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

Metaplex, a protocol powered by Solana (CRYPTO: SOL), announced plans to launch a new standard for immutable digital assets on its platform.

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.

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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