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

Whereas it could actually positively scale back prices and due to this fact turn into extra enticing for giant gamers desirous 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 might 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 isn’t 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 among the use circumstances? Suppose:

Gaming corporations who wish to use NFTs as in-game property for thousands and thousands of gamers

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

Conventional corporations who wish to observe merchandise throughout provide chains

Our tackle this?

Whereas it could actually positively scale back prices and due to this fact turn into extra enticing for giant gamers desirous 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 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.