Standards
Solana Token Program (SPL) for NFTs
Overview: Solana utilizes the Rust programming language for its smart contracts, known as programs. The Solana Program Library (SPL) serves as the library of modular programs that developers can leverage to create new tokens and decentralized applications (dApps). The Solana Token Program, based on SPL, is the standard for both fungible and non-fungible tokens on Solana.
Compressed NFTs (cNFTs):
Overview: Metaplex and Solana Labs have introduced compressed NFTs (cNFTs) on Solana. These non-fungible tokens store data off-chain and hash it via a Merkle Tree. Magic Eden, a prominent NFT marketplace on Solana, already features various cNFT collections.
Importance: Compressed NFTs offer a cost-effective solution for minting NFTs on Solana, allowing for the creation of up to 2 million cNFTs for only 1 SOL. This affordability addresses the cost barriers associated with minting traditional NFTs and opens up new possibilities for creators and collectors within the Solana ecosystem.
Ephemeral NFTs (ephNFTs)
Overview: ephNFTs, short for ephemeral NFTs, are a unique type of non-fungible token designed to have a limited lifespan. These tokens are programmed to expire after a specific period and cannot be renewed or extended.
Implementation: ephNFTs combine smart contracts with time-based logic, where the smart contract contains details like the expiration date and operational instructions as the expiry approaches. This time-based logic dictates the behavior of the ephNFT, such as decreasing in value gradually or ceasing to function entirely post-expiration, enabled by time-stamping and timestamp verification embedded in the smart contract.
Programmable NFTs (pNFTs) on Solana
Overview: Programmable NFTs (pNFTs) on Solana allow for royalties, rules, and additional functionalities to be enforced within NFTs. For instance, Solana Monkey Business leverages the pNFT standard to enhance NFT features and governance.
xNFT (Executable NFTs)
Overview: Executable NFTs (xNFTs) represent another innovative standard on Solana, first introduced by Backpack's MadLads collection. xNFTs enable NFTs on Solana to have attached apps and experiences, enhancing the interactive and dynamic nature of non-fungible tokens.
Functionality: By incorporating executable capabilities, xNFTs allow for unique experiences and functionalities within NFTs, expanding their utility beyond static digital assets. This standard paves the way for more interactive and engaging NFT projects that offer users immersive experiences and additional value.
In conclusion, Solana has its unique standards for non-fungible tokens, such as the SPL Token Program for both fungible and non-fungible tokens, including the innovative introduction of compressed NFTs (cNFTs) and the utilization of programmable NFTs (pNFTs) to enhance functionality and governance within the ecosystem.
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