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

by ChainChirp
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TL;DR

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

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

  • Whereas it will probably positively cut back prices and due to this fact develop into extra enticing for large gamers eager to enter the area, 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?

Mainly, they’re NFTs which can be 2,400-24,000x cheaper than conventional NFTs because of 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 end result? Customers can create a boat-load of NFTs for pennies on the greenback.

So what are a number of the use circumstances? Suppose:

  • Gaming firms who need to use NFTs as in-game property for thousands and thousands of gamers

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

  • Conventional firms who need to monitor merchandise throughout provide chains

Our tackle this?

Whereas it will probably positively cut back prices and due to this fact develop into extra enticing for large gamers eager to enter the area, 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, but it surely’s simply not the identical.

See also  TMS Network (TMSN): The Unwavering Titan Defying BNB (BNB) and Solana (SOL)'s Hasty Retreat

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

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



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