Current and Upcoming NFT

Standards on Solana
An In-depth Overview

Table of Contents
● What’s this Article About?
● NFT Standards
● Applications of NFT standards
● On-Chain Implementations
● Upcoming Standards
● Conclusion
● References/Additional Resources
What’s this Article About?
The Non-Fungible Token (NFT) landscape on Solana has numerous
standards emerging, diversifying digital ownership and creativity.
NFT standards outline how to create NFTs on a particular blockchain.
Each of these standards comes with its unique features and
implementations offering varied benefits.
This article examines the following:
● some notable NFT standards
● on-chain implementations
● their merits/demerits
● costs
● upcoming standards.

NFT Standards
Non-fungible token (NFT) standards are essentially manuals that specify
how NFTs are generated, saved, and utilized on particular blockchains.
The compatibility and interoperability of Non-Fungible Tokens across
diverse platforms and ecosystems are greatly aided by NFT standards.
These standards establish a set of guidelines and requirements that NFTs
have to follow in order to maintain uniformity in their behavior and
structure.

These standards also make it easier for NFTs to be seamlessly integrated

across many platforms, which gives developers the freedom to design a
wide range of applications and ecosystems that make use of and exchange
NFTs.
nft
The most basic standard for non-fungible tokens(NFT), typically
implemented on blockchains like Ethereum.
NFTs represent unique digital assets and are widely used for digital art,
collectibles, and gaming items. Each NFT is distinct with its own metadata
and cannot be replaced.

pnft(Programmable NFTs)
These NFTs take the standard functionality and augment it with
programmable code, allowing the behavior of the NFT to change over time
or based on certain conditions.
This code can dictate things like how the NFT can be used, how it can be
traded, or how it can be interacted with, among other things.
One of the most exciting things about programmable NFTs is their potential
to disrupt traditional industries like real estate.

cnft(Compressed NFTs)
Compressed NFTs are a new class of NFTs that utilize compression
techniques to reduce the size of the digital assets they represent. By
compressing the underlying data, these NFTs allow developers to store
more information within the blockchain at a lower cost, while maintaining
the integrity and uniqueness of the asset.
This technology brings a new level of efficiency to the NFT space, helping
developers manage and transfer digital assets more effectively.
Compressed NFTs allow developers to store more assets within the same
amount of space, which can improve the overall performance of the
blockchain and help mitigate network congestion.

ephNFT (Ephemeral NFTs)

Ephemeral NFTs, also known as ephNFTs, are a unique kind of NFT with a
finite lifespan. They cannot be renewed or extended because they are
intended to expire after a specific amount of time.
In essence, ephNFTs are time-based logic and smart contracts together.
The expiration date and other pertinent data are contained in the smart
contract, which is the underlying code that drives the NFT. The NFT's
behavior when the expiration date draws near is determined by the
time-based logic.
For instance, once the expiration date has passed, it might be set to either
completely cease functioning or to gradually decrease in value. All of this is
made feasible by the smart contract's use of timestamping and timestamp
verification.

Applications of NFT standards

The table below gives some applications of the various NFT standards:
 pnft cnft ephnft
1 Real Estate: A virtual Merchandise Gamification and
real estate market Tracking: engagement:
where people can buy Large organizations ephNFTs can be
can leverage applied to in-game
and sell unique plots of
Compressed NFTs for products that have
land in a virtual world,
merchandise tracking an expiration date,
complete with and digital record giving the gaming a
programmable rules digitization. special dynamic and
and conditions. element of scarcity.

2 Interactive Gaming: Dialect, a web3 Limited-edition

pNFTs can create message bot/app, experiences:
more engaging and utilizes compressed ephNFTs have the
dynamic gaming NFTs to lower minting ability to produce
experiences. costs, allowing users to unique,
share NFT stickers on one-of-a-kind
a mass scale, events or
enhancing scalability experiences, such as
for businesses. temporary
community
membership or entry
to an after-concert
party.

