Understanding Compressed Non-Fungible Tokens (cNFTs): An Overview Compressed Non-Fungible Tokens (cNFTs) are a type of NFT specifically designed to address the issues related to storage and transaction costs associated with traditional NFTs on the Solana blockchain. They employ advanced compression techniques to compress the data into smaller chunks, making it easier to store and transfer on the network. Key Features of cNFTs The main features of cNFTs include: 1. Cost Efficiency: Minting thousands of compressed NFTs costs only a fraction of what it would for regular NFTs, making them accessible to everyone. 2. Scalability: Designed for high-volume use cases like gaming, social media, and metaverse assets, where thousands or millions of tokens might be required. 3. Onchain and Offchain Flexibility: While ownership is tracked onchain, much of the metadata can be stored offchain, further reducing costs without compromising functionality. How cNFTs Compare to Regular NFTs While both cNFTs and traditional NFTs aim to tokenize digital assets, they differ significantly in terms of design and use cases. Regular NFTs are ideal for unique, high-value digital art or collectibles, whereas cNFTs shine in situations requiring massive scalability, such as distributing gaming assets or digital collectibles to millions of users. Steps to Mint cNFTs To mint compressed NFTs, follow these steps: 1. Set Up a Wallet: Use a Solana-compatible wallet like Phantom or Solflare to manage your funds and interact with blockchain tools. 2. Fund Your Wallet: Add SOL (the native cryptocurrency of the Solana blockchain) to cover the cost of minting. Even small amounts are usually sufficient due to the cost-effectiveness of cNFTs. 3. Choose a Minting Platform: Platforms like Crossmint, Metaplex, and Candy Machine (on Solana) support cNFTs. Choose one based on your project’s specifications and requirements. 4. Prepare Metadata: Define the details of your NFT collection, including artwork, descriptions, attributes, and any other relevant information. Use offchain storage solutions like IPFS if necessary. 5. Mint Your cNFTs and Set Up a Merkle Tree: Most minting platforms automate the creation of Merkle trees during the minting process. Follow the platform’s interface to complete the minting process for your compressed NFTs. Confirm transactions using your wallet, and voilà – your cNFTs are now live! Where Are cNFTs Stored? Unlike conventional NFTs, cNFTs employ a hybrid storage model that combines onchain and offchain storage. Ownership of cNFTs is always recorded onchain to guarantee authenticity and provenance, whereas much of the asset’s metadata – such as images or detailed information – is generally stored offchain using decentralized offchain storage protocols like IPFS. This approach allows for significant reductions in storage costs while maintaining the integrity of the asset’s information.
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Source: cointelegraph.com
