Magic Eden integrates Solana's compressed NFTs
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Magic Eden integrates Solana's compressed NFTs
To provide a cost-efficient alternative to owning NFTs
NFT marketplace Magic Eden has launched support for Solana’s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning digital collectibles.
CNFTs differ from the usual Solana NFTs because their data is compressed and stored off-chain. As a result, production in large quantities is more feasible as they require lower fees to mint.
According to Magic Eden, cNFTs are ideal for creating mass-produced collections in various industries like gaming, music, events, and the metaverse. The marketplace believes that it allows creators to reach wider audiences without spending more.
The marketplace also believes that by lowering the costs involved in NFT production, it can potentially promote adoption and become an “easy access point” for new people to get into NFTs.
Magic Eden plans to roll out cNFTs in two phases. Initially, cNFTs will be available for trading on Magic Eden’s secondary market. In the near future, the marketplace will introduce cNFTs as a primary listing via its Launchpad, providing an affordable avenue for creators to reach a broader audience.
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