Hello, I am Kerim. I have been dealing with blockchain technology for 5 years. I managed various different projects and currently I am one of the founders of the CBU Blockchain community. I have been writing articles for a long time. My goal is for society to access information more easily., today I will talk about compressed NFTs (cNFT). Compressed NFTs are tokens created using compression algorithms to reduce the data size of traditional NFTs (Non-Fungible Tokens). NFTs generally represent unique assets such as digital artworks, game items, collectibles, or other digital assets, while compressed NFTs serve the same function but have smaller data sizes. Compressed NFTs can offer benefits such as reducing data storage and transfer costs and enabling faster downloads and sharing. This could enable NFTs to reach a wider audience and be used more effectively. Particularly in the world of blockchain-based gaming and art, compressed NFTs are growing in popularity.

Let's talk about the development of compressed NFTs in the blockchain industry.

The Evolution of Compressed NFTs in the Blockchain Industry

The development of the blockchain of compressed NFTs is discussed in more detail: Efficiency in Data Storage and Transfer: Compressed NFTs enable data streams to be processed more efficiently on blockchain networks. This reduces data storage and transfer costs on blockchains. Additionally, smaller data sizes allow NFTs to be downloaded and shared more quickly between users. Accessibility and User Experience: Compressed NFTs become accessible more quickly thanks to lower bandwidth options. This could enable NFTs to reach a wider audience and improve user experience. Technological Development and Innovation: Compressed NFTs are part of a continuous process of innovation and evolution on blockchain technology. Such innovations can protect public parts of blockchain-based systems and ecosystems and enable new use cases. Cost Reduction and Wider Usage: Data compression, data storage in blockchains, and transaction costs are reduced. This allows NFTs to be operated and operated with lower exchange rates. The lower it is, the more NFT technology can reach a wider user base and encourage more industrial segments. Use in Arts and Culture: Compressed NFTs have also gained popularity in the world of art and culture. By tokenizing products as compressed NFTs, artists can reach a wider audience and enable works to be shared more widely in the digital world. As a result, compressed NFTs are an important area of ​​innovation that is driving the expansion of the blockchain. Being able to operate in a more efficient, accessible and cost-effective manner allows NFT technology to be more widely disseminated and used.

Compressed NFTs Have a Variety of Applications and are Expanding. Here are Some Application Examples of Compressed NFTs:

Compressed NFTs have a variety of applications and are expanding. Here are some application examples of compressed NFTs: Digital Art: Artists can tokenize digital artworks using compressed NFTs. This makes it easier to share and sell artworks digitally. Games: Blockchain-based games can deliver unique digital items (e.g. game characters, items, or abilities) to players via compressed NFTs. These items can be traded between players and used for collectible purposes. Collections: Compressed NFTs can represent a variety of digital assets (for example, digital cards, sets, or works of art) for collectors. These assets have become popular among collectors thanks to their uniqueness and compressed format. Digital Identities: Compressed NFTs can also be used to create digital identities (for example, virtual world avatars or digital certificates). This allows users to uniquely represent their digital assets. Education and Entertainment: Compressed NFTs can also be used to tokenize various digital content, such as educational materials or entertainment content. This can make content easier to share and manage. These application areas, combined with blockchain technology, enable compressed NFTs to be used effectively in various industries.

Potentials of Compressed NFTs

Potential impacts of minted NFTs could include: Reduction in Data Storage and Transfer Costs: Compressed NFTs reduce data size, allowing them to be traded more efficiently on blockchain networks. This can help reduce data storage and transfer costs on blockchains. Ability to Reach Wider Audiences: Smaller data sizes enable NFTs to be downloaded and shared faster. This could encourage NFTs to reach a wider audience and encourage adoption. Innovation in Arts and Culture: Compressed NFTs can open up new creative possibilities in the world of arts and culture. Artists can exhibit their works more effectively digitally and reach a wider audience. Broader Use of Blockchain Technology: Compressed NFTs could enable wider use of blockchain technology. This could accelerate the adoption and proliferation of blockchain technology. Cultural and Economic Shifts: Compressed NFTs can lead to cultural and economic shifts by facilitating the collection and trading of digital assets. This allows new business models to emerge and economic value to be distributed in different ways. As a result, the potential impacts of compressed NFTs allow for broader adoption of blockchain technology and the use of digital assets and for more innovation to occur in these areas.

