Non-fungible token (NFT) marketplace Magic Eden recently announced the launch of support for Solana (SOL) compressed NFTs (cNFTs). In its official statement, the team highlighted that cNFTs are a new wave of NFT creation only possible on Solana.
The “c” added to the acronym stands for compressed, which allows them to be produced at a fraction of the cost of traditional NFTs, as noted in the note.
The team behind Magic Eden shared three reasons why they are excited about the new feature:
“cNFTs offer creators a cost-effective way to produce content at scale. By reducing costs, creators can experiment more freely and effortlessly;
cNFTs are an easy access point for new people to get into NFTs. By helping creators develop more content at scale, new collectors have the opportunity to enjoy lower stakes, fun and affordable NFTs;
cNFTs allow us to explore new avenues that bring the fun back to NFTs. Today we are enabling some of the most popular cNFT collections. We will also have some new cNFT experiences on our platform soon, so stay tuned… You can check out cNFTs on our popular collections page. If you don’t find your favorite collection, don’t worry! We will add more next week.”
Today we’re releasing support for cNFTs (find them in our popular collections) 🪄
cNFTs are a new wave of NFT creation only possible on Solana. The “c” stands for compressed (not Cardano don’t worry) which allows them to be produced at a fraction of the cost of traditional… pic.twitter.com/WbO4qqWLEt
— Magic Eden 🪄 (@MagicEden) September 14, 2023
Solana NFTs Mintage Has a Record of 15.6 Million
Amid growing global interest in cryptocurrencies, non-fungible tokens (NFTs) have attracted special attention, especially when we talk about the Solana blockchain. Recently, a revelation about the performance of NFTs on this network attracted attention.
A highlight in August was the minting of Solana-based NFTs, which reached an impressive volume of 15.6 million. The fascinating detail here is that these are so-called ultra-low-cost compressed NFTs. This means that, through a special technique, the data for each NFT on the Solana network is compressed, resulting in much lower fees for its creation.
In numerical terms, the total fee for this enormity of mintages was just 82 SOL, equivalent to US$1,596, considering the SOL being quoted at US$19.47. This is a milestone in efficiency and savings in the world of NFTs.
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