3 Supply Chain DRiP, a wallet-centric Exclusive Access

Management: pNFTs subscription service, Passes: Brands or
can enhance supply distributes millions of organizations can
chain transparency free cNFTs weekly, issue ephNFTs
and efficiency. addressing granting temporary
onboarding challenges access to exclusive
and fostering growth. content,
memberships, or
 services. These
passes could expire
after a set period,
creating a sense of
urgency and
exclusivity among
users.

On-Chain Implementations

Metaplex

Metaplex is the standard protocol developed by Solana for minting NFTs

and managing metadata. It enables artists to mint their work as an NFT and
automatically set up a storefront for auctions or direct sales.
It offers tools for minting, auctioning, and trading NFTs, with a focus on
scalability and low transaction fees.
Metaplex boasts itself as the "WordPress for NFTs". Metaplex has been
developed to be fully decentralized, meaning the storefronts (NFT
marketplaces) are hosted directly on-chain, and each operation is a
transaction on the Solana network.

Its benefits include the following:

● User-Centric Approach: Metaplex is built around creatives, giving
artists the ability to launch customized NFT storefronts and create,
buy, and sell NFTs easily.
● Affordability: Given that Solana has lower gas fees compared to
other blockchains like Ethereum, creators and collectors don't have to
spend exorbitant amounts on fees.
● Speed: As it's built on the Solana network, Metaplex can handle
thousands of transactions per second, meaning actions on the
platform are processed swiftly.
● Decentralization: Being a fully on-chain protocol, Metaplex
contributes to the ethos of decentralization by giving creatives
complete control over their work and revenue.

Its drawbacks are as follows:

● Adoption and Awareness: Even though Solana is growing rapidly, it’s
still lesser-known compared to Ethereum so some artists may be
hesitant to try a new platform.
● Wallet Compatibility: At present, Metaplex is compatible with fewer
wallets compared to its Ethereum counterparts.

Associated Costs
The costs associated with Metaplex are relatively low due to Solana's low
transaction fees. The main costs are:
● Transaction Fees: These are required for actions such as minting
(creating) NFTs and purchasing NFTs. The fee rate is determined by
Solana.
● Royalty Fees: Metaplex allows artists to set royalty fees on their
artwork. This means that the artist will earn a percentage of any
future sale of the NFT.

Libreplex
An open-source protocol, similar to Metaplex. However, Libreplex
prioritizes a decentralized approach, allowing any community member to
propose and vote for updates and improvements to the protocol.
Its community-driven and open protocol prioritizes transparency and
predictability, moving from private ownership to shared control within the
ecosystem.

Some Its benefits include the following:

● Customization
● community driven
● Transparency

Its drawbacks are as follows:

● Not so user-friendly interface

Associated Costs

In comparison to Metaplex, Libreplex is cheaper as shown in the image

above.

Metame
Another Solana-based NFT platform that provides tools for minting, selling,
and trading NFTs. It emphasizes user-friendly interfaces and seamless
integration with other Solana-based DeFi protocols.
Metame also aims to build a more interactive, engaging space for NFTs,
leveraging AI to create NFTs that can learn and evolve over time.
Its benefits include the following:
● Early access to upcoming benefits: Possessing a MetaMe NFT may
entitle you to future special materials, occasions, or services that the
team plans.
● Possibility of high value: Some NFTs may see an increase in value
over time as a result of the collection's limited size and its emphasis on
artwork.

Its drawbacks are as follows:

● Investment risk: There is no assurance that the value of NFTs will
increase in the future, and their price is subject to large fluctuations.

Associated Costs
Each Metame NFT costs 0.5 SOL to mint.

Upcoming Standards
WEN: An upcoming NFT standard or platform, although details may vary. It
could introduce new features, improvements, or innovations to the existing
NFT ecosystem. Keep an eye on announcements and developments for
more information.

Conclusion
NFT standards are a vital component of the cryptocurrency industry. They
provide a framework for developing, overseeing, and using NFTs. Even
though there are numerous NFT standards in use today, new and better
ones are constantly being created.
Overall, NFT standards and on-chain implementations continue to evolve,
offering new opportunities and challenges for creators, collectors, and
investors in the digital asset space. Stay tuned for further advancements
and innovations in this rapidly expanding field.

References/Additional Resources
● Metaplex
● Libreplex
● Metame
● Solana docs