As per the recent reports, Magic Eden, a marketplace for Solana non-fungible tokens (NFTs), has announced that it is going to accept Solana’s compressed NFTs (cNFTs), which will offer a more affordable and scalable option to owning digital items.
Magic Eden Brings Support for cNFTs
Magic Eden asserts that the fact that cNFTs’ data is compressed and preserved off-chain which sets them apart from standard Solana NFTs. As a result, manufacturing in greater volumes is more practical because minting costs are lower.
Bringing Down Costs and Increasing Reach
In a variety of industries, including gaming, music, events, and the metaverse, this kind of NFT is perfect for producing collections in large quantities. According to the NFT marketplace, this enables creators to reach large audiences without having to make more money.
Solana’s state compression powers cNFTs, allowing up to 1 million NFTs to be minted for less than $110. The cost of minting is significantly reduced using cNFTs when weighed against the cost of minting NFTs on Ethereum, which can range from $2.9 to over $30 per NFT.
An ‘Easy Access Point’
Moreover, The NFT marketplace thinks that by reducing the price of NFT manufacture, it might possibly encourage adoption and turn into an “easy access point” for individuals who want to try out collecting NFTs. Users are able to gather NFTs at cheaper costs without having to invest a sizable sum of money to do so.
Magic Eden’s Marketplace for Bitcoin Ordinals
As per a report by TheCoinRise in March, Magic Eden has created a “fully audited” marketplace for Bitcoin Ordinals. It launched Ordinals, a system that enables users to digitally imprint text and media on the first blockchain, which is the Bitcoin blockchain.
Back in February, the NFT market also disclosed a 15% reduction in its operational headcount amidst the layoff season. The company used the difficult global crypto marketplace circumstances and its intention to restructure its business to justify the cut.