Woah! A 24,000x Reduction in Cost To Create Solana NFTs

TL;DR

Earlier this week, Magic Eden (the Solana NFT market) introduced it was supporting ‘compressed NFTs.’

Principally, they’re NFTs which are 2,400-24,000x cheaper than conventional NFTs because of their metadata (the picture, title and outline) being saved off-chain.

Whereas it may undoubtedly scale back prices and due to this fact turn out to be extra engaging for large gamers eager to enter the house, it does take away the entire promoting level of ‘digital permanence.’

Full Story

Ever heard of compressed NFTs?

Yeah, neither.

However earlier this week, Magic Eden (the Solana NFT market) introduced it was supporting them.

So, what are they precisely?

Principally, they’re NFTs which are 2,400-24,000x cheaper than conventional NFTs because of their metadata (the picture, title and outline) being saved off-chain.

(And if it isn’t being saved on a blockchain, there ain’t any on-chain storage charges).

The outcome? Customers can create a boat-load of NFTs for pennies on the greenback.

So what are a few of the use instances? Assume:

Gaming corporations who need to use NFTs as in-game belongings for thousands and thousands of gamers

Music festivals who need to promote thousands and thousands of tickets as NFTs

Conventional corporations who need to observe merchandise throughout provide chains

Our tackle this?

Whereas it may undoubtedly scale back prices and due to this fact turn out to be extra engaging for large gamers eager to enter the house, it does take away the entire promoting level of ‘digital permanence.’

It is like getting a sandwich with no filling – technically it is nonetheless a sandwich, nevertheless it’s simply not the identical.

So, yeah, we’re pleased it‘s an possibility, however we’re not speeding to make use of it.

We like our NFTs with all their metadata completely intact, thanks very a lot.