Yesterday, Metaplex revealed that Metaplex engravings and inscriptions will be available on X.
Yesterday, the prominent Solana (SOL) digital asset standard Metaplex announced the release of Metaplex Inscriptions and Engravings on X. The blockchain will no longer hold NFT data in the same manner when this new product is released.
Arweave, IPFS, and S3 are among the external services where the majority of Solana NFTs’ material is now kept. Put simply, the picture or information associated with an NFT is not properly saved “on Solana,” making it entirely reliant on another system. Metaplex inscriptions now make it possible to completely save media and information for an object on Solana.
This paves the way for “greater composability for on-chain attributes and smart contracts” by eliminating external trust assumptions about other systems. Engravings, introduced by Metaplex, will enable the first ever genuinely immutable NFTs and inscriptions on Solana.
Engravers essentially make Engraved NFTs impenetrable by adding an additional layer of protection. It makes no difference whether the original application is unchangeable; the digital assets will still be safe.
The two scripts have already been sent to devnet, as Metaplex revealed in its last X post. People may also convert current NFTs or mint new ones; however, the inscriptions will be numbered in a first-come, first-served fashion.
The price of SOL has risen by around 2.77% since yesterday’s announcement, according to statistics from CoinMarketCap. Consequently, the Ethereum Killer had a value of $74.46 as of the time of publication.
The 24-hour trading volume of the cryptocurrency also managed to rise by a little over 28% over the last day, resulting in a surge to $2,231,628,824. After everything was said and done, SOL’s market size reached $32,466,089,271, placing it as the sixth biggest cryptocurrency by market cap.
SOL’s price continued to show signs of success, rising by over 5% in the weekly time frame. There was a 25.04 percent increase in the token’s price over the last 30 days of trading.
Also Read: SEC pressured BlackRock into changing its Bitcoin ETF cash generating mechanism
