Metaplex Unveils New Game-Changing Features For Solana NFTs
Metaplex, a prominent digital asset protocol on the Solana blockchain, has unveiled groundbreaking features—Metaplex Inscriptions and Engravings—that are set to revolutionize the storage of NFT (non-fungible token) data on the Solana blockchain.
Traditionally, NFTs on Solana stored their media on external services like Arweave, IPFS, and S3, meaning that the image or metadata of an NFT was not technically stored directly "on Solana" and depended on external systems. With the introduction of Metaplex Inscriptions, users can now store an asset's metadata and media fully on Solana, eliminating external trust assumptions and providing greater composability for on-chain attributes and smart contracts.
Metaplex also introduced Engravings, aiming to enable Solana's first truly immutable NFTs and inscriptions. The Engraver, an additional layer of security, ensures that no changes can ever be made to Engraved NFTs, offering protection regardless of the immutability of the originating program.
Both Metaplex Inscriptions and Engravings have already been shipped to devnet, and users will have the ability to mint new NFTs and convert existing ones. However, Inscriptions will be numbered on a first-come, first-served basis.
Following this announcement, the price of SOL (Solana's native cryptocurrency) experienced a 2.77% increase, reaching $74.46 according to CoinMarketCap data. Solana's 24-hour trading volume rose by over 28%, totaling $2,231,628,824, and its market cap increased to $32,466,089,271, making it the sixth-largest cryptocurrency by market capitalization.
Solana's recent price successes include a more than 5% increase on the weekly timeframe and a 25.04% climb over the past month, demonstrating positive market sentiment and the potential impact of Metaplex's new features on Solana's ecosystem.
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