New Technology from Solana Lowers NFT Minting Costs

    Solana Foundation, in collaboration with Metaplex, has launched state compression technology, which involves on-chain storage, reducing NFT transfer costs on Solana. State compression, an innovative technology that uses Merkle trees to make NFT storage cheaper, has been developed by the Solana Foundation. According to Jon Wong, storing 100,000 million NFTs currently costs 1,200 SOL (approximately $24,000), but with the new technology, it will only cost 4 SOL (approximately $103).

    Solana has been promoting lower gas fees, faster transaction speeds, and less environmental damage on large-scale Web3 experiences. The new developments have led to the cost-effective creation of Web3 projects. Solana is one of the blockchains that facilitates on-chain NFT storage by assigning each NFT a unique identifier. Once users purchase an on-chain NFT, they must pay for each stored byte.

    Compression technology reduces large data sets to small units called fingerprints, which are then stored on-chain while the remainder is stored off-chain and retrieved using remote procedure call (RPC) facilitators. Changes that occur off-chain impact the on-chain values. The Solana mainnet has had the technology for a few months, but there were no available RPC facilitators to work on the queries.

    Solana’s new technology has lowered the cost of NFT minting and is expected to promote the creation of more cost-effective Web3 projects. As a result, the Solana blockchain has become more attractive to creators and businesses who require cost-effective solutions.

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