{"id":591439,"date":"2023-09-16T14:18:03","date_gmt":"2023-09-16T11:18:03","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/magic-eden-integrates-solanas-compressed-nfts-into-marketplace\/"},"modified":"2023-09-16T14:18:03","modified_gmt":"2023-09-16T11:18:03","slug":"magic-eden-integrates-solanas-compressed-nfts-into-marketplace","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/magic-eden-integrates-solanas-compressed-nfts-into-marketplace\/","title":{"rendered":"# Magic Eden integrates Solana\u2019s compressed NFTs into marketplace"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-09\/ca3a2b55-e117-4182-9851-1f64f69dcbd1.jpg\" \/><\/p>\n<p itemprop=\"description\" class=\"post__lead\" data-v-281e09ba> NFT marketplace Magic Eden believes that lowering the costs in NFT production creates an &#8220;easy access point&#8221; for new users to try NFTs.  <\/p>\n<p><\/p>\n<div class=\"post-content\" data-v-281e09ba>Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana\u2019s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning digital collectibles.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Today we\u2019re releasing support for cNFTs (find them in our popular collections)  <\/p>\n<p>cNFTs are a new wave of NFT creation only possible on Solana. The &#8220;c&#8221; stands for compressed (not Cardano don&#8217;t worry) which allows them to be produced at a fraction of the cost of traditional\u2026 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/WbO4qqWLEt\">pic.twitter.com\/WbO4qqWLEt<\/a><\/p>\n<p>\u2014 Magic Eden  (@MagicEden) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MagicEden\/status\/1702430156642492472?ref_src=twsrc%5Etfw\">September 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>cNFTs are different from the usual Solana NFTs <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/solana.com\/news\/how-to-use-compressed-nfts-on-solana\">because<\/a> their data are compressed and are stored off-chain. Because of this, production in larger quantities is more feasible as they require lesser fees to mint.\u00a0<\/p>\n<p>According to Magic Eden, this type of NFT is ideal for the creation of mass-produced collections in various industries like gaming, music, events and the metaverse. The NFT marketplace believes that it allows creators to reach wider audiences without spending more. <\/p>\n<p>The NFT marketplace also believes that by lowering the costs involved in NFT production, it can potentially promote adoption and become an &#8220;easy access point&#8221; for new people to try out collecting NFTs. With lower costs, users can collect NFTs without risking a large amount of funds to acquire collections. It lowers the risk of losing money over NFTs. <\/p>\n<p>cNFTs are powered by Solana\u2019s state compression, a feature that allows as many as 1 million NFTs to be <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/solana.com\/news\/state-compression-compressed-nfts-solana\">minted<\/a> with just around $110. Compared to minting NFTs on Ethereum which could cost anywhere from $2.9 to over $30 to mint per NFT, the cost of minting is drastically lowered with cNFTs. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>\u2018WTH did I just witness?&#8217; Magic Eden turns porno after hosting service hacked<\/em><\/strong><\/p>\n<p>While there may be benefits to hosting NFTs off-chain, it also sometimes comes with challenges of its own. In 2022, NFTs that were minted on the crypto exchange FTX broke down and showed blank images as the exchange went bankrupt. An engineer pointed out that the NFTs were hosted using a Web2 API, instead of the blockchain and warned that there&#8217;s a lesson to be learned in hosting NFTs using Web2 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>. <\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>NFT Collector: Giant Swan\u2019s gothic VR dreamscapes\u2026 royalty nightmare on OpenSea<\/em><\/strong><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"nifty_newsletter\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/magic-eden-integrates-solana-compressed-nfts-into-marketplace\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NFT marketplace Magic Eden believes that lowering the costs in NFT production creates an &#8220;easy access point&#8221; for new users to try NFTs. Nonfungible token (NFT) marketplace Magic Eden has announced that it will support Solana\u2019s compressed NFTs (cNFTs) to provide a cost-efficient and scalable alternative to owning digital collectibles. Today we\u2019re releasing support for&#8230;<\/p>\n","protected":false},"author":1,"featured_media":591440,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDkvY2EzYTJiNTUtZTExNy00MTgyLTk4NTEtMWY2NGY2OWRjYmQxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[76177,133980,95118,92498,86389],"class_list":["post-591439","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain-storage","tag-minting","tag-nft","tag-solana","tag-marketplace"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/591439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=591439"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/591439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/591440"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=591439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=591439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=591439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}