Affordable Solana NFTs Unveiled: State Compression Enables Low-cost Art Collectibles

Solana Introduces State Compression for Low-cost NFTs

On April 6th, Solana made an exciting announcement regarding their new feature called state compression, which aims to significantly reduce the cost of minting NFTs. This innovative solution allows for more affordable NFT creation and storage on the Solana blockchain.

State compression can be utilized for storing any type of on-chain data, although it is currently most commonly used for NFTs. Unlike regular transactions, state compression involves modifying an existing Merkle tree on the Solana blockchain, making it possible to mint NFTs at “dramatically cheaper” prices.

The costs associated with minting and storing compressed NFTs are directly proportional to the number of objects being considered. Solana estimates that minting and storing one million compressed NFTs would cost around 113 USD or 5.35 SOL. Without the benefits of state compression, minting the same quantity of NFTs on Solana would require an additional cost of 253,680 SOL, equivalent to 12,000 SOL.

In addition, Solana states that the production cost of a single compressed NFT is a mere 0.000005 SOL, which is less than one penny. The project’s blog article provides a comprehensive pricing structure, and currently, at least five projects are already taking advantage of this cost-effective capability.

Benefits of Solana’s State Compression for NFTs

• Dramatically reduced cost of minting and storing NFTs on Solana
• Modification of existing Merkle tree for more efficient NFT creation
• Production cost of a single compressed NFT is less than one penny
• Currently being utilized by at least five projects

Solana’s state compression feature has brought significant cost savings and efficiency to the world of NFTs. This innovative solution makes NFT minting and storage more accessible and affordable on the Solana blockchain, opening up new opportunities for artists, creators, and collectors alike.

If you’re looking to create or invest in NFTs, Solana’s state compression can provide you with a cost-effective solution on a high-performance blockchain platform. Stay tuned for further updates on this exciting development in the world of NFTs.