In the beginning of 2021, Filecoin was a relatively unknown decentralized peer-to-peer storage service with a total network capacity barely making a dent in the digital storage space. Less than 2 years later, the Filecoin team claims the blockchain has grown to eclipse 10% of the storage capacity of Amazon Web Service, the most popular vendor in the cloud infrastructure services market. This includes the use of the storage — by well-known blockchain firms such as OpenSea and Magic Eden — of some 239.03 terabytes of nonfungible tokens (NFTs) worth an estimated $26.6 billion as of early September.
NFT storage on Filecoin | Source: NFT.Storage
How did Filecoin become so successful;? And what motivates its developers to grow the ecosystem? Colin Evran, ecosystem lead at Protocol Labs, which
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