- Metaplex announced the launch of Metaplex Inscriptions and Engravings on X yesterday.
- Metaplex inscriptions allow people to store an asset’s metadata and media fully on Solana.
- Over the past 24 hours, the price of SOL rose by over 2%, which left it trading hands at $74.46.
Metaplex, a leading digital asset protocol on Solana (SOL), took to X yesterday to announce the launch of Metaplex Inscriptions and Engravings. This new product will change the way NFT data is stored on the blockchain.
Currently, most NFTs on Solana have their media stored on external services like Arweave, IPFS, and S3. In other words, an NFT’s image or metadata is technically not stored “on Solana”, and is therefore dependent on another system completely. Now, Metaplex inscriptions allow people to store an asset’s metadata and media fully on Solana.
This removes any external trust assumptions about other systems, and unlocks “greater composability for on-chain attributes and smart contracts.” Metaplex also announced Engravings, which will allow for Solana’s first truly immutable NFTs and inscriptions.
Essentially, the Engraver adds an extra layer of security that assures that no changes can ever be made to Engraved NFTs. The digital assets will be protected regardless of whether the originating program is immutable.
Metaplex concluded its X post by revealing that both programs have already been shipped to devnet. Additionally, users will be able to mint new NFTs and convert already existing ones, but Inscriptions will be numbered on a first come first serve basis.
Since this announcement was made yesterday, the price of SOL has increased by about 2.77%, according to data from CoinMarketCap. As a result, the Ethereum-killer was worth $74.46 at press time.
The altcoin’s 24 hour trading volume was also able to increase by just over 28% throughout the past day, which caused it to climb to $2,231,628,824. SOL’s market cap ended up rising to $32,466,089,271, which ranked it as the sixth largest cryptocurrency by market capitalization.
SOL’s recent price successes were still evident in the fact that its price was up by more than 5% on the weekly time frame. The token’s price was also able to climb by 25.04% over the past month of trading.
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