Close Menu
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain
  • Web 3
    • NFT
    • Metaverse
  • Regulation
  • Analysis
  • Learn
  • Blog
  • Contact
    • Tech7685@gmail.com
What's Hot

Lyft taps Solana’s bee cards for real -time, crowdsourced mapping upgrade

2025-05-16

Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

2025-05-16

How long does it take before XRP versus sec -case actually ends? Deaton breaks it down

2025-05-16
Facebook X (Twitter) Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
Facebook X (Twitter) Instagram
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
  • News
    • Bitcoin
    • Altcoins
    • DeFi
    • Market Cap
  • Blockchain

    Lyft taps Solana’s bee cards for real -time, crowdsourced mapping upgrade

    2025-05-16

    WalletConnect Betting large on AI and mobile acceptance to the next phase of the Growt Protocol.

    2025-05-15

    Socios.com works together with Ninjas in Pajamas to redefine the involvement of fans with web3

    2025-05-15

    Ripple Board Member says that blockchain banks will not be able to do

    2025-05-15

    The leading cryptocurrency Exchange Upbit from Zuid -Korea releases a new list -announcement free! Here is the newest stated Altcoin

    2025-05-15
  • Web 3
    • NFT
    • Metaverse
  • Regulation

    Coinbase confirms that the SEC Sun from Biden era on ‘verified users’ is still ongoing

    2025-05-15

    UK HMRC Mandates Crypto -Beursen must share user data from 2026

    2025-05-15

    CBOE requests to state the first American spot tron ​​ETF that offer racks rewards

    2025-05-15

    SEC chairman Paul Atkins says that a rational regulatory framework that needs us to become ‘crypto capital of the planet’.

    2025-05-15

    Republican senators call on Treasury to illuminate crypto tax laws to play with foreign companies at the level of ‘level’

    2025-05-14
  • Analysis

    Ethereum Price Het Strong – Signs point to a new upward outbreak

    2025-05-16

    New decentralized gaming -token skyrockets after binance list

    2025-05-15

    XRP goes to the key range against Bitcoin as 3 important goals appear

    2025-05-15

    Robinhood Rival Etoro goes live on Nasdaq after collecting $ 620,000,000 in IPO

    2025-05-15

    XRP makes double rejection – here is where it might go

    2025-05-15
  • Learn

    Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

    2025-05-16

    Token vs. Coin: Key Differences You Must Know as a Beginner

    2025-05-15

    Inside Changelly: 10 years of steadfast support and compliance

    2025-05-15

    What Is Proof-of-Work (PoW)?

    2025-05-12

    What Is Proof-of-Authority (PoA)?

    2025-05-09
  • Blog
  • Contact
    • Tech7685@gmail.com
Bitcoin Platform – Bitcoin | Altcoins | Blockchain | News Stories Updated Daily
Home»Web 3»Wow! A 24,000x reduction in the cost of creating Solana NFTs
Web 3

Wow! A 24,000x reduction in the cost of creating Solana NFTs

2023-09-22No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

TL; DR

  • Earlier this week, Magic Eden (the Solana NFT marketplace) announced that it is supporting “compressed NFTs.”

  • In short, they are NFTs that are 2,400-24,000x cheaper than traditional NFTs, thanks to the fact that their metadata (the image, title and description) is stored off-chain.

  • While it can certainly reduce costs and therefore become more attractive to major players looking to enter this market, it does take away the entire selling point of ‘digital sustainability’.

Full story

Ever heard of compressed NFTs?

Yeah, neither.

But earlier this week, Magic Eden (the Solana NFT marketplace) announced it was backing them.

So, what exactly are they?

In short, they are NFTs that are 2,400-24,000x cheaper than traditional NFTs, thanks to the fact that their metadata (the image, title and description) is stored off-chain.

(And if it’s not stored on a blockchain, there are no storage fees associated with the chain).

The result? Users can create a boatload of NFTs for pennies on the dollar.

So what are some of the use cases? Think:

  • Gaming companies looking to use NFTs as in-game assets for millions of players

  • Music festivals looking to sell millions of tickets as NFTs

  • Traditional companies that want to track goods in the supply chain

Our opinion on this?

