyte of data over the Ethereum blockchain costs about 35 million dollars.
Similarly, storing a movie of about 160 minutes over the blockchain might cost about 237 million dollars that is a lot more than the actual expenses required to make that movie. One can find the JSON description of the token by using the URI string that indicates its location. The metadata describes about what the token is representing actually and stays on the blockchain.
Working of NFT Metadata
NFT metadata is an essential component of the nonfungible tokens that facilitates them in proper functioning. The data outside the smart contracts can be linked to the NFTs that then enables the network to be referred as off-chain data.
The metadata of NFTs is often saved in the InterPlanetary File System (IPFS), no matter if they are created by following which of the given standards, ERC-721 or ERC-1155. IPFS uses the Peer-to-Peer mechanism in order to transfer any kind of file stored in it.
IPFS is a special kind of file system that does not function in the same way as other file systems do. For every file that is saved over the IPFS system, there is a content ID (CID) generated. It is then further distributed among the storage providers working independently. IPFS introduced the NFT storage system that is completely free and only responsible for storing the NFTs.
The money being invested in the nonfungible token can be secured for longer terms completely. It is done when by using the NFT.Storage, one uploads the data that is related with Filecoin and IPFS.
On the IPFS network, the metadata that one stores is then hashed and pinned to the protocol and returned back to the smart contract. In the self-executing storage of the contract, the resulting URL is recorded and then it is integrated with the relevant token ID.
With the same structure and a set of properties, the JSON object is resolved by the same URL given. In order to reveal the content properly, some specific fields are needed such as the image, the description or name etc. that are connected with the commonly known marketplaces such as OpenSea and Rarible.
Contribution of OpenSea and Rarible to the NFT Ecosystem
The need of such marketplaces increased for the creation, transfer and monetization of the assets as the demand of NFTs increased in the market. To keep the NFT moving in the market, the much-needed tools to run the activities are provided by the marketplaces.
Among the platforms where the traders can easily trade NFTs and mint them, OpenSea and Rarible are the most common ones.
Among some of the largest, well-known NFT trading platforms, lies OpenSea. It is actually the first marketplace that initiated NFT trading. It provides the opportunity to the customers to launch their own NFT collection in the market so that it can be sold over that platform.
OpenSea provides the platform to the users to list, mint and trade the NFTs. It does so by making the intricate processes that are required to monetize and manage the NFTs simpler. Though OpenSea was created initially to support CryptoKitties, now it has become the go-to marketplace for the NFT participants.
Offering the customers simple methods of trading and minting features, Rarible is a gateway into the NFT market that operates on Peer-to-Peer mechanism.
It is a little different from OpenSea as it installs the RARI, the native token into the marketplace so that it helps them in governing the platform. Moreover, it also provides the opportunity to the RARI holders that they can vote in case of making any critical decisions.
How NFT Metadata Can be Viewed on OpenSea?
OpenSea can be used to view the NFT metadata so that they can have the knowledge about the uses and functions of NFTs. It is very simple to view the metadata on OpenSea.
In order to understand the process, let us consider the example of the metadata that is integrated with the Ethereum based NFTs. The procedure of finding the metadata is mentioned below.
- The first step is to look for the NFT for which the metadata is required.
- Find the “Details” tab while scrolling down the menu.
- Next to the contract address will be present a link, click on that link.
- Next to it, on the screen will appear an Ether scan link. This contract address is to be copied from there.
- After that in the URL box, the user has to type the address “api.opensea.io/asset/” and after the slash at the end of the URL, he has to paste the address that is copied before. It follows the token ID that are mentioned in the contract details.
Following these steps mentioned above, one will see that the metadata linked with the NFT will appear on the screen in JSON format. One has to use the relevant blockchain explorer to fetch the contract address if he wants to the get the access to the metadata related to the NFTs that are hosted on the other blockchains.