Important Development Regarding Solana's NFTs! (Magic Eden)

Summary:

Magic Eden announced that it will support Solana's compressed NFTs (cNFTs). cNFTs are different from regular Solana NFTs because their data is compressed and stored off-chain. While hosting NFTs off-chain has its benefits, it sometimes comes with its own challenges.

Magic Eden Descriptions cNFTs are different from regular Solana NFTs because their data is compressed and stored off-chain. Therefore, producing larger quantities may be more feasible as they require less to mint.
According to Magic Eden, this type of NFT is ideal for the creation of mass-produced collectibles in various sectors such as gaming, music, events and metaverse. He believes the NFT marketplace allows creators to reach larger audiences without spending more. The NFT marketplace also believes that by lowering the costs associated with NFT production, it can potentially spur adoption and become an “easy access point” for new people to try NFT collecting. With lower costs, users can collect NFTs without risking large amounts of funds to acquire collectibles. It can reduce the risk of losing money on NFTs.

What is the Difference of cNFTs?

cNFTs are powered by Solana's state compression; This feature allows up to 1 million NFTs to be minted for only about $110. Compared to minting NFTs on Ethereum, which can cost between $2.9 and over $30 per NFT, the cost of minting with cNFTs appears to be greatly reduced. Additionally, although hosting NFTs off-chain has its benefits, it sometimes brings its own challenges. For example; In 2022, NFTs minted on the FTX crypto exchange were corrupted and showed empty images as the exchange went bankrupt. One engineer pointed out that NFTs are hosted using a Web2 API rather than blockchain and warned that there is a lesson to be learned from hosting NFTs using Web2 technology.

Skeet Now Supports Solana Compressed NFTs (cNFTs). Enabling Billion-Scale NFT Collections at Low Cost.

gm! This is kishi.sol co-founder at Epics DAO and ELSOUL LABO.
I’m pleased to announce that its open-source serverless app development tool, Skeet, now supports the new Web3 and blockchain technology, Solana Compressed NFT (cNFT).

While NFT technology has garnered attention as a digital asset, the blockchain fees for large-scale NFT collections can be prohibitively high. This made it impractical to issue individual game items or global user profiles as NFTs.

What is Solana Compressed NFT (cNFT)?

The newly developed cNFT method allows for the issuance of 10,000 NFTs at approximately $70 (34 times cheaper) and a billion NFTs at approximately $10,000 (24,000 times cheaper).
Skeet has integrated technologies from two leading Solana protocols: Metaplex and Helius.
Metaplex is Solana’s NFT protocol that sets token standards. They provide the umi framework for handling NFTs and Solana transactions, as well as the Bubblegum tool for issuing cNFTs.

Metaplex

Launch and scale your NFT projects on Solana.
www.metaplex.com

Helius provides Solana’s high-performance RPC and the necessary Digital Asset Standard (DAS) API for using cNFTs.

Helius - Solana's Leading RPC & API Platform

Solana RPCs, APIs, webhooks and infrastructure to build and ship crypto apps, fast. Get started for free in 1 click.
www.helius.dev

Skeet leverages these technologies, enabling developers to easily utilize Solana Compressed NFTs (cNFTs).
For a detailed guide on how to issue cNFTs using Skeet, please refer to the following article:

How to Mint Solana Compressed NFTs (cNFTs) with TypeScript

gm! This is kishi.sol from ELSOUL LABO and Epics DAO.
medium.com

Open-Source Skeet Framework for Rapid Serverless App Development on Google Cloud and Firebase

Skeet is an open-source, TypeScript-based serverless framework that allows for full-stack app development on GCP (Google Cloud) and Firebase. With Skeet, you can rapidly develop everything from API servers to Web, iOS, and Android apps using TypeScript. It actively adopts developer-friendly technologies like GraphQL and Firestore.
It also simplifies the development of modern applications that utilize AI technologies like ChatGPT and Vertex AI, as well as blockchain technologies like Solana for Web3 dApps.

I hope you liked my article. I would like to thank Superteam Vietnam for encouraging this article. Therefore, I present this article to Superteam Vietnam. Kind regards...