Solana Rallies 9%, Protocol Metaplex Launches New Digital Assets Standard For NFTs

Metaplex, a protocol powered by Solana SOL/USD, announced plans to launch a new standard for immutable digital assets on its platform.

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With this, there will be no need for external trust assumptions on the assets stored on the Solana network.

Immutability is a key feature of blockchain technologies, which indicates that data cannot be altered in any way by anyone after it is created.

The news comes on the heels of a surge in SOL price (+9.1% increase in past seven-day trading) and is also expected to further boost the SOL tokenomics pushing the price trajectory upwards.

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With the new standard, Metaplex Inscriptions and Engravings will crack down only on on-chain and immutable digital assets in the Solana ecosystem.

The need for such a system arises as most non-fungible tokens (NFTs) in the SOL ecosystem store their data on external services like Arweave (42.8%), IPFS (49.1%), and S3.

While Inscriptions allows users to store an asset’s metadata and media-related data completely on the SOL ecosystem, Engravings implements an additional security layer for safeguarding engraved NFTs against any alterations.

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