Onchain storage needs to be paid for in cryptocurrency, but off-chain storage does not. When an NFT is stored on-chain, it’s stored directly on the blockchain.
This allows for more data to be stored in the NFT than would otherwise be possible. When they are stored off-chain, the file itself is not stored on the blockchain-only a reference to it is. NFTs can either be stored on-chain or off-chain. While JPEG and PNG files can store static images, SVG files are vector graphics and can be animated. There are many file formats that NFTs can be stored as, including JPEG, PNG, and SVG. The most common use is as digital collectibles. They represent a unique asset and can be used to represent any type of asset. NFTs are non-fungible tokens that are stored on the blockchain.
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