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In a groundbreaking move, the Metaplex Foundation announces the launch of Metaplex Core, a new NFT standard for Solana. With minting costs reduced by 80%, Core promises to revolutionize NFT development and affordability on the blockchain.
Revolutionizing NFT Creation: Introducing Metaplex Core on Solana
The Metaplex Foundation unveiled plans Monday for a new NFT standard on Solana, promising cheaper minting costs and simpler developer processes. The standard, dubbed Metaplex Core, slashes minting expenses by 80% compared to Solana's current Token Metadata standard.
Stephen Hess, Director of the Metaplex Foundation, described Core as a breakthrough built on lessons from Solana's previous NFT standards, as per Decrypt. It aims to optimize costs, extensibility, and performance for digital assets on Solana.
Under Core, minting an NFT could cost as little as 0.0037 SOL (about $0.70), significantly less than the current 0.0220 SOL ($4.25) with the Token Metadata standard. While Solana's Bubblegum standard remains cheaper, Core is explicitly tailored for NFTs, streamlining the process for developers.
Core simplifies the process by reducing the number of required Solana accounts, enhancing network performance. Despite its streamlined approach, Core offers extensive plugin support, enabling features like built-in staking and asset-based point systems.
Moreover, Core facilitates advanced collecting mechanics, such as burn-to-mint functionality, allowing for up to 70 NFTs to be burned in a single transaction, a substantial increase from the Token Metadata standard's limit of 3-4 NFTs.
Empowering Community and Enhancing Compatibility: Metaplex's Commitment to Future Development
The Foundation aims to enhance compatibility between NFT standards across different chains through potential plug-ins from projects like LayerZero or Wormhole. The Core will undergo deployment on devnet Monday, with plans for a mainnet release by NFT NYC in April.
In tandem with launching Core, the Metaplex Foundation commits to allocating 50% of all Metaplex protocol fees to the Metaplex DAO treasury via the MPLX token. This decision empowers the community to determine the allocation of funds for future adoption and development initiatives.
Established in September 2022, the MPLX token, launched on Solana, has yet to see significant utility. The Foundation plans to utilize protocol fees to purchase MPLX tokens for the DAO treasury, enabling token holders to decide on allocation strategies such as burning tokens, implementing staking rewards, or exploring other possibilities.
Photo: Microsoft Bing
