In the ever-evolving realm of NFTs, Magic Eden emerges as a trailblazer with its support for "Inscriptions on Solana." This revolutionary addition propels the NFT experience to new heights by allowing users to store images directly on the Solana blockchain. This guide unfolds the intricacies of this groundbreaking feature, providing creators and collectors with a roadmap to navigate the world of on-chain inscriptions. From understanding the process to exploring the immutability perspective and distinguishing Solana inscriptions on Magic Eden, embark on a journey that transcends conventional NFT interactions.
Understanding inscriptions
Inscriptions are unique Solana addresses containing images stored on-chain. Unlike traditional NFTs that rely on external links, inscriptions embed images directly on-chain, each with its distinct address. They are ranked by creation order, fostering early adoption through a sense of urgency.
Comprehensive Inscription Details
Enhanced information is now available on Magic Eden for NFTs that have undergone inscription on the blockchain. When viewing the item details page, a dedicated box displays vital details, including:
Inscription number of the NFT.
Block explorer links and hash related to the inscription.
Block explorer links and hash specifying the location of the inscription data.
Indication of the immutability status of the inscription.
Precise size details of the inscription.
LibrePlex: Revolutionizing Solana's NFT landscape
At the forefront of Solana inscriptions is LibrePlex, a dynamic and fully open-source initiative fuelled by a collaborative community of technologists, influencers, and designers. LibrePlex's mission is clear: to craft a decentralized Digital Asset Protocol for Solana, characterized by distributed deployment keys, an open license held by a trust, and a commitment to fees-free metadata for life. Open-source by design, it invites participation from the Solana ecosystem, shaping the future of immutable NFTs on Solana.
How to inscribe your NFT
To inscribe an NFT, users must have update authority over it, ensuring that project owners are the ones inscribing their collections. The process involves minting an NFT using tools like sol-tools.tonyboyle.io or FoxyMint, then navigating to Libreplex for the inscribing process.
Steps to inscribe
Mint your NFT using a preferred tool.
Head over to LibrePlex and select "Inscriptions."
Click "View your wallet".
Browse and select the NFT you want to inscribe. You need to hold the update authority for the NFT you wish to inscribe.
Follow the three-step process: Initialize, Upload (compressed image in webp format is recommended), Resize, and finally, Inscribe.
You have the option to make the NFT immutable, find the details magnifying glass opening the individual inscription and select the 'Make Immutable' button.
Inscription costs
Understanding the cost of inscriptions is crucial. The rent fees vary based on image size, ranging from 0.07 SOL for 10kb to 70 SOL for 10mb. Importantly, rent fees are reclaimable if the token is burnt, similar to standard tokens on Solana.
Important note:
If you choose to make the inscription immutable, you WILL NOT be able to reclaim any rent.
Image size to inscription cost chart
Please review this guide detailing the costs associated with inscribing on Solana. For the most current pricing information, kindly consult other platforms if you are considering minting your own Solana inscriptions.
Size | Estimated cost |
10kb | 0.07 SOL |
50kb | 0.35 SOL |
100kb | 0.7 SOL |
150kb | 1.05 SOL |
200kb | 1.4 SOL |
1mb | 7 SOL |
10mb | 70 SOL |
The benefits of immutability in Solana inscriptions
The concept of immutability within Solana inscriptions opens a fascinating discussion about the inherent advantages and distinctions it brings to the NFT space. Immutability, in the context of inscriptions offers two distinct value propositions that merit exploration.
Mutable imprints as reserved spaces
When Solana inscriptions are mutable, they serve as reserved spaces on the blockchain, akin to areas booked with the rent paid. These spaces hold more value than the rent itself, representing a reserved location for future usage. The extent of space reserved is directly proportional to the amount of rent paid. Essentially, users are securing a digital space on the Solana blockchain, fostering a unique perspective on the value derived from the renting process.
Immutable artifacts
Contrastingly, once an inscription becomes immutable, a profound transformation occurs. The inscribed collection loses its mutable nature, and the inscription becomes the final, unchangeable form. This immutable artifact, now a permanent fixture on the Solana blockchain, represents ownership of a piece of Solana's digital history. The significance is somewhat poetic, especially considering Solana's consensus mechanism relies on proof of history. In this state, the inscribed collection becomes a testament to the creator's ownership and a part of the unalterable chronicles of the Solana blockchain.
Listing Solana inscriptions on Magic Eden
For creators who wish to list their Solana inscriptions on Magic Eden, the process is as follows:
Create the NFTs: Follow the steps outlined in the article to mint your Solana inscriptions.
Apply for listing through Creator Hub: Apply for listing via Creator Hub (Please note that US users will be redirected to https://creators.magiceden.us). The process is the same as listing a regular Solana collection, bar the fact that you will be only using your hashlist.
Contact Magic Eden support: Open a support ticket via the chat widget on our site to get in touch with the Magic Eden support team if you encounter any issues. Our friendly support team are available 24/7.
As we delve into the world of Magic Eden's Inscriptions on Solana, it's evident that a new chapter is unfolding in the NFT landscape. The fusion of on-chain inscriptions, Solana's blockchain prowess, and the innovative spirit of the community-driven LibrePlex project marks a transformative moment. Whether you're an artist seeking to embed your creations on-chain or a collector eager to explore this frontier, the future promises a decentralized and open-source ecosystem. Join the movement, distinguish your Solana inscriptions on Magic Eden, and be part of a narrative that's shaping the future of NFTs on the Solana blockchain.