Magic Eden adds support for Solana-powered compressed NFTs
The Magic Eden non-fungible token (NFT) marketplace has expanded its support for compressed NFTs (cNFTs) — a new system of NFT creation powered by Solana. This strategic decision offers creators a cost-efficient solution for their digital collectible minting, the company explained. Magic Eden, which recently welcomed BRC-20 tokens to its multi-chain platform, announced its support for cNFTs on X, formerly known as Twitter. At a time when the longstanding crypto winter is crippling NFT trading volume, Magic Eden says the latest feature will bring about a notable transformation in non-fungible tokens. The team claims cNFTs offer creators an economical and streamlined avenue for generating NFT content on a substantial scale. Through the magic of compression technology, the production of cNFTs becomes significantly more cost-efficient when compared to traditional NFTs. The team further explained that the “C” in cNFTs stands for “ compressed ” rather than Carda...