Filecoin is a decentralized storage network that allows anyone to rent-out free space on their computer to other users who are looking to store their data. Think of it as the Airbnb model which allows anyone to rent out a room in their house of even the entire house!
Instead of using centralized cloud providers like AWS, Azure or Google, users can use Filecoin’s services to store data in a more decentralized way. The storage on Filecoin’s network has reached about 15.5 Exbibytes (EiB) and growing at a rate of almost 20 Petabytes everyday. That’s almost 1 Million TiB (you might have heard of Terrabytes) and enough to store 200 million uncompressed copies of Wikipedia!
2021 was a breakout year for NFTs with many NFTs going for upwards of $1Million USD! Filecoin is at the center of enabling NFT-economy as most of these NFT JPEGs are stored on Filecoin’s decentralized storage network. The pace doesn’t seem to be slowing down either as the number of NFTs stored have already 2x’d from the beginning of 2022!
Along with the actual storage network, interest in Filecoin token seems to be increasing on central exchanges as well. Here we can see that the number of tokens held in central exchange hot wallets has started increasing with a large increase at the beginning of 2022.
