By Silke Brand | Metaplex, a Solana network project, recently made a creator-facing announcement. Metaplex implemented a mechanism allowing NFT collections to be upgraded to programmable NFTs (pNFTs). See how these new pNFTs can not only improve the income streams for creators but for publishers alike.
Metaplex is a platform for NFT creators and developers on Solana that was founded in 2021. With over 22 million NFTs minted and over $3.6 billion in commerce so far until the beginning of the year 2023, the top creators and game studios use Metaplex to create, grow, and engage their communities.
Metaplex enables enforced Royalties
Allowing creators to impose royalties on their collections is the rationale behind pNFTs. Metaplex stated that they have now deployed a stable version of the program to Devnet. It has reached the Mainnet on January 25th 2023. Their Programmable NFT guide includes the latest integration information, including sample code and tests for the new instructions. As Metaplex admits, several ecosystem programs have expressed needing more time to integrate. They believe that a minimum of >50% coverage for the new asset class across marketplaces and wallets would be required to allow existing collections to upgrade without causing major disruptions. This process is in full swing now. It is expected that first collections will finalize their upgrade not before February 6th 2023.
1/ Updates on timelines for allowing collections to upgrade to Programmable NFTs with royalties enforcement below 👇— Metaplex (@metaplex) January 24, 2023
Affiliate Model on the Horizon for NFT Community
One of my favorite YouTube channels on NFTs “Giancarlo buys token” sums up the royality problems NFT creators face these days and he explains the upcoming solution by implementing “Programmable NFTs”. He goes even further by claiming that this could be a whole new way publishers can monetize their content in the Web. Not that this model is new – you may have heard of Affiliate Marketing before. This distribution model already creates high volumes in sales in other markets no matter if physical or digital products are concerned.
Definitely check out Giancarlos’s channel – you won’t regret it.
Although challenges during this crypto winter abound, the Solana community does not stand still and works constantly on new projects that may shift the future or at least speed up changes in a positive way. Besides the Metaplex development of “Programmable NFTs” the Solana Mobile team just recently celebrated the release of the first SAGA test phones and the platform opening for submissons of decentralized apps (dApps) to their dApp Store.