Nonfungible token (NFT) marketplace Magic Eden has introduced that it’s going to assist Solana’s compressed NFTs (cNFTs) to offer a cost-efficient and scalable different to proudly owning digital collectibles.
Today we’re releasing assist for cNFTs (discover them in our in style collections)
cNFTs are a brand new wave of NFT creation solely doable on Solana. The “c” stands for compressed (not Cardano don’t be concerned) which permits them to be produced at a fraction of the price of conventional… pic.twitter.com/WbO4qqWLEt
— Magic Eden (@MagicEden) September 14, 2023
CNFTs differ from the same old Solana NFTs as a result of their information is compressed and saved off-chain. Because of this, manufacturing in bigger portions is extra possible as they require lesser charges to mint.
According to Magic Eden, the sort of NFT is good for creating mass-produced collections in numerous industries like gaming, music, occasions and the metaverse. The NFT marketplace believes that it permits creators to succeed in wider audiences with out spending extra.
The NFT marketplace additionally believes that by decreasing the prices concerned in NFT manufacturing, it may possibly probably promote adoption and turn into an “easy access point” for brand new individuals to check out accumulating NFTs. With decrease prices, customers can acquire NFTs with out risking a considerable amount of funds to accumulate collections. It lowers the chance of dropping cash over NFTs.
CNFTs are powered by Solana’s state compression, a function that enables as many as 1 million NFTs to be minted with simply round $110. Compared with minting NFTs on Ethereum, which may value wherever from $2.9 to over $30 to mint per NFT, the price of minting is drastically lowered with cNFTs.
Related: ‘WTH did I just witness?’ Magic Eden turns porno after hosting service hacked
While there may be benefits to hosting NFTs off-chain, it also sometimes comes with challenges of its own. In 2022, NFTs that were minted on the crypto exchange FTX broke down and showed blank images as the exchange went bankrupt. An engineer pointed out that the NFTs were hosted using a Web2 API instead of the blockchain and warned that there’s a lesson to be discovered in internet hosting NFTs utilizing Web2 expertise.
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