Solana is set for some major changes. SharkyFi has revealed that a new NFT standard is coming to the Solana ecosystem. Solana will use programable NFTs to give greater control over assets, particularly when it comes down to royalties.
The Big Solana Switch
SharkyFi stated that the new NFT standard is a result of the Metaplex development team. This was in a Twitter thread on January 25, 2023.
@metaplex created a new standard for NFTs in an effort to assist creators with reclaiming their royalties. “Programmable NFTs” will be available alongside the “normal NFTs” asset class.
(We will refer them to them as MIP or the pNFTs from now onwards).
— Sharky NFT-backed loans (@SharkyFi) January 25, 2023
This type of NFT protocol is fast becoming an industry standard. Many marketplaces, staking, and lending protocols support it. This standard allows creators the ability to decide which protocols their NFTs may interact with. Given the ongoing debate about royalties, it will likely be used quite extensively.
SharkyFi predicts that the majority of NFTs built on the Solana Blockchain will migrate to this standard in the next 30-60 days. They recommend that creators start making plans to migrate assets as soon as possible. Last year, royalties were a major topic. This development will likely continue.
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*NFT Plazas’ investment/financial opinions are based on the research and experience of its moderators. They are meant to be educational and not as a substitute for professional advice. Before making any type of investment, individuals are responsible for fully researching any product.
NFT Plazas’s first article, Solana NFT Standard: A Major Overhaul appeared on NFT Plazas.
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