Magic Eden integrates Solana’s compressed NFTs into marketplace

Magic Eden, an NFT marketplace, is embracing Solana's compressed NFTs (cNFTs) to offer a more cost-effective and scalable option for digital collectibles. Unlike regular Solana NFTs, cNFTs store their data off-chain in a compressed format, making it more economical to produce them in larger quantities due to lower minting fees.

Magic Eden sees cNFTs as a suitable choice for creating mass-produced collections in various industries, including gaming, music, events, and the metaverse. By reducing the production costs associated with NFTs, the marketplace believes it can help creators reach a broader audience without significant financial barriers.

Furthermore, Magic Eden aims to serve as an "easy access point" for newcomers to explore NFT collecting. Lower production costs mean users can collect NFTs without risking large amounts of funds, reducing the financial risk associated with NFT investments.

Solana's state compression technology, which powers cNFTs, allows for the minting of up to 1 million NFTs at a cost of around $110. This stands in stark contrast to Ethereum, where minting NFTs can range from $2.9 to over $30 per NFT. As a result, cNFTs offer a much more cost-effective solution for NFT creators and collectors.

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