Magic Eden, a popular NFT marketplace, announced that it has begun supporting Solana's compressed NFTs (cNFTs).
The platform believes that cNFTs, a new NFT creation trend only possible on Solana, will enable large-scale production across a variety of industries by reducing costs.
The “c” in cNFT stands for “compressed,” which allows these NFTs to be produced at a fraction of the cost of traditional NFTs. Unlike regular Solana NFTs, cNFTs' data is compressed and stored off-chain. This makes it possible to produce larger quantities as they require less for mints.
In their own words, Magic Eden highlighted several reasons why they are excited about cNFTs:
- Cost-effective content production: cNFTs offer creators a cost-effective way to produce content at scale. By lowering costs, creators can experiment more freely.
- Easy access point for newcomers: cNFTs create an easy access point for new users to get into NFTs. With lower costs, new collectors have the opportunity to enjoy lower risk, fun and affordable NFTs.
Magic Eden will integrate some of the most popular cNFT collectibles into their marketplace. There will also be some new cNFT experiences on their platform soon.
cNFTs are supported by Solana's state compression feature, and thanks to this feature, up to 1 million NFTs can be minted with only around $110 worth of cryptocurrency. Compared to minting NFTs, which can cost between $2.9 and $30 to mint an NFT on Ethereum, the cost of minting with cNFTs drops greatly.
*This is not investment advice.
