How Does the Concept of “On-Chain” Vs. “Off-Chain” Metadata Apply to NFTs?
On-chain metadata is stored directly within the smart contract on the blockchain, making it immutable and fully decentralized but expensive. Off-chain metadata is stored on external services (like IPFS or a centralized server), which is cheaper and allows for larger, more complex data (e.g. high-res images).
Most NFTs use off-chain storage for the bulk of the asset data, with the contract only holding a link (URI).