Non-fungible token (NFT) marketplace Magic Eden has announced that it will support Solana compressed NFTs (cNFTs) to provide a profitable and scalable alternative to owning digital collectibles.
Today we launch support for cNFT (find them in our popular collections)
cNFTs are a new wave of NFT creation that is 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 ones... pic.twitter.com/WbO4qqWLET
— Magic Eden (@MagicEden) September 14, 2023
cNFTs are different from regular Solana NFTs because Your data is compressed and stored off-chain. Because of this, production in larger quantities is more feasible as they require lower fees for minting.
According to Magic Eden, this type of NFT is ideal for creating mass-produced collections in various industries such as gaming, music, events, and the metaverse. The NFT marketplace believes it allows creators to reach broader audiences without spending more.
The NFT marketplace also believes that by reducing the costs involved in producing NFTs, it can potentially promote adoption and become an “easy access point” for new people to try NFT collecting. With lower costs, users can collect NFTs without risking a large amount of funds to acquire collections. Reduce the risk of losing money with NFTs.
cNFTs are powered by Solana state compression, a feature that allows up to 1 million NFTs to be stored. coined with only about $110. Compared to minting NFTs on Ethereum, which could cost anywhere from $2.9 to over $30 per NFT, the cost of minting is drastically reduced with cNFTs.
Related: 'WHAT did I just witness?' Magic Eden Goes Porn After Its Hosting Service Was Hacked
While there may be benefits to hosting NFTs off-chain, it sometimes also presents its own challenges. In 2022, NFTs that will be minted on the FTX crypto exchange broke and showed blank images when the exchange went bankrupt. One engineer noted that the NFTs were hosted using a Web2 API, rather than blockchain, and cautioned that there is a lesson to be learned from hosting NFTs using Web2 technology.
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