NFT">NFT marketplace Magic Eden has integrated support for Solana’s compressed NFTs (cNFTs), a move aimed at lowering barriers to NFT adoption. cNFTs store data off-chain, allowing for lower minting fees and mass NFT production.
Magic Eden believes cNFTs’ affordability creates an easy entry point for new users to try collecting NFTs, without having to risk large investments upfront. The low minting costs also enable wider distribution for creators.
cNFTs leverage Solana">Solana‘s state compression to allow millions of NFTs to be minted for just ~$110, drastically less than Ethereum‘s ~$3-30 per NFT. This makes large NFT drops viable.
Magic Eden says cNFTs are ideal for gaming, music, events, and metaverse NFTs needing mass production. Lower costs mean creators can reach bigger audiences.
However, some note risks in relying on off-chain hosting, as seen when FTX’s NFTs broke post-bankruptcy. Magic Eden is betting compressed NFTs’ savings outweigh risks.
As NFT interest wanes, lower barriers like cNFTs may help renew adoption. Magic Eden is poised to drive that experiment on Solana.
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