Metaplex Foundation Opens Voting on Bubblegum Program Update Proposal MIP 012

Proposal seeks to enable creators to close unused compressed NFT Merkle Trees and reclaim blockchain rent fees.

NFT

Summary

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Terms & Concepts
  • Compressed NFT (cNFT): A non-fungible token stored in a more data-efficient format to reduce blockchain storage costs.
  • Merkle Tree: A cryptographic data structure used to efficiently verify and store large amounts of blockchain data.
  • Blockchain Rent: A recurring fee for maintaining data on a blockchain network, reclaimable if associated resources are closed.