Magic Eden Embraces Solana’s cNFTs Offering Affordable Option
- Solana’s state compression is the engine behind cNFTs.
- Hosting NFTs off-chain may have certain advantages, but it also presents some difficulties.
As a more affordable and scalable approach to owning digital collectibles, Magic Eden, a marketplace for NFTs, has announced its support for Solana’s compressed NFTs (cNFTs). Compressed and held off-chain, cNFT data is what sets them apart from regular Solana NFTs. Since there are less costs associated with minting them, more may be produced at a cheaper price.
Magic Eden claims that this NFTs is best for mass production in the gaming, music, event, and metaverse sectors. The NFT marketplace claims that its platform provides producers with a means to cheaply distribute their works to a larger audience.
Boosting NFT Adoption
Moreover, the NFT marketplace also thinks it may increase acceptance and offer an “easy access point” for new individuals to try out accumulating NFTs by reducing the expenses required in producing NFTs. Users may invest less of their own money towards collecting NFTs because of the reduced prices, thus increasing adoption.
Solana’s state compression is the engine behind cNFTs, enabling the creation of a million NFTs for around $110. The cost of minting cNFTs is far cheaper than the expense of minting NFTs on Ethereum, which may range between $2.9 to over $30 per NFT.
Hosting NFTs off-chain may have certain advantages, but it also presents some difficulties. When the FTX cryptocurrency exchange collapsed in 2022. NFTs that had been created on the platform stopped functioning and displayed blank screens. It was noted that the NFTs weren’t housed on the blockchain, but rather on a Web2 API, and cautioned that this choice should be taken into account in the future.
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