This can be understood by the example that if one want to find the metadata that is being hosted on the Solana blockchain. For this purpose, on the details tab, he has to click on the link that is present next to the contract address. Then he can use the API that is relevant to the NFT in order to fetch the metadata.
How NFT Metadata Can be Viewed on Rarible?
Rarible, same as OpenSea also helps the users so that they can find the metadata that is being related with the NFT. Let us consider the example of a commonly known NFT that is based on the blockchain of Ethereum called as EXIO, in order to understand the process of finding metadata using Rarible.
A pilot entering the atmosphere of the planet and is controlled by the psychedelic consciousness is known as EXIO. The procedure on Rarible for finding the NFT metadata for EXIO is given below.
- Using Rarible, the user requires to open the page that is related with that NFT for example, EXIO in this case.
- Click on the view on Etherscan option that one will find the details tab while scrolling down the menu.
- After that, click the token ID number that is written in blue that can be viewed on screen.
- This will direct the user to a new page.
- From that page, the contract address has to be copied by the user.
- After that, put in the respective link in order to find the metadata.
- The add the token ID after this address.
- Then use the following link for the contract address that is given.
After following this process, the metadata integrated with the NFT will appear on the screen.
If on Rarible, one wants to find the metadata related with the NFTs that are hosted on any other blockchain than Ethereum. For this purpose, he has to replace the Ethereum with the chosen blockchain he wants to find the metadata for. There are no token IDs in some cases.
Here are some examples mentioned below for the blockchains that can be represented on Rarible.
- Metal 12 hosted on Tezos blockchain
- DeRace Opie 999 hosted on Polygon blockchain
- 1984 CNN Project hosted on Flow blockchain
- Okay Bear hosted on Solana blockchain
Considering Metadata While Trading on OpenSea and Rarible
The ownership and tradability of NFTs can be focused more using the Metadata. The tokens can therefore find their applications in supply chain, fashion, gaming, music, real estate, art, ticket sales, luxury goods and many more other use cases.
The efficiency of the implementing the NFT technology to the real world can be increased by providing the users an immediate access to the important data.
The stability of the ecosystem can be promoted if the users actively use metadata. This will also add up to the value of metadata. A number of traders do not actually bother about metadata considering it as technical matter or try to find out its real usage on the platforms like OpenSea and Rarible.
How to Store NFT Metadata?
The storing procedure of the NFT metadata depends on the blockchain network which it is present on. There are a number of protocols that help in storing the metadata. It is all dependent on which type of blockchain is being used, whether it is private or public and the method of creation of the blockchain.
If the blockchain is public, the most commonly used method of storing the metadata is via a Merkle Tree Root. In case if the data is stored in a distributer ledger, the owner of the data has to sign it before writing it completely over the ledger. The key is only known by the owner of the data.
Applications of NFT Metadata
There are a number of applications of NFT metadata. The additional description of any token can be recorded by using NFT metadata.
It is similar to any serial number or receipt that is given for confirmation of any trade. It facilitates the transaction process and also helps in providing the relevant details about the asset being traded such as the image, the price or the present location of the NFT.
There are some other applications of the NFT metadata that helps in storing the data off chain. This process helps in the situations if the hardware devices such as computer being used has limited storage or bandwidth.
In such cases, the centralized servers fetch the metadata. This data then can be accessed by the users over the blockchain if it is needed via any security channel.
Investing In NFTs is Profitable or Not?
All the crypto assets are highly volatile in nature and can be attacked by the hackers and cybercriminals easily, and so are the nonfungible tokens. Therefore, one should be aware of the threats and risks that are integrated with dealing with the NFTs.
Also, one should think thoroughly before investing the money earned through hard work in digital entities such as games and art. It is however always advices not to invest your money into something you are not sure about.
It is very important to carry out research regarding the NFTs anyone is buying and all the possible benefits that one could get from it and all the professional traders know about it.
Using the platforms like OpenSea and Rarible, metadata for some NFTs can be found by the users in a relatively simpler manner. Moreover, it also ensures that the tokens bought by the users are worth it for trading further.