Why CyberBrokers Paid $250,000 To Make NFTs Completely On-chain

Why CyberBrokers Paid $250,000 To Make NFTs Completely On-chain

91.04 ETH from the treasury was spent to upload all metadata and SVG files to the Ethereum blockchain

Josie Bellini’s latest NFT project, CyberBrokers has been the talk of the town in the NFT space, and now the collection has moved entirely on-chain. Moving all metadata and SVG assets to the Ethereum blockchain required a 91.04 ETH investment, worth about $250,000. 

Initially, the CyberBrokers art and metadata were stored only on the InterPlanetary File System (IPFS). While this is a popular choice in the crypto space, it is somewhat limiting. Especially, when it comes to security and interoperability. 

Most importantly, on-chain storage ensures that the collection does not rely on a third-party system thus disruptions to image fetching are virtually impossible. The only way the collection will cease to exist is if the whole Ethereum blockchain suddenly crumbles to pieces. 

According to cybourgeoisie.eth’s official announcement, the SVG art for the collection will still have a backup on IPFS. This will allow services like the DappRadar Portfolio Tracker to quickly draw information and present visuals to users without interacting with the blockchain. In essence, the CyberBrokers collection now takes the best of both off-chain and on-chain functionalities. 

CyberBrokers takes center stage

CyberBrokers is one of the most talked-about collections in the past couple of days. Aside from the big shift from off-chain to on-chain storage, the project has managed to push both activity and floor prices tremendously in the past week. 

According to DappRadar data, the collection has attracted more than 1,300 unique traders in the past seven days. Additionally, the floor price for a CyberBrokers NFT now sits at close to 3 ETH, or about $7,700. Considering the mint price of 0.35 ETH on March 1st, the collection has already garnered quite an appreciation in value. 

What’s more, CyberBrokers have made it into the top 10 NFT sales of the past week with Fact switching owners for 150 ETH or about $377,000 at the time of the sale. 

A curious note to point out here is that the recent change in storage has pushed CyberBrokers’ Asset Strength evaluation to 100%. Asset Strength is a measurement to show how immutable a certain digital asset is. NFTs that store metadata or images on centralized servers will have a low score. On the other hand, collections like CyberBrokers earn a 100% score for being completely on-chain. You can check out the asset strength of the NFTs in your collection with the DappRadar Portfolio Tracker tool. 

DappRadar will continue monitoring the CyberBrokers collection as it takes on new challenges and pushes the boundaries of the NFT space even further. You can keep an eye out on CyberBrokers’ sales and trading activity on the official DappRadar page. You can also follow DappRadar on Twitter to learn the latest NFT news first. 

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