OpenSea’s servers were down earlier today, with millions of users losing access to their NFTs, or their NFTs simply not showing up anymore.
The nice thing about NFTs, is even if OpenSea is down, it’s still all safe on the blockchain.
Not exactly. It’s only the token and smart contract that are safely on the blockchain. But your artwork, documents, concert tickets, game items, etc, aren’t actually on the blockchain.
They’re all on databases. That side is all centralized. The smart contract only points to the metadata, like a URL pointing to OpenSea.
If OpenSea’s database goes down, those smart contract will now point to nothing. So you’ll just have essentially an empty token, no longer associated to anything.
Hence the panic:
The servers are back up now, and the problem has been resolved.
This is not a new issue with these NFT sites.
There have been issues not with just databases, but other issues coming from a still heavily centralized system:
There’s definitely still a lot of development that needs to be done for the world of NFTs.
It’s a great concept, but it’s definitely still in its infancy, and has a lot of problems it still needs to solve.