State compression enables users to produce one million NFTs for approximately $110, per million.
On April 6th, Solana unveiled the addition of state compression, an innovation that would drastically cut down on the cost of minting NFTs.
Solana claims that any kind of on-chain data may be stored via state compression; currently, however, it is most often utilized with non-fungible tokens (NFTs).
Modifying an existing Merkle tree on the Solana blockchain instead of executing a standard transaction enables “dramatically cheaper” non-fungible tokens.
The cost of minting and storing compressed NFTs is proportional to their quantity. Solana estimated that it would cost $53.50 (SOL) to produce and store one million compressed NFTs. Without the benefits of state compression, it would cost 12,000 SOL ($253,680) to mint the same quantity of NFTs on Solana.
Solana also stated that minting a single compressed NFT costs 0.000005 SOL (less than one cent). A comprehensive price scale is displayed in the blog post for this endeavor. At least five initiatives, according to Solana, are already utilizing the feature.
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