Magin Eden, the distinguished NFT marketplace, recently announced its venture into Solanaβs compressed NFTs. The venture promises to be a budget-friendly and scalable path for digital collectibles.
Quick Takes:
- Magic Eden announces its foray into Solanaβs compressed NFTs.
- The cNFTs have compressed data and low associated fees.
- The marketplace has already enabled some popular cNFT collections.
Magic Eden Compressed NFTs
The renowned NFT marketplace Magic Eden has announced its integration with Solanaβs compressed NFTs. Moreover, these cNFTs differ from traditional NFTs as they have their data compressed and stored off-chain. Further, these attributes make minting them in bulk a viable option.
Additionally, Magic Eden considers this NFT blueprint an excellent method for creating mass-produced collectibles as it is budget-friendly. Also, sectors like gaming, music, events, and the rapidly flourishing metaverse stand to immensely benefit from this development.
In a recent tweet, Magic Eden claimed that the platform will provide access to a larger audience at a low cost. Also, there are entry options that are affordable for all and will attract more users to the platform by offering a better experience.
Solanaβs Compressed NFTs
The cNFTs are greatly dependent on Solanaβs compression technology, which will allow Magic Eden to mint a million NFTs at a rough cost of $110. Besides, the cost is very low compared to the fees on Ethereum for a single NFT creation. For a single NFT, the cost ranges from $2.9 to $30; therefore, Solanaβs compression technology is seen as a better option.
However, hosting NFTs off-chain has shown complications earlier. For example, in 2022, the NFTs coined at FTX crypto malfunctioned. Also, there were blank images displayed on the website. Moreover, there were breakdowns in the NFTs when hosted through a Web2 API instead of a blockchain.
Earlier, Magic Eden had also seen glitches and breaches in its hosting services, displaying explicit content. Whatβs more, users have reported there were sexual videos and images on the website that were related to βThe Big Bang Theoryβ sitcom. While the new venture promises to offer a better and more viable option, there is always a risk of tampering with NFTs hosted off-chain.
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