1 year ago
NFT marketplace Magic Eden believes that lowering the costs successful NFT accumulation creates an "easy entree point" for caller users to effort NFTs.
Nonfungible token (NFT) marketplace Magic Eden has announced that it volition enactment Solana’s compressed NFTs (cNFTs) to supply a cost-efficient and scalable alternate to owning integer collectibles.
Today we’re releasing enactment for cNFTs (find them successful our fashionable collections)
cNFTs are a caller question of NFT instauration lone imaginable connected Solana. The "c" stands for compressed (not Cardano don't worry) which allows them to beryllium produced astatine a fraction of the outgo of traditional… pic.twitter.com/WbO4qqWLEt
cNFTs are antithetic from the accustomed Solana NFTs because their information are compressed and are stored off-chain. Because of this, accumulation successful larger quantities is much feasible arsenic they necessitate lesser fees to mint.
According to Magic Eden, this benignant of NFT is perfect for the instauration of mass-produced collections successful assorted industries similar gaming, music, events and the metaverse. The NFT marketplace believes that it allows creators to scope wider audiences without spending more.
The NFT marketplace besides believes that by lowering the costs progressive successful NFT production, it tin perchance beforehand adoption and go an "easy entree point" for caller radical to effort retired collecting NFTs. With little costs, users tin cod NFTs without risking a ample magnitude of funds to get collections. It lowers the hazard of losing wealth implicit NFTs.
cNFTs are powered by Solana’s authorities compression, a diagnostic that allows arsenic galore arsenic 1 cardinal NFTs to beryllium minted with conscionable astir $110. Compared to minting NFTs connected Ethereum which could outgo anyplace from $2.9 to implicit $30 to mint per NFT, the outgo of minting is drastically lowered with cNFTs.
Related: ‘WTH did I conscionable witness?' Magic Eden turns porno aft hosting work hacked
While determination whitethorn beryllium benefits to hosting NFTs off-chain, it besides sometimes comes with challenges of its own. In 2022, NFTs that were minted connected the crypto speech FTX broke down and showed blank images arsenic the speech went bankrupt. An technologist pointed retired that the NFTs were hosted utilizing a Web2 API, alternatively of the blockchain and warned that there's a acquisition to beryllium learned successful hosting NFTs utilizing Web2 technology.
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