July 23, 2024
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Blockchain News

Solana Reveals Low-cost NFTs with State Compression

On April 6th, Solana announced that they will be introducing a new feature called state compression. This new feature will dramatically cut the cost of minting NFTs.

According to Solana, state compression may be utilized to store any kind of on-chain data; however, at the present time, it is most commonly utilized with non-fungible tokens (NFTs).

Instead of doing a regular transaction, the solution entails changing an existing Merkle tree on the Solana blockchain. This makes it possible to conduct NFTs at “dramatically cheaper” prices.

The costs associated with minting and storing compressed NFTs are proportional to the number of objects considered. According to one of Solana’s estimates, the expenses of minting and storing one million compressed NFTs come to 113 USD or 5.35 SOL. Without the advantages of state compression, minting the same quantity of NFTs on Solana would have an additional cost of 253,680 SOL, which is equivalent to 12,000 SOL.

In addition, according to Solana, the production of a single compressed NFT costs merely 0.000005 SOL, which is less than one penny. The blog article on the project includes a comprehensive pricing structure. According to Solana, there are currently at least five projects making use of the capability.