Yesterday, Metaplex broke new ground with the introduction of Metaplex Inscriptions and Engravings on Solana. These innovative features are set to revolutionize the way NFT data is stored on the blockchain. This announcement has been accompanied by a 2% increase in the price of SOL, which is now valued at $74.46.
The Advent of Metaplex Inscriptions and Engravings
Metaplex, a prominent digital asset protocol on Solana, has taken a leap forward with the unveiling of Metaplex Inscriptions and Engravings. This groundbreaking innovation is set to redefine how NFT data is stored on the blockchain. Traditionally, most NFTs on Solana have their media stored on external services like Arweave, IPFS, and S3. This means that an NFT’s image or metadata is not technically stored “on Solana”, and is therefore reliant on an entirely different system.
Now, with the advent of Metaplex inscriptions, users can store an asset’s metadata and media fully on Solana. This eliminates any external trust assumptions about other systems and facilitates “greater composability for on-chain attributes and smart contracts.”
Introducing Engravings: A New Layer of Security
Alongside Inscriptions, Metaplex also launched Engravings, paving the way for Solana’s first truly immutable NFTs and inscriptions. The Engraver provides an additional layer of security, ensuring that no modifications can ever be made to Engraved NFTs. This means that digital assets will remain protected regardless of whether the originating program is immutable.
Metaplex ended its announcement by revealing that both programs have already been deployed to devnet. Furthermore, users will have the ability to mint new NFTs and convert existing ones, with Inscriptions being numbered on a first come first serve basis.
The Impact on SOL’s Market Performance
Following this announcement, SOL’s price has seen an increase of approximately 2.77%, according to CoinMarketCap data. This has resulted in SOL being valued at $74.46. The altcoin’s 24-hour trading volume also saw an increase of over 28% during the past day, pushing it to $2,231,628,824. Consequently, SOL’s market cap rose to $32,466,089,271, ranking it as the sixth largest cryptocurrency by market capitalization.
For those who want to keep a close eye on these developments, the cryptoview.io application offers a comprehensive platform for tracking and analyzing the performance of cryptocurrencies including SOL.
Please note: The information in this article is for informational and educational purposes only and does not constitute financial advice. Always exercise caution and do your own research before making any investment decisions.
