As cryptocurrencies and blockchain technology usher in a new era of digital assets, market participants face a host of challenges, particularly in the realm of non-fungible tokens (NFTs). Addressing these challenges head-on, Magic Eden and Solana have recently forged a strategic partnership.
Leveraging Solana’s pioneering cNFT technology -compressed NFTs designed for efficiency and affordability- Magic Eden aims to revolutionize the NFT marketplace by making it both more accessible and cost-effective for users.
What is cNFT?
cNFT is a compressed NFT format and is powered by Solana. cNFTs differ from regular Solana NFTs because their data is compressed and stored off-chain. In this way, it is possible to produce larger quantities at a much lower cost.
Especially on the Ethereum platform, NFT minting costs can vary between $2.9 and $30. However, Solana’s cNFT technology greatly reduces this cost. It offers the opportunity to mint up to 1 million NFTs for approximately $110. This can enable content creators to reach larger audiences at lower costs.
The Goal is to Be an ‘Easy Access Point’
Lower costs make it easier for new users to enter the NFT world. Magic Eden believes low-cost cNFTs could create an “easy access point” where new people can try collecting NFTs. In this way, users can make collections without risking large amounts of funds.
cNFTs are not just limited to art and collecting. It also offers an ideal structure for creating mass-produced collections in various sectors such as gaming, music, events and meta database.
Magic Eden and Solana’s partnership aims to make the NFT market more accessible and affordable. Thanks to cNFTs, wider audiences can step into this world and new opportunities can be created in various sectors.