Solana’s Metaplex Unveils New Digital Assets Standard Amid SOL Price Rally

Metaplex, a Solana-powered framework and protocol, recently revealed its plans to introduce a new standard for immutable digital assets on its platform on Tuesday. With the introduction of the previously stated standard, the firm primarily hopes to eliminate the need for any external assumptions of trust orbiting assets’ content stored on the Solana network.

Meanwhile, the announcement echoed a sense of frenzy within the broader crypto market as it came forth amid a price surge witnessed by the SOL token. Notably, the announcement of Metaplex’s new standard is expected to jack up SOL tokenomics further, pushing its upward trajectory farther within the crypto landscape.

A Closer Look Into Metaplex’s New Standard

According to the statement disclosed by Metaplex, its new standard, Metaplex Inscriptions and Engravings, cracks down solely on on-chain and immutable digital assets in the Solana ecosystem. Moreover, the statement illuminated how most NFTs in the SOL ecosystem stored their data on external services like Arweave, IPFS, and S3, further spotlighting the need for such a standard.

Intriguingly, the statement also facilitated the new standard’s functioning, showcasing the use of Metaplex Inscriptions. Metaplex Inscriptions enables users to store an asset’s metadata and media-related data entirely on the Solana ecosystem, eradicating external trust assumptions for on-chain attributes and smart contracts.

In addition, the proclamation also sheds light on Metaplex Engravings, a standard that empowers Solana’s first truly immutable NFTs and inscriptions. Notably, this engraver amalgamates an additional security layer to safeguard engraved NFTs against any alterations. With this standard, the SOL ecosystem ensures integrity orbiting around the engraved NFTs despite their immutable origin.

Furthermore, as per the announcement, inscriptions are to be numbered on a first-come, first-served basis, amassing noteworthy traction among crypto fanatics globally.

Also read: XRP Price Jumps As Whale Moves 26 Mln XRP, Price To Hit $0.62 Soon?

Solana Price Soars

While writing, the Solana price noted a substantial increase of 8.77% in the past 24 hours and is currently trading at $74.91. Moreover, the token showcased notable gains over the past seven days, soaring 4.13%, along with a monthly surge of 22.11%.

Remarkably, the upward momentum gained by the token today is expected to propel further optimism among crypto market enthusiasts as Metaplex’s announcement surfaces on the crypto horizon.

Also read: Bitcoin Miner Core Scientific’s Bankruptcy Exit Hearing Hits A Roadblock

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