In the ever-evolving realm of NFTs, Magic Eden emerges as a trailblazer with its support for "Inscriptions on Solana." This revolutionary addition propels the NFT experience to new heights by allowing users to store images directly on the Solana blockchain. This guide unfolds the intricacies of this groundbreaking feature, providing creators and collectors with a roadmap to navigate the world of on-chain inscriptions. From understanding the process to exploring the immutability perspective and distinguishing Solana inscriptions on Magic Eden, embark on a journey that transcends conventional NFT interactions.
Inscriptions are unique Solana addresses containing images stored on-chain, similar to Bitcoin Ordinals. Unlike traditional NFTs that rely on external links, inscriptions embed images directly on-chain, each with its distinct address. They are ranked by creation order, fostering early adoption through a sense of urgency. You can buy and sell Solana Inscriptions on a NFT marketplace that supports them.
Enhanced information is now available on Magic Eden for NFTs that have undergone inscription on the blockchain. When viewing the item details page, a dedicated box displays vital details, including:
At the forefront of Solana inscriptions is LibrePlex, a dynamic and fully open-source initiative fuelled by a collaborative community of technologists, influencers, and designers. LibrePlex's mission is clear: to craft a decentralized Digital Asset Protocol for Solana, characterized by distributed deployment keys, an open license held by a trust, and a commitment to fees-free metadata for life. Open-source by design, it invites participation from the Solana ecosystem, shaping the future of immutable NFTs on Solana.
To inscribe an NFT, users must have update authority over it, ensuring that project owners are the ones inscribing their collections. The process involves minting an NFT using a Solana wallet to connect to tools like sol-tools.tonyboyle.io or FoxyMint, then navigating to Libreplex for the inscribing process. (To select a Solana wallet, you can see our overview of the best Solana wallets here).
Understanding the cost of inscriptions is crucial. The rent fees vary based on image size, ranging from 0.07 SOL for 10kb to 70 SOL for 10mb. Importantly, rent fees are reclaimable if the token is burnt, similar to standard tokens on Solana. This is one key difference between Solana inscriptions, and Bitcoin Ordinals.
Important note: If you choose to make the inscription immutable, you WILL NOT be able to reclaim any rent.
Please review this guide detailing the costs associated with inscribing on Solana. For the most current pricing information, kindly consult other platforms if you are considering minting your own Solana inscriptions.
Size vs. Estimated cost
10kb -> 0.07 SOL
50kb -> 0.35 SOL
100kb -> 0.7 SOL
150kb -> 1.05 SOL
200kb -> 1.4 SOL
1mb -> 7 SOL
10mb -> 70 SOL
The concept of immutability within Solana inscriptions opens a fascinating discussion about the inherent advantages and distinctions it brings to the NFT space. Immutability, in the context of inscriptions offers two distinct value propositions that merit exploration.
When Solana inscriptions are mutable, they serve as reserved spaces on the blockchain, akin to areas booked with the rent paid. These spaces hold more value than the rent itself, representing a reserved location for future usage. The extent of space reserved is directly proportional to the amount of rent paid. Essentially, users are securing a digital space on the Solana blockchain, fostering a unique perspective on the value derived from the renting process.
Contrastingly, once an inscription becomes immutable, a profound transformation occurs. The inscribed collection loses its mutable nature, and the inscription becomes the final, unchangeable form. This immutable artifact, now a permanent fixture on the Solana blockchain, represents ownership of a piece of Solana's digital history. The significance is somewhat poetic, especially considering Solana's consensus mechanism relies on proof of history. In this state, the inscribed collection becomes a testament to the creator's ownership and a part of the unalterable chronicles of the Solana blockchain.
For creators who wish to list their Solana inscriptions on Magic Eden's Solana Marketplace, the process is as follows:
As we delve into the world of Magic Eden's Inscriptions on Solana, it's evident that a new chapter is unfolding in the NFT landscape. The fusion of on-chain inscriptions, Solana's blockchain prowess, and the innovative spirit of the community-driven LibrePlex project marks a transformative moment. Whether you're an artist seeking to embed your creations on-chain or a collector eager to explore this frontier, the future promises a decentralized and open-source ecosystem. Join the movement, distinguish your Solana inscriptions on Magic Eden, and be part of a narrative that's shaping the future of NFTs on the Solana blockchain.
The information provided on this website is provided for general educational purposes only and is in no way financial or investment advice. Certain information may have also been provided to us or prepared by third parties; these materials are provided for convenience and are not an endorsement by Magic Eden. Magic Eden is not liable for any errors, changes or amendments to such information, including any actions taken in reliance on such information.
