Back to the list

Solana (SOL) Migrating to New NFT Standard in Next 60 Days

source-logo  u.today 26 January 2023 16:31, UTC

Sharky.fi, an NFT lending protocol on Solana, has shared information on the migration to a new standard of NFTs.

As stated in a thread of tweets, Solana is migrating to "programmable NFTs," or pNFTs. This refers to a new standard of NFTs introduced by Metaplex to help creators get their royalties back.

1/ Solana is migrating to pNFTs - here is everything you need to know so all of us are kept up to date 🤝

⏩ Everyone in the space should care about this change 👀

— Sharky 🦈 NFT-backed loans (@SharkyFi) January 25, 2023

Metaplex refers to the Solana-powered protocol that allows for the creation and minting of non-fungible tokens, auctions and visualizing NFTs in a standard way across wallets and applications.

The new asset class, "programmable NFTs," will exist alongside "normal NFTs" and may likely become the predominant standard for royalty enforcement going forward.

The pNFT standard would allow creators to decide which protocols their NFTs are or are not allowed to interact with. This would be achieved by modifying allow-and-deny lists.

According to Sharky.fi, most of the top marketplaces, AMMs, lending protocols and staking protocols are actively working on adding support for it. It further indicated that a decent chunk of the NFT collections on Solana might migrate there in the next 30 to 60 days.

Already Solana's crypto wallet for DeFi and NFTs, Phantom has indicated support for the Metaplex royalties enforcement standard with programmable NFTs, saying "pNFTs represent a huge step forward for the ecosystem and its creators," while adding it was on track for a Feb. 15 release across all platforms.

Programmable NFTs now deployed on mainnet

As stated on the official Metaplex Twitter handle, programmable NFTs have now been deployed on the mainnet.

1/ Programmable NFTs are now deployed on Mainnet 🦾

Developers (incl. marketplaces & wallets) can use the latest stable version of Token Metadata to integrate the new pNFTs instructions

— Metaplex (@metaplex) January 26, 2023

It urges developers, marketplaces and wallets to use the latest stable version of token metadata to integrate the new pNFTs' instructions.

It further adds that creators would only be able to upgrade existing collections to pNFTs with royalties enforcement when more than 50% coverage of the new asset class has been reached across marketplaces and wallets.