The Metaplex Foundation has introduced a fresh non-fungible token (NFT) standard designed specifically for the Solana blockchain. Dubbed Metaplex Core, this standard simd to transform the NFT sector by providing a more economical and developer-friendly option, while also addressing recent transaction congestion problems.
The Foundation praised Metaplex Core as a big step forward in Solana’s NFT technology. The Foundation pointed out that it can make minting faster and reduce network needs by 80% on Solana.
“Reflecting our learnings from creating the first Solana NFT standard in 2021, Core eliminates complexity and provides a simple spec for digital assets, reducing costs and simplifying the developer experience,” the Foundation said.
The Metaplex Foundation is a key supporter of developers working on Solana programs such as Candy Machine, Auction House, and open-source SDKs. The foundation plays an active role in managing multiple smart contracts and SDKs to facilitate interaction with their programs. One notable offering is a JavaScript SDK tailored to address common use cases and enhance the overall developer experience.
The foundation’s GitHub repositories host projects like the Metaplex Program Library, Candy Machine UI, and Token Entangler UI, among others.
Additionally, the Metaplex Foundation is active on Twitter, where it shares updates and information.
NFT standards are essential guidelines that outline how to create Non-Fungible Tokens (NFTs) on specific blockchain protocols. These standards ensure compatibility, interoperability, and standardized functionality for tokens and applications within blockchain networks like Ethereum, BNB Smart Chain, and Stacks blockchain.
The most common NFT standards include ERC-721, ERC-1155, ERC-998, BEP-721, BEP-1155, TRC-721, SIP-009, ERC-827, ERC-777, ERC-1137, ERC-875, ERC-865, and FA2.
Each standard has unique features and purposes, such as ERC-721 for single NFTs with distinct values and ERC-1155 for managing multiple token types in a single contract efficiently.
Stephen Hess, Director of the Metaplex Foundation, described the Core standard as transformative, saying, “Core is the result of our experience since we launched the first Solana NFT standard in early 2021. It completely reimagines digital assets on Solana, focusing on cost, flexibility, and speed.”
Additionally, the Metaplex Foundation will donate half of all protocol fees to the DAO to ensure community involvement. Metaplex Foundation said that this move, along with launching the Core standard, will promote decentralization.
