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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 will possibly undoubtedly cut back prices and due to this fact turn out to be extra enticing for large 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 a number of the use circumstances? Assume:
Gaming firms who wish to use NFTs as in-game property for hundreds of thousands of gamers
Music festivals who wish to promote hundreds of thousands of tickets as NFTs
Conventional firms who wish to monitor merchandise throughout provide chains
Our tackle this?
Whereas it will possibly undoubtedly cut back prices and due to this fact turn out to be extra enticing for large 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 joyful it‘s an possibility, however we’re not speeding to make use of it.
We like our NFTs with all their metadata completely intact, thanks very a lot.
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