While it can certainly reduce costs and therefore become more attractive to major players looking to enter this market, it does take away the entire selling point of ‘digital sustainability’.

It’s like getting a sandwich without filling. Technically it’s still a sandwich, but it’s just not the same.

See also  Starbucks Airdrops More NFTs in June to Expand Web3 Rewards Program

So yes, we’re glad it’s an option, but we’re not rushing to take advantage of it.

We like our NFTs with all their metadata permanently intact, thank you very much.



Source link

24000x cost creating NFTs Reduction Solana WoW
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Solana (SOL) finds support – Rally can be ready to resume

2025-05-15

Co-founder of Solana Anatoly proposes a Metablokchain concept

2025-05-14

Analyst tells investors to be patient when Solana Price Resistance hits

2025-05-14

21Shares says that Solana is on Tempo Linchpin of digital finances

2025-05-14
Add A Comment

Comments are closed.

Top Posts

Bitcoin: US Market Regains BTC Supply Dominance on the Heels of ETF Signups

2023-07-09

Uniswap trading pattern analysis: looms a breakout above $10?

2024-06-14

Rei Network to speed up Web3 innovation in collaboration with Jumbo Blockchain

2025-05-02
Editors Picks

Why haven’t new EU rules brought us closer to mass adoption?

2023-11-19

Crypto Profit Calculator

2023-05-10

The SEC postpones decision on Franklin Templeton’s crypto Index ETF until 2025

2024-11-20

Ethereum Price Aims Higher: A Smooth Path to $4,000 and Beyond?

2024-12-14

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, Defi, NFT, Metaverse and more.

We're social. Connect with us:

Facebook X (Twitter) Instagram Pinterest YouTube
Top Insights

Lyft taps Solana’s bee cards for real -time, crowdsourced mapping upgrade

Types of Blockchain Layers Explained: Layer 0, Layer 1, Layer 2 and Layer 3

How long does it take before XRP versus sec -case actually ends? Deaton breaks it down

