Solana-based NFT protocol Metaplex is looking to launch a new inscriptions standard on the Solana blockchain.
Metaplex Inscriptions and Engravings, the protocol’s “new standard for on-chain and immutable digital assets on Solana” Metaplex said in an update on Monday.
The crypto industry has witnessed a spike in inscriptions, partly driven by what the market has learnt from Bitcoin’s Ordinals. As the BRC-20 tokens soared, the embedding of texts, images and audio among other details onto tokens across the ecosystem. The trend seems to be just getting started despite recent commentary about BRC-20 and its threats to the Bitcoin network.
ORDI is one of the tokens to see a significant price gain on the back of surging interest in inscriptions.
For Metaplex, the new standard will see NFT metadata and media stored on Solana, rather than the current outlook that has these details stored on external providers such as Arweave, IPFS and S3.
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“Metaplex Inscriptions allow you to store an asset’s metadata and media fully on Solana, removing any external trust assumptions and unlocking greater composability for on-chain attributes and smart contracts,” the platform noted in a post on X.
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With the Engravings feature, Solana will welcome the blockchain’s first fully immutable NFTs.
“The Engraver adds an extra layer of security that prevents any changes from ever being made to Engraved NFTs, regardless of whether the originating program is immutable,” Metaplex wrote.
The price of Metaplex (MPLX) was soaring following the news, trading to highs of $0.28. Data on CoinGecko showed MPLX price had gained over 55% in the past 24 hours. Combined with recent upside momentum, Metaplex has jumped over 300% since mid-November.
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