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 can be 2,400-24,000x cheaper than conventional NFTs due to their metadata (the picture, title and outline) being saved off-chain.

Whereas it could possibly positively scale back prices and due to this fact change into extra enticing 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 can be 2,400-24,000x cheaper than conventional NFTs due to their metadata (the picture, title and outline) being saved off-chain.

(And if it is not 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 number of the use circumstances? Suppose:

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 monitor merchandise throughout provide chains

Our tackle this?

Whereas it could possibly positively scale back prices and due to this fact change into extra enticing 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, however it’s simply not the identical.

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

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