• Solana introduced a new feature, state compression, that reduces the cost of minting NFTs.
• It costs 5.35 SOL ($113) to mint and store one million compressed NFTs on Solana.
• At least five projects are already using the feature.
Solana Introduces State Compression
Solana recently announced the introduction of state compression, a new feature that will significantly reduce the cost of minting non-fungible tokens (NFTs). The approach involves modifying an existing Merkle tree on the Solana blockchain instead of carrying out a standard transaction, allowing for „drastically cheaper“ NFTs.
Cost Savings with State Compression
The cost of minting and storing compressed NFTs scales with the number of items in question. In one estimate, Solana said that it costs 5.35 SOL ($113) to mint and store one million compressed NFTs. By comparison, it would cost 12,000 SOL ($253,680) to mint the same amount of NFTs on Solana without state compression benefits. Furthermore, it costs just 0.000005 SOL (less than one cent) to mint a single compressed NFT according to Solana’s blog post.
At least five projects are already taking advantage of this new feature according to Solana’s announcement post. It is likely that more projects will begin utilizing these reduced costs associated with state compression as they discover its potential utility within their own operations or business models..
In summary, Solana has released a new feature called state compression which allows for significantly reduced costs for minting and storing non-fungible tokens (NTFS). It is estimated that it only costs 5.35 SOL ($113) to store 1 million compressed NFTS on Solana compared to $253,680 without this feature – making it much more affordable for developers and businesses alike who want to take advantage of this technology’s benefits . At least five projects have already begun using this feature and many more may follow suit in order to cut down on costs associated with creating digital assets like NFTS using blockchain technology .
State compression is an exciting development in blockchain technology that promises significant cost savings when creating digital assets such as non-fungible tokens (NFTS). This development will be especially beneficial for businesses looking to utilize these types of tokens while still keeping their expenses low and manageable levels – thus allowing them greater flexibility when experimenting with different kinds of applications or features related to blockchain technology .