Sharky.fiSolana’s NFT lending protocol, shares information about the transition of NFTs to the new standard.
As stated in the tweet thread, Solana is moving to “programmable NFTs” or pNFTs. This refers to a new standard for NFTs introduced by Metaplex to help creators recoup royalties.
1/ Solana is transitioning to pNFT – everything you need to know is here so we can all stay up to date 🤝
⏩ Everyone in the space should be aware of this change 👀
— Sharky 🦈 NFT Secured Loans (@SharkyFi) January 25, 2023
Metaplex refers to a Solana-powered protocol that enables the creation and issuance of non-fungible tokens, auctions, and visualization of NFTs in a standard way across wallets and applications.
A new asset class, “programmable NFTs” will exist alongside “regular NFTs” and could become the dominant standard for royalty enforcement going forward.
The pNFT standard allows creators to decide which protocols their NFTs can or will not interact with. This can be achieved by modifying the allow and deny lists.
According to Sharky.fi, most top marketplaces, AMMs, lending and staking protocols are actively working to add support. Additionally, it indicates that a significant portion of his NFT collection on Solana could be migrated there in the next 30-60 days.
Already Solana’s crypto wallet for DeFi and NFTs, Phantom, has shown support for Metaplex Loyalty Enforcement Standards with programmable NFTs, stating that “pNFTs are a huge step forward for the ecosystem and its creators.” , added that it is scheduled for February 15. Released on all platforms.
Programmable NFTs Now Deployed on Mainnet
as stated in the official metaplex A handle, a programmable NFT, has been deployed on the mainnet.
1/ Programmable NFTs deployed on mainnet 🦾
Developers (including marketplaces and wallets) can use the latest stable version of token metadata to integrate the new pNFT instructions.
— Metaplex (@metaplex) January 26, 2023
We encourage developers, marketplaces and wallets to use the latest stable version of token metadata to integrate the new pNFT mandate.
It further adds that creators will only be able to upgrade their existing collections to pNFTs with royalty enforcement once the new asset class reaches 50% or more coverage across marketplaces and wallets.