Metaplex Introduces Revolutionary NFT Standard for Solana: Core

The Metaplex Foundation has unveiled a new non-fungible token (NFT) standard for Solana, called Core, which is designed to be more affordable to mint and easier for developers to use. Core significantly reduces minting costs and network demand compared to the current Token Metadata standard on Solana, making it more accessible for creators and users. With a focus on NFTs, Core streamlines developer use by interacting with only one Solana account, improving network performance.

Metaplex Unveils Core NFT Standard for Solana, Streamlining Minting and Enhancing Developer Functionality

New York, March 13, 2023 - The Metaplex Foundation has unveiled Metaplex Core, a next-generation non-fungible token (NFT) standard for the Solana blockchain. Designed to address the challenges of high minting costs and network congestion, Core offers significant enhancements in efficiency, cost-effectiveness, and extensibility.

Cost-Effective Minting and Reduced Network Strain

Metaplex Core significantly reduces the cost of minting NFTs on Solana, enabling creators to issue digital assets at a fraction of the current expense. Compared to the prevailing Token Metadata standard, Core offers an 80% reduction in minting fees and network demand. For example, minting an NFT using Core may cost as low as 0.0037 SOL (approximately $0.70), compared to 0.0220 SOL ($4.25) with Token Metadata.

Core's streamlined architecture also reduces the computational burden on the Solana network, addressing concerns about congestion and transaction delays. By consolidating interactions to a single Solana account, Core improves network performance for the entire ecosystem.

Enhanced Developer Flexibility and Extensibility

Metaplex Core has been meticulously designed for developer usability, eliminating the need for complex interactions with multiple Solana accounts. This simplification empowers developers to integrate NFTs into their applications and platforms seamlessly.

Additionally, Core provides robust plugin support, enabling developers to incorporate a wide range of additional features, such as built-in staking and asset-centric state systems. This extensibility opens up new possibilities for innovative NFT use cases and applications.

Advanced Collection Mechanics and Cross-Chain Compatibility

Metaplex Core unlocks advanced collection mechanics on Solana, facilitating burn-to-mint operations that involve multiple assets. This feature allows creators to offer unique and complex collection experiences, such as burning a set of NFTs to mint a higher-tier asset.

Core also enhances compatibility between NFT standards across different blockchains. Through potential plugins from cross-chain projects like LayerZero and Wormhole, Core enables seamless interoperability between Solana NFTs and those on other chains.

Community Governance and DAO Treasury

In conjunction with the launch of Core, the Metaplex Foundation has pledged to allocate 50% of all-time fees generated from the Metaplex protocol to the Metaplex DAO treasury via the MPLX token. This allocation empowers the community to govern the use of these funds, fostering further adoption and innovation within the Solana NFT ecosystem.

The MPLX token, which was airdropped to creators who have previously utilized the Metaplex protocol, has gained utility through this new initiative. The Metaplex Foundation will acquire MPLX tokens using 50% of past protocol fees and contribute them to the DAO treasury, while 50% of future fees will be directed towards the same purpose.

The community of MPLX token holders will collectively determine the allocation of these funds, with options ranging from burning tokens to reduce supply, implementing staking rewards, and other strategic initiatives.

Adoption and Industry Support

Metaplex Core is being deployed to devnet today, along with the release of its open-source code. The standard is expected to be available on Solana mainnet by NFT NYC in early April.

Several notable projects have already expressed support for Core, including Claynosaurz, which plans to utilize it for its NFT NYC "Booster Packs" and Dactyl Raffle. NFT marketplace Tensor has also committed to supporting the new standard.

"We named the project Core because we envision it as the foundation for the next wave of innovation in digital assets," said Stephen Hess, Director of the Metaplex Foundation. "With Core now available on devnet, we're eager to collaborate with our vibrant community of builders and entrepreneurs who are pushing the boundaries of what's possible on Solana."

About the Metaplex Foundation

The Metaplex Foundation is a non-profit organization dedicated to fostering the growth and adoption of NFTs on Solana. The foundation provides resources, tools, and support to creators, developers, and businesses building in the Solana NFT ecosystem.