We're thrilled to introduce a groundbreaking addition to Magic Eden - compressed NFTs (cNFT). This innovation revolutionizes the world of NFTs by prioritizing fun, community, and discoverability. In this article, we'll delve into the details of cNFTs, their significance, and how you can get involved.
What are cNFTs?
cNFT stands for "compressed NFT," and they offer a cost-effective and scalable approach to NFT creation. Unlike traditional Solana NFTs, cNFTs compress their data and store it off-chain, making them more affordable to produce in large quantities. They 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.
Our vision
Our vision for cNFTs is clear: we want to make NFTs accessible to everyone. NFTs should enrich your daily life. Whether you're an artist, collector, trader, or enthusiast, cNFTs offer a unique gateway to digital ownership. Magic Eden strives to be the platform where you discover new collections, artists, and communities. We want to remind you that NFTs are about connection, community, and the shared experience of owning something you love.
Why cNFTs matter
For creators
If you're a creator, cNFTs offer incredible cost savings. You can produce numerous NFTs at a low cost, enabling you to reach a broader audience. What's more, many cNFTs are free, removing entry barriers and providing a fantastic opportunity to gain exposure and share your creations with the world.
For collectors and traders
For collectors and traders, cNFTs add a new layer of excitement to NFT ownership. While they may not always hold significant secondary market value, their real value lies in the joy of owning something you love. It's about discovering new artists and connecting with a community of fellow enthusiasts. cNFTs allow you to explore your favorite artists' work in a unique and thrilling way.
cNFT tech differences
In the realm of cNFTs, several key technical distinctions set them apart. First, traditional NFTs are no longer fully confined to the blockchain, as cNFTs employ off-chain storage for their data. These compressed NFTs are not native Solana tokens; they lack a dedicated token account, mint account, or associated metadata. Most notably, cNFTs are intricately linked through MCC (Metaplex Certified Collection), allowing efficient organization.
Learn more about the technology behind cNFTs with these resources:
Helius - What are Compressed NFTs: Explore the concept of Compressed NFTs on Solana and their underlying technology in this comprehensive guide from Helius.
Official Bubblegum docs: Learn about Bubblegum, a key component in creating and managing Compressed NFTs, in the official documentation from the Metaplex Foundation.
XRAY: To gain insights into cNFTs and explore the cNFT ecosystem, you can use XRAY. XRAY is a block explorer tailored for cNFTs, providing an intuitive platform to browse, search, and analyze cNFT transactions, addresses, and associated data.
Getting started with cNFTs on Magic Eden
We're launching cNFTs in two phases:
Secondary support
Initially, cNFTs will be available for trading on Magic Eden's secondary market. Look for the "C" symbol in your profile to identify cNFTs, and use our sorting and filtering options to explore cNFT collections.
Primary support
In the near future, we will introduce cNFTs as a primary listing via our Launchpad. This will provide creators with an affordable way to reach a wide audience.
Discovering cNFTs on Magic Eden
As we introduce cNFTs to the Magic Eden platform, we're committed to ensuring a seamless and engaging user experience. Here's what you can expect:
Collections page
cNFTs coexist with traditional NFTs under the same MCC collection. This unified presentation allows you to appreciate the collection in one place.
Profile page
Showcase your unique collection of cNFTs with features similar to traditional NFTs.
Popular collections
Browse collections presented in both cNFT and regular NFT formats. With easy filtering options, you can choose to exclusively view cNFT collections.
Search
Identifying cNFT collections has never been easier. Our user-friendly labeling ensures you can quickly spot cNFTs.
Core trading
Experience hassle-free trading with standard buy, list, cancel, and reprice functionalities designed to empower your cNFT journey.
Note:
Single-item bids are not available initially. Additionally, AMM (Automated Market Maker) and collection offers will be temporarily disabled for all cNFT collections.
How to get involved
Are you a creator interested in using cNFTs to share your work with the world? Keep an eye out for our upcoming Launchpad support. For collectors and traders, explore the cNFTs available on Magic Eden's secondary market, and start building your collection of fun and unique digital assets.
Stay tuned for more
We're excited about the opportunities that cNFTs bring to the NFT community. Stay tuned for more updates and announcements as we continue to roll out this exciting new feature.
Thank you for being a part of the Magic Eden community, and let's bring the magic back to NFTs together!