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The Solana Foundation has revealed that it is now much cheaper to score 1 million NFTs on Solana, thanks to new technology that is helping to lower costs substantially by introducing an innovative mechanism for storing NFTs on-chain.
Solana introduces state compression
Despite the relatively low cost, the price of NFT printing on Solana can still be prohibitive for some artists and collectors. New technologies will be of great help in this situation. Recently, there have been advances in the Solana ecosystem that could make the price of NFT printing even lower.
State compression is accomplished via a Merkel tree, a data structure that enables verifiable off-chain storage in Solana. This results in lower on-chain storage costs, which is a good trend. Merkle trees make it feasible to quickly and accurately validate individual parts of large data sets.
State compression, which reduces requirements for data stored in chains, is used for the first time across NFT collections. The only difference between compressed and regular non-fungible tokens (NFT) is that the printing costs of 100 million NFTs are limited, significantly less than conventional NFTs.
Additionally, this technology was created by Solana Labs and Metaplex with help from RPC providers and indexers Helius and SimpleHash.
New technology from Solana is currently hitting
According to the release, state compression has allegedly been implemented on well-known platforms. Two protocols, Crossmint and Dialect, have implemented the technology to “drive deeper customer loyalty for companies around the world” and “cover the cost of printing NFT stickers for thousands of users”.
In light of this information, the Solana community and the greater crypto market have responded favorably to the news. According to market participants, this might end up producing a profitable scenario for SOL coin. Currently, SOL is trading at $20.77.
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