• Solana has introduced state compression, a feature that reduces the cost of minting NFTs.
• It costs 5.35 SOL ($113) to mint and store one million compressed NFTs on Solana, compared to 12,000 SOL ($253,680) without state compression.
• Five projects have already begun using the feature.
Solana Introduces Low-Cost NFTs with State Compression
Solana recently announced the launch of state compression, a new feature that significantly lowers the cost of creating non-fungible tokens (NFTs). The technology works by modifying Merkle trees on the Solana blockchain instead of performing regular transactions. With this approach, users are able to mint one million NFTs for roughly $110 — drastically cheaper than without state compression.
Cost of Minting and Storing Compressed NFTs
The cost of minting and storing compressed NFTs is directly proportional to how many items are being stored. According to Solana’s estimates, it costs 5.35 SOL ($113) to mint and store one million compressed NFTs — much lower than what it would cost without state compression (12,000 SOL or $253,680). Minting a single compressed NFT costs just 0.000005 SOL (less than one cent). A complete pricing scale can be found in their blog post about the technology.
Projects Already Using State Compression
At least five projects have already started using state compression for their operations on Solana. These include crypto gaming startup Rollbit Coin as well as other developers experimenting with digital art and collectibles.
Benefits Beyond Low Cost
In addition to lowered costs, there are other benefits associated with using state compression when creating NFTs on the Solana blockchain. For example, users can take advantage of additional features like faster transaction speeds and greater scalability.
Conclusion
Overall, developers should consider taking advantage of this new feature from Solana if they want low-cost solutions for creating non-fungible tokens (NFTs). With its additional benefits beyond just cost savings — such as faster transaction speeds and increased scalability — it could be an ideal choice for those looking for an efficient way to develop digital assets on the blockchain.