Get Informed

Subscribe to Updates

Get the latest news and Update from Bitcoin Platform about Crypto, Metaverse, NFT and more.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
  • Advertise
  • Free.cc (Free Crypto)
© 2025 Bitcoinplatform.com - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$103,928.491.00%
  • ethereumEthereum(ETH)$2,570.23-0.75%
  • tetherTether USDt(USDT)$1.00-0.02%
  • rippleXRP(XRP)$2.41-4.78%
  • binancecoinBNB(BNB)$656.661.01%
  • solanaSolana(SOL)$172.03-1.67%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.224518-4.15%
  • cardanoCardano(ADA)$0.78-2.28%
  • tronTRON(TRX)$0.2764981.20%
  • suiSui(SUI)$3.880.36%
  • chainlinkChainlink(LINK)$16.21-3.49%
  • avalanche-2Avalanche(AVAX)$23.81-3.14%
  • stellarStellar(XLM)$0.294912-3.07%
  • hyperliquidHyperliquid(HYPE)$26.566.26%
  • shiba-inuShiba Inu(SHIB)$0.000015-3.27%
  • hedera-hashgraphHedera(HBAR)$0.199415-2.58%
  • unus-sed-leoUNUS SED LEO(LEO)$8.85-0.46%
  • bitcoin-cashBitcoin Cash(BCH)$399.78-0.05%
  • the-open-networkToncoin(TON)$3.09-4.83%
  • polkadotPolkadot(DOT)$4.84-1.72%
  • litecoinLitecoin(LTC)$100.590.42%
  • moneroMonero(XMR)$341.76-0.99%
  • piPi(PI)$0.85-3.28%
  • bitget-tokenBitget Token(BGB)$5.056.69%
  • pepePepe(PEPE)$0.000013-2.71%
  • daiDai(DAI)$1.00-0.01%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • uniswapUniswap(UNI)$6.29-5.18%
  • bittensorBittensor(TAO)$436.97-1.57%
  • nearNEAR Protocol(NEAR)$2.92-3.36%
  • aaveAave(AAVE)$229.220.29%
  • aptosAptos(APT)$5.36-7.13%
  • okbOKB(OKB)$53.67-1.40%
  • ondo-financeOndo(ONDO)$0.99-1.87%
  • kaspaKaspa(KAS)$0.118164-1.51%
  • internet-computerInternet Computer(ICP)$5.48-1.88%
  • ethereum-classicEthereum Classic(ETC)$19.13-3.06%
  • gatechain-tokenGateToken(GT)$21.830.46%
  • crypto-com-chainCronos(CRO)$0.100772-0.28%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.89-2.69%
  • render-tokenRender(RENDER)$4.87-3.12%
  • vechainVeChain(VET)$0.029283-2.32%
  • mantleMantle(MNT)$0.75-3.62%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.240261-2.66%
  • ethenaEthena(ENA)$0.375890-3.59%
  • usd1World Liberty Financial USD(USD1)$1.000.00%
  • filecoinFilecoin(FIL)$2.97-2.00%
  • algorandAlgorand(ALGO)$0.227242-2.46%
  • arbitrumArbitrum(ARB)$0.404452-4.93%
  • bitcoinBitcoin(BTC)$103,928.491.00%
  • ethereumEthereum(ETH)$2,570.23-0.75%
  • tetherTether USDt(USDT)$1.00-0.02%
  • rippleXRP(XRP)$2.41-4.78%
  • binancecoinBNB(BNB)$656.661.01%
  • solanaSolana(SOL)$172.03-1.67%
  • usd-coinUSDC(USDC)$1.000.01%
  • dogecoinDogecoin(DOGE)$0.224518-4.15%
  • cardanoCardano(ADA)$0.78-2.28%
  • tronTRON(TRX)$0.2764981.20%
  • suiSui(SUI)$3.880.36%
  • chainlinkChainlink(LINK)$16.21-3.49%
  • avalanche-2Avalanche(AVAX)$23.81-3.14%
  • stellarStellar(XLM)$0.294912-3.07%
  • hyperliquidHyperliquid(HYPE)$26.566.26%
  • shiba-inuShiba Inu(SHIB)$0.000015-3.27%
  • hedera-hashgraphHedera(HBAR)$0.199415-2.58%
  • unus-sed-leoUNUS SED LEO(LEO)$8.85-0.46%
  • bitcoin-cashBitcoin Cash(BCH)$399.78-0.05%
  • the-open-networkToncoin(TON)$3.09-4.83%
  • polkadotPolkadot(DOT)$4.84-1.72%
  • litecoinLitecoin(LTC)$100.590.42%
  • moneroMonero(XMR)$341.76-0.99%
  • piPi(PI)$0.85-3.28%
  • bitget-tokenBitget Token(BGB)$5.056.69%
  • pepePepe(PEPE)$0.000013-2.71%
  • daiDai(DAI)$1.00-0.01%
  • ethena-usdeEthena USDe(USDE)$1.00-0.01%
  • uniswapUniswap(UNI)$6.29-5.18%
  • bittensorBittensor(TAO)$436.97-1.57%
  • nearNEAR Protocol(NEAR)$2.92-3.36%
  • aaveAave(AAVE)$229.220.29%
  • aptosAptos(APT)$5.36-7.13%
  • okbOKB(OKB)$53.67-1.40%
  • ondo-financeOndo(ONDO)$0.99-1.87%
  • kaspaKaspa(KAS)$0.118164-1.51%
  • internet-computerInternet Computer(ICP)$5.48-1.88%
  • ethereum-classicEthereum Classic(ETC)$19.13-3.06%
  • gatechain-tokenGateToken(GT)$21.830.46%
  • crypto-com-chainCronos(CRO)$0.100772-0.28%
  • official-trumpOFFICIAL TRUMP(TRUMP)$12.89-2.69%
  • render-tokenRender(RENDER)$4.87-3.12%
  • vechainVeChain(VET)$0.029283-2.32%
  • mantleMantle(MNT)$0.75-3.62%
  • polygon-ecosystem-tokenPOL (prev. MATIC)(POL)$0.240261-2.66%
  • ethenaEthena(ENA)$0.375890-3.59%
  • usd1World Liberty Financial USD(USD1)$1.000.00%
  • filecoinFilecoin(FIL)$2.97-2.00%
  • algorandAlgorand(ALGO)$0.227242-2.46%
  • arbitrumArbitrum(ARB)$0.404452-4.93%