Magic Eden Adds Support For cNFTs – Here's All What You Need To Know

Magic Eden Adds Support For cNFTs – Here’s All What You Need To Know

Updated: 15 September 2023

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Magic Eden, the largest digital market platform for Solana-backed non-fungible tokens, has announced the support of compressed NFTs, “cNFTs,” on its platform. cNFT are new form of non-fungible tokens believed to be more affordable and cost-effective than other NFTs.

In a September 15 press release, Magic Eden NFT marketplace confirmed a groundbreaking addition of compressed NFTs to its market platform. This innovation revolutionizes the world of NFTs by prioritizing fun, community, and discoverability.

Today we’re releasing support for cNFTs (find them in our popular collections) 🪄

cNFTs are a new wave of NFT creation only possible on Solana. The "c" stands for compressed (not Cardano don't worry) which allows them to be produced at a fraction of the cost of traditional… pic.twitter.com/WbO4qqWLEt

— Magic Eden 🪄 (@MagicEden) September 14, 2023

What Are cNFTs?

cNFTs are new forms of non-fungible token collections that offer a cost-effective and scalable approach to NFT creation. Unlike other NFTs like traditional Solana NFTs, cNFTs compress their data and store it off-chain, making them more affordable to produce in large quantities.

The new cNFTs are ideal for mass-produced NFTs, including those related to gaming, music, events, and the Metaverse. Despite their affordability, cNFTs can still be rare and exclusive, providing an accessible way to create collectibles for a wider audience.

cNFTs offer incredible cost savings, especially for creators. In this case, creators can produce numerous NFTs at a low cost, enabling them to reach a broader audience. Furthermore, many cNFTs are free, removing entry barriers and providing a fantastic opportunity for creators to share their creations with the world.

The new cNFTs are also ideal for collectors and traders. cNFTs add a new layer of excitement to NFT ownership while allowing them to explore their favorite artists’ work in a unique and thrilling way. These NFTs also allow traders to discover new artists and connect with a community of fellow enthusiasts.

cNFTs vs Traditional NFTs

In the realm of cNFTs, several key technical distinctions set them apart from traditional NFTs. First, traditional NFTs are no longer fully confined to the blockchain, while cNFTs employ off-chain storage for their data.

These compressed NFTs are different from the native Solana tokens. They lack a dedicated crypto token account, mint account, or associated metadata. Most notably, cNFTs are intricately linked through MCC (Metaplex Certified Collection), allowing efficient organization.

Magic Eden strives to be the platform where all collectors can discover new collections, artists, and communities. Since its inception in 2021, Magic Eden has made several advancements to pursue its vision. Magic Eden fully supports multiple blockchain networks, including Solana (SOL), Polygon (MATIC), Ethereum (ETH), and Bitcoin (BTC).