Compressed NFTs Twitter Thread

 

Compressed NFTs Twitter Thread





Greetings, NFT enthusiasts and crypto curious folks! Today, we’re going to talk about a new development in the NFT world that’s got people buzzing: Metaplex’s Compressed NFTs. Don’t worry if you’re new to the world of NFTs and crypto, we’ll explain it all in a way that even a 10-year-old can understand (although if you are 10 years old and already into crypto, hats off to you).


First, let’s start with some background. So, what is Metaplex? Metaplex is a decentralized protocol built on the Solana blockchain that allows creators to build and manage their own NFT storefronts. Think of it like an NFT-specific Shopify, but without the centralized control. This means that creators can set their own rules, create their own custom NFTs, and maintain complete ownership and control over their creations.


Now, onto Compressed NFTs. These are a new type of NFT that Metaplex has developed to address a key challenge in the NFT world: file size. Traditional NFTs can be quite large, which makes them slow to transfer and expensive to store. Compressed NFTs solve this problem by using a technique called “lossless compression” to reduce the file size without losing any data.


So, how does this work? Metaplex has developed two compression algorithms: Gummyroll and Bubblegum. Gummyroll is designed for image-heavy NFTs, while Bubblegum is better suited for text-heavy or code-based NFTs. These algorithms work by identifying redundancies in the data and removing them, resulting in a smaller file size without losing any of the original information.

One of the key benefits of Compressed NFTs is their compatibility. They can be decompressed into their original format using open-source software, which means they can be viewed and used on any platform that supports NFTs. This makes them more accessible to a wider audience and ensures that they remain usable even if Metaplex were to disappear.


So, what are the broader implications of Compressed NFTs? Well, they could potentially make NFTs more accessible to industries that require large volumes of digital assets, such as gaming or e-commerce. By reducing the file size and cost of storage, Compressed NFTs could make it easier for these industries to adopt and use NFTs in their day-to-day operations.


So, that’s the rundown on Metaplex’s Compressed NFTs. In summary, they’re a new type of NFT that uses lossless compression to reduce file size, making them faster to transfer and cheaper to store. They’re compatible with any platform that supports NFTs, and could have broad implications for industries that require large volumes of digital assets. Overall, they’re a promising development in the NFT world, and we can’t wait to see what creators do with them.


So, did we achieve our goal of explaining Metaplex’s Compressed NFTs in a fun and easy-to-understand way? Let us know in the comments!


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