Back-up your beloved NFTs using Minters Vault

Today at Minters Lab we are pleased to announce the launch of our first of many products, Minters Vault.

Minters Vault is the first non-custodial NFT backup system of its kind. It seems innovative projects are surfacing every day as the NFT space grows stronger. We’ve recognized that decentralized storage is still in its infancy and isn’t being leveraged to its full capacity. A lot of valuable NFTs have media content and associated metadata stored traditionally on centralized storage spaces. This has its benefits, allowing projects to move quickly and giving NFT creators flexibility and affordable options when it comes to creating and monetizing their NFTs. However, we want to ensure the longevity of your beloved NFTs, no matter where that NFT was created or where the NFT media and metadata is stored… so, we created Minters Vault.

A few scenarios we’ve considered:

  • Platforms hosting metadata can run out of money or data can become corrupt or compromised. If this happens then your NFT could become compromised (it could become nothing more than a number on the blockchain).
  • Perhaps the platform did put the NFT metadata and media files on IPFS, but these files became un-pinned and deleted. Meaning you, the rightful owner of the NFT, have no way to re-pin these files — thus leaving you with a blank NFT.
  • Maybe a platform uses a decentralized storage solution, which claims to store files forever, but these solutions are still in their infancy and the files could potentially disappear. At the end of the day you do not have control of the files — someone else does.

This is where Minters Vault comes in. The system is designed and built to automatically back-up your NFT’s media files, metadata whilst pinning to IPFS. We allow you to download those files for safekeeping too. Once downloaded you then create a “replicant” NFT — this contains the IPFS hash directly on-chain — which represents your original NFT. We will also be adding a portal where you can re-pin your files if they ever become unpinned for the much needed NFT longevity.

This may seem simple but by using Minters Vault you can rest easy knowing your NFT will last forever, giving you absolute control of your beloved NFTs and the associated files — which will not include ANY central third-parties.

Why Do We Need This?

Blockchain technology promises to cut out the middleman. You essentially become your own bank. Meaning you are always in full control of your wallet and the assets that go into it. This is all very empowering, but with this greater control over your assets comes a greater responsibility and other potential risks. You need to mitigate these risks by keeping your assets and private keys safe.

Fortunately, we don’t need to rely on a third party to send funds, or use services. However, the same can’t be said for NFTs right now. Most platforms and markets do transfer your NFTs directly to your wallet, then you are free to sell and transfer as you see fit. However, the artwork, metadata and other associated media files do not live inside your wallet, and these are arguably the most important part of your NFT.

So let’s fix that…

Traditional storage solutions make storing metadata and media files very affordable and flexible for both platforms and creators. In the medium term this is probably fine, but what happens 5–10 years from now, what will happen to the platforms hosting the metadata, will they still be around? Maybe. But in the ethos of crypto we want to be in full control of our assets. This is where Minters Vault comes in.

How Does Minters Vault Work?

You have valuable NFTs that you care about and we want to make sure those NFTs last forever. We have built a platform that does just that. When you arrive at Minters Vault and connect your wallet you will see a list of compatible NFTs (ERC-721). When you choose to back up an NFT the following actions occur.

Upload Files to IPFS

Our system analyzes the NFT metadata and uploads all the associated media files to IPFS. Then the metadata is updated to include the IPFS URLs and finally the metadata file itself is uploaded to IPFS. From there you will have the option to download all the files that were just uploaded to IPFS. It is highly recommended that you do this. By downloading the files you can then, at any time, re-upload them to IPFS in case they ever become un-pinned from IPFS and removed. They will be stored at the exact location as they were before — the same location that is referenced directly in the “replicant” NFT smart contract.

Create a Replicant NFT

A quick Google search provides the following definition for “replicant”

(in science fiction) a genetically engineered or artificial being created as an exact replica of a particular human being.

We thought this was a good term to use. Think of your replicant as an exact replica of a particular NFT — except the files are stored in a decentralized way and you have the ability to re-upload those files in case anything ever happens to them, putting you in control.

The replica is not immediately transferred to your wallet. Given that it replicates the original NFT there should only be one of the NFTs in circulation at any given time, the replicant or the original. The replica is associated with the original NFT directly in the smart contract. This ensures that you can always look up the original based on the replicant — thus proving that the replicant was created from an authentic NFT.

Swap for the Replicant

After creating your replicant you can swap your original for your replicant. This can easily be done directly through the Minters Vault platform. Prior to swapping for your replicant you will approve the Minters Vault smart contract to swap on your behalf. Once you have the replicant you can always swap it back for the original, but again only one will be in circulation at any given time.

In Conclusion

We think Minters Vault will put you in control of your NFTs and we hope that you find it beneficial. We think you will. If you have NFTs you care about you should definitely use Minters Vault to back them up. At Minters Lab we continue to deliver products that make NFTs better.

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