Solana's Gamechanger: cNFTs

Imagine the possibilities: Ticketing, Loyalty stamps and more

Author

The Metadata
June 09, 2023

Welcome to The Metadata, the only NFT newsletter that you’ll ever need. We summarize our research findings on the latest trends in NFTs & Gaming into a quick, visual read every Wed/Fri. Thanks for being one of our 1,000+ readers each week!

Today we cover:

  • 🙉 Why all of the NFT trading volume is centered on the Bored Apes

  • ☀️ Solana’s gamechanger: cNFTs?

  • 🎙️The Daily Show alpha in 20 seconds

  • 🦍 How to get on the whitelist CyberKongz’s upcoming Genkai mint

Market Update: All about Blur

Not much to say, except most of the NFT trading volume on Ethereum is on Bored Apes & Mutant Apes. And it’s all revolving around bid point farming.

We leave this tweet with you, in case you want to dive in..

Solana’s Gamechanger: cNFTs

💲 What to know: Solana has introduced state compression on its blockchain. This innovative feature allows a Merkle root to be stored on-chain, while the rest of the data is stored off-chain. And guess what the first use case for this is? You got it - Compressed NFTs!

This is a total gamechanger in the NFT space

☘️ In the weeds: Let's dive a little deeper: Compressed NFTs allow anyone to mint and deploy a massive NFT collection for just a few hundred dollars. To put that into perspective, doing the same on Ethereum would cost you millions of dollars.

The first example of this: Faceless, a free pixellated PFP collection by DRiP with a 350,000 supply. The cost to create and mint this? A mere $300.

And it's already making waves, with daily trading volumes reaching 1,600 SOL (over $30,000) and a market cap exceeding $110,000.

🤑 Why it matters: One of the biggest barriers to launching an NFT project is its cost. Deploying a medium-sized NFT collection on the blockchain typically sets you back by a minimum of 4 - 5 figures. Compressed NFTs, however, dramatically lower this barrier, opening the gate for creators and big brands to launch and distribute NFTs at a fraction of the cost.

Just imagine the possibilities: ticketing, loyalty stamps, and other use cases that require millions of NFTs are now within reach.

The Daily NFT Show in 20s

We digest all the alpha in PROOF’s Daily NFT show (8 June):

Emily Xie’s Interwoven: Emily Xie, an artist who combines generative art and quilt-making traditions in her work, recently launched her new project "Interwoven". It was inspired by quilts on display at the Los Angeles Contemporary Museum of Art.

Mercedes NFT Drop: Mercedes launched an NFT drop that sold out. The NFTs were created in collaboration with a well-established generative artist and were inspired by the theme of automobiles. The drop started with a reverse Dutch auction, starting at 2 ETH and resting at 0.2 ETH.

Notable Sales: "Entropy" by Claire Silver sold for 31.69 ETH, "Rooted" by Rachael Pease sold for 3 ETH, and "Aquarium" by Stephan Vasement sold for 1.5 ETH.

Today's News & Coolest Tweets

News

🐥 MapleStory and Doodles??

🐥 Stoping buying random Ordinals

🐥 SudoSwap launches v2, supports ERC-1155 tokens.

🐥 The most successful on-chain music project?

Upcoming Mints

🍿 Get whitelisted for the CyberKongz Genkai mint

🍿 Optimism’s open-edition NFT to celebrate its Bedrock upgrade

🍿 Loius Vuitton’s Via Treasure Trunks mint on 16 June at 21 ETH (!!!) each. Apply below

That's it for today folks, see you tomorrow. If you want more, follow us on Twitter (@the_metadata). If you were forwarded this newsletter, you can subscribe with just one-click:

Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research.