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- 1 Magic Eden, a leading community-centric NFT marketplace, offers the best and latest NFT collections to the world.
- 2 The platform unveiled its integration with the Compressed Solana NFTs for the expansion of Solana NFTs in the industry.
Recent news on Magic Eden just shocked the NFT industry. The news was about the integration of Magic Eden with the Compressed Solana NFTs for economic minting. Launched in September 2021, the platform is the most popular NFT marketplace over the Solana blockchain, offering high rivalry to Ethereum.
Let’s take a look at the plan for Magic Eden.
The Approach to NFT Minting
Magic Eden is a destination to discover, express, and own across digital cultures, offering the best and latest NFT collection on the Solana blockchain.
The platform is planned to integrate Compressed Solana NFTs into the marketplace for economic minting and fulfilling the emerging demands of NFT enthusiasts. The majority of the NFT holders are looking for cost-effective and scalable solutions, expecting to develop a new era of digital collectibles.
But why is Magic Eden doing so?
Traditional NFT projects running over the Solana network have a data storage approach that involves higher costs during the minting procedure. To minimize the minting cost and make the NFTs more affordable to enthusiasts, Magic Eden decided to work with the Compressed Solana NFTs (cNFTs).
As the name suggests, these NFTs are designed to compress the data and store it on an off-chain network. The process simply minimizes the minting fees, making it a better option for NFT enthusiasts looking for affordable collections. The approach also attracts NFT creators to design digital items for mass manufacturing.
The method is best suited for mass production of digital collectibles offering different options to users, including music, events, gaming, and the metaverse. The simple logic is that a decline in minting costs will enhance the potential of creators to launch mass collectibles on the NFT marketplace.
Based on Magic Eden’s data, Solana’s state compression approach helps the artists mint up to 1 Million NFTs at an average cost of $110. When compared with the Ethereum network, minting each NFT over the Ethereum blockchain requires between $2.9 and $30 for each NFT.
The idea of Magic Eden for integrating the Compressed Solana NFTs in the NFT marketplace is going to enact the needs of the artists as well as the NFT enthusiasts.
Solana Current Performance
Solana is performing well in the NFT marketplace, surpassing NFT projects running over the Ethereum blockchain. The current price of SOL is $19.60 with a market cap of $8 Billion, a hike of 2.85% in the past 24 hours. The total volume measured in the past 24 hours is $199 Million with a hike of 70.45%. The total supply of SOL is 557,757,007 SOL, with a circulating supply of 411,396,605 SOL.
Conclusion
Magic Eden is one of the growing NFT marketplaces on the Solana blockchain. To minimize the issues related to minting, the platform came up with a new idea to integrate the Compressed Solana NFT to offer economic minting. The approach simply compresses the data and stores it on an off-chain network, making it easy for the artists to create mass production of the digital collectibles.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
