Magic Eden, a popular NFT marketplace, has declared its commitment to backing Solana’s compressed NFTs (cNFTs). The platform aims to offer a cost-effective and scalable alternative for individuals seeking to own digital collectibles.

CNFTs distinguish themselves from typical Solana NFTs by storing their data off-chain after compressing it. This design facilitates more cost-effective mass production, as they require fewer fees for minting.

According to Magic Eden, this NFT variant proves ideal for generating extensive collections across various sectors, such as gaming, music, events, and metaverse. The NFT marketplace asserts that these cNFTs enable creators to reach broader audiences without incurring additional expenses.

The marketplace also contends that reducing the production costs associated with NFTs can potentially encourage adoption. Furthermore, it will be a user-friendly entry point for newcomers interested in collecting NFTs. Reduced costs allow users to collect NFTs without the substantial financial risk typically associated with acquiring collections. Therefore, this feature mitigates the potential for financial losses.

CNFTs harness the power of Solana’s state compression feature. It enables the minting of up to 1 million NFTs for approximately $110. Compared to the cost of minting NFTs on Ethereum, which can range from $2.9 to over $30 per NFT, cNFTs offer a significantly reduced minting expense.

Magic Eden’s goal is to make it easier for newcomers to enter the world of digital collectibles by cutting the costs associated with creating NFTs. The team of the marketplace aims to offer a low-stakes, enjoyable, and budget-friendly introduction.

In May, Magic Eden initiated its Chapter II rewards program. The initiative compensated traders based on their trading activities with Solana’s native cryptocurrency, $SOL. The platform offers traders a chance to earn $SOL with each transaction by temporarily reducing its maker fee to -0.25%.