Solana Gets New NFT Standard, Metaplex Provides DAO Payments for MPLX Rewards

The Metaplex Foundation announced Monday that it is launching a new Invincible token.NFT) normal b Solana That's cheaper than mint and easier for developers to work with – and crucially Recent congestionThe Solana network requires much less computation.

A metaplex core level, shared only by the foundation. DecryptCompared to the token metadata standard on Solana, it will be billed as the next-generation NFT standard for the Solana network, reducing minting costs and network requirements by over 80%.

“The Core is the culmination of our education,” said Stephen Hess, director of the Metaplex Foundation. Decrypt. “Rethinks the concept of digital assets on Solana from the ground up to optimize cost, scalability and performance.”

Withdrawal of NFT with Core level can be as low as 0.0037 SOL (about $0.70), Foundation as an example compared to 0.0220 SOL ($4.25) with Token Metadata level. While Solana's Bubblegum grade is cheaper for compressed NFTs (or CNFTs), it also has limited trade and is still only intended for mass mints.

Metaplex Core is completely focused on NFTs, not virtual tokens, and as such is heavily optimized for developer use. While the token metadata standard must interact with multiple Solana tags, Core reduces that total to just one—something Metaplex says can “vastly improve network performance for Solana.”

But streamlined doesn't mean limited, the foundation suggests. This is because Metaplex Core allows developers to bake in a variety of additional features such as “built-in stacking” and “property-based scoring systems”.

Additional documents have been shared. Decrypt Core shows that it can unlock advanced collection mechanics on Solana, such as a burn-to-mint function – involving up to 70 NFT burned assets per transaction. This is higher than 3-4 NFTs using the same token metadata standard.

The foundation notes that set-level changes will be easier with the core, and says the standard will enable improved compatibility between NFT levels on other chains with plugins created from cross-chain projects like LayerZero or Wormhole.

Metaplex plans to deploy the core standard to DevNet Monday and hold a standardization event at NFT NYC in early April on the Solana mainnet in conjunction with releasing the open source code. Kleinoserth said he will use Core for NFT NYC “Booster Packs” as well as the Dactyl Raffle, as NFT Marketplace Tensor has decided to support the standard.

“We named the program Core because we see it sitting at the center of the next wave of innovation in digital assets, supporting thousands of artists, communities, Web3 games, real-world assets and decentralized applications,” added Hess. “By enabling Core on DevNet, we're excited to work with the battle-hardened developer community and the next generation of entrepreneurs, proving what's only possible in real-time on Solana.”

In addition to launching the new standard, the Metaplex Foundation has committed to depositing 50% of all payments from the Metaplex protocol into Metaplex. Dao Treasury through the MPLX token. That means the community can vote on how the money is ultimately used for further adoption.

It was the MPLX token. It started on Solana in September 2022 And it's aired for developers who have used the protocol in the past, but the token itself hasn't had significant value until today. The Metaplex Foundation will take 50% of the previous protocol fees and use it to buy and use the DAO treasury for MPLX, and 50% of future fees will be used for the same purpose.

The community of MPLX token holders can collectively decide what to do with these funds, whether they can burn them to cut the supply, develop higher rewards, or something else